Truist Financial Forecasts Strong Price Appreciation for Neurocrine Biosciences (NASDAQ:NBIX) Stock

Neurocrine Biosciences (NASDAQ:NBIX) had its price target boosted by analysts at Truist Financial from $200.00 to $213.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target would suggest a potential upside of 25.49% from the company’s previous close.

Several other analysts also recently weighed in on NBIX. Guggenheim lifted their target price on Neurocrine Biosciences from $200.00 to $222.00 and gave the company a “buy” rating in a research note on Friday. Wall Street Zen lowered Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a report on Saturday. TD Cowen raised their price target on Neurocrine Biosciences from $200.00 to $220.00 and gave the company a “buy” rating in a report on Friday. Leerink Partners lifted their price objective on shares of Neurocrine Biosciences from $160.00 to $170.00 and gave the company an “outperform” rating in a research note on Wednesday, April 22nd. Finally, Piper Sandler upped their price objective on shares of Neurocrine Biosciences from $207.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Neurocrine Biosciences presently has an average rating of “Moderate Buy” and a consensus price target of $201.05.

Neurocrine Biosciences Stock Performance

Shares of NBIX traded up $2.94 during mid-day trading on Monday, reaching $169.74. 140,853 shares of the company’s stock traded hands, compared to its average volume of 1,198,107. The business’s 50-day moving average price is $167.81 and its 200-day moving average price is $146.50. The stock has a market capitalization of $17.07 billion, a P/E ratio of 24.88, a price-to-earnings-growth ratio of 0.70 and a beta of 0.39. Neurocrine Biosciences has a 12 month low of $122.14 and a 12 month high of $186.12.

Insider Activity

In other news, insider Julie Cooke sold 36,937 shares of the business’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $156.22, for a total value of $5,770,298.14. Following the sale, the insider owned 22,374 shares of the company’s stock, valued at approximately $3,495,266.28. The trade was a 62.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen A. Sherwin sold 25,000 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $165.32, for a total value of $4,133,000.00. Following the completion of the sale, the director owned 15,860 shares of the company’s stock, valued at approximately $2,621,975.20. This trade represents a 61.18% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 395,422 shares of company stock worth $62,448,693 in the last quarter. 4.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Neurocrine Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of NBIX. NewEdge Advisors LLC lifted its holdings in Neurocrine Biosciences by 0.5% in the 1st quarter. NewEdge Advisors LLC now owns 13,066 shares of the company’s stock valued at $1,721,000 after acquiring an additional 68 shares during the last quarter. Huntington National Bank grew its stake in shares of Neurocrine Biosciences by 12.6% in the 4th quarter. Huntington National Bank now owns 678 shares of the company’s stock worth $96,000 after purchasing an additional 76 shares during the last quarter. Perigon Wealth Management LLC grew its stake in shares of Neurocrine Biosciences by 3.1% in the 4th quarter. Perigon Wealth Management LLC now owns 2,590 shares of the company’s stock worth $367,000 after purchasing an additional 78 shares during the last quarter. Motley Fool Asset Management LLC raised its holdings in shares of Neurocrine Biosciences by 4.8% in the 4th quarter. Motley Fool Asset Management LLC now owns 1,693 shares of the company’s stock worth $240,000 after purchasing an additional 78 shares in the last quarter. Finally, Main Management ETF Advisors LLC raised its holdings in shares of Neurocrine Biosciences by 1.0% in the 4th quarter. Main Management ETF Advisors LLC now owns 7,830 shares of the company’s stock worth $1,111,000 after purchasing an additional 80 shares in the last quarter. 92.59% of the stock is currently owned by institutional investors.

About Neurocrine Biosciences

Neurocrine Biosciences (NASDAQ: NBIX) is a biopharmaceutical company based in San Diego, California, focused on developing treatments for neurological, endocrine and neuropsychiatric disorders. Since its founding in 1992, the company has pursued a research‐driven strategy aimed at addressing unmet medical needs in movement disorders, reproductive health and central nervous system conditions. Neurocrine’s operations encompass drug discovery, clinical development and commercialization activities.

The company’s lead marketed product, Ingrezza™ (valbenazine), is indicated for the treatment of tardive dyskinesia, a movement disorder associated with long-term antipsychotic use.