Neurocrine Biosciences (NASDAQ:NBIX) Shares Up 6.2% – Here’s Why

Neurocrine Biosciences, Inc. (NASDAQ:NBIX)’s stock price shot up 6.2% during mid-day trading on Wednesday . The stock traded as high as $164.50 and last traded at $164.45. 500,760 shares were traded during trading, a decline of 57% from the average session volume of 1,170,138 shares. The stock had previously closed at $154.84.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on NBIX. Weiss Ratings raised Neurocrine Biosciences from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday. Guggenheim reaffirmed a “buy” rating and set a $175.00 target price on shares of Neurocrine Biosciences in a research report on Wednesday, May 6th. BMO Capital Markets lowered their target price on Neurocrine Biosciences from $147.00 to $140.00 and set a “market perform” rating for the company in a research report on Thursday, February 12th. Citigroup lifted their price objective on Neurocrine Biosciences from $242.00 to $246.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Finally, Truist Financial lifted their price objective on Neurocrine Biosciences from $140.00 to $155.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $187.52.

Neurocrine Biosciences Trading Up 1.4%

The company has a 50-day moving average price of $142.08 and a two-hundred day moving average price of $139.54. The stock has a market capitalization of $16.83 billion, a P/E ratio of 25.79, a price-to-earnings-growth ratio of 1.24 and a beta of 0.40.

Insider Transactions at Neurocrine Biosciences

In other news, Director Richard F. Pops sold 15,000 shares of the firm’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $157.65, for a total value of $2,364,750.00. Following the completion of the sale, the director directly owned 34,480 shares in the company, valued at $5,435,772. This trade represents a 30.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jude Onyia sold 11,000 shares of the firm’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $160.25, for a total value of $1,762,750.00. Following the completion of the sale, the insider owned 25,846 shares of the company’s stock, valued at approximately $4,141,821.50. This represents a 29.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 328,984 shares of company stock worth $50,986,985. Corporate insiders own 4.60% of the company’s stock.

Institutional Trading of Neurocrine Biosciences

Several large investors have recently made changes to their positions in the company. NewEdge Advisors LLC increased 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. AlTi Global Inc. increased its holdings in Neurocrine Biosciences by 1.0% in the 3rd quarter. AlTi Global Inc. now owns 6,828 shares of the company’s stock valued at $959,000 after acquiring an additional 70 shares during the last quarter. Huntington National Bank increased its holdings in Neurocrine Biosciences by 12.6% in the 4th quarter. Huntington National Bank now owns 678 shares of the company’s stock valued at $96,000 after acquiring an additional 76 shares during the last quarter. Perigon Wealth Management LLC increased its holdings in Neurocrine Biosciences by 3.1% in the 4th quarter. Perigon Wealth Management LLC now owns 2,590 shares of the company’s stock valued at $367,000 after acquiring an additional 78 shares during the last quarter. Finally, Motley Fool Asset Management LLC increased its holdings in Neurocrine Biosciences by 4.8% in the 4th quarter. Motley Fool Asset Management LLC now owns 1,693 shares of the company’s stock valued at $240,000 after acquiring an additional 78 shares during the last quarter. 92.59% of the stock is currently owned by institutional investors and hedge funds.

Neurocrine Biosciences Company Profile

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.