Neurocrine Biosciences (NASDAQ:NBIX) Sets New 12-Month High – Should You Buy?

Neurocrine Biosciences, Inc. (NASDAQ:NBIX)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $180.00 and last traded at $173.5810, with a volume of 2867 shares trading hands. The stock had previously closed at $174.26.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on NBIX shares. Morgan Stanley boosted their price target on shares of Neurocrine Biosciences from $185.00 to $191.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 6th. Weiss Ratings upgraded shares of Neurocrine Biosciences from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, June 24th. Needham & Company LLC reissued a “buy” rating and set a $185.00 target price on shares of Neurocrine Biosciences in a research report on Monday, April 6th. Citigroup increased their target price on shares of Neurocrine Biosciences from $242.00 to $246.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Finally, Leerink Partners lifted their price target on shares of Neurocrine Biosciences from $160.00 to $170.00 and gave the stock an “outperform” rating in a report on Wednesday, April 22nd. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $187.52.

Neurocrine Biosciences Trading Down 1.4%

The firm has a fifty day moving average of $155.99 and a two-hundred day moving average of $141.73. The company has a market cap of $17.28 billion, a PE ratio of 26.44, a price-to-earnings-growth ratio of 0.69 and a beta of 0.39.

Insider Activity

In other news, insider Julie Cooke sold 36,937 shares of Neurocrine Biosciences stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $156.22, for a total value of $5,770,298.14. Following the completion of the transaction, the insider owned 22,374 shares in the company, valued at $3,495,266.28. This trade represents a 62.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin Charles Gorman sold 245,088 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $154.33, for a total transaction of $37,824,431.04. Following the completion of the sale, the director directly owned 511,293 shares in the company, valued at approximately $78,907,848.69. This trade represents a 32.40% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 365,234 shares of company stock valued at $57,031,540. 4.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Neurocrine Biosciences

Several hedge funds have recently made changes to their positions in the stock. USA Financial Formulas bought a new stake in shares of Neurocrine Biosciences during the 4th quarter valued at $25,000. Geneos Wealth Management Inc. grew its holdings in Neurocrine Biosciences by 143.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock valued at $25,000 after buying an additional 135 shares in the last quarter. DJE Kapital AG bought a new stake in shares of Neurocrine Biosciences during the fourth quarter valued at about $28,000. Basecamp Wealth Advisors LLC increased its position in shares of Neurocrine Biosciences by 582.9% during the first quarter. Basecamp Wealth Advisors LLC now owns 239 shares of the company’s stock valued at $31,000 after buying an additional 204 shares during the period. Finally, Cassaday & Co Wealth Management LLC purchased a new stake in shares of Neurocrine Biosciences in the first quarter worth about $33,000. 92.59% of the stock is currently owned by hedge funds and other 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.