Neurocrine Biosciences Inc. (NBIX) Earns “Outperform” Rating from Leerink Swann
Neurocrine Biosciences Inc. (NASDAQ:NBIX)‘s stock had its “outperform” rating reissued by equities researchers at Leerink Swann in a note issued to investors on Wednesday. They presently have a $70.00 price target on the stock. Leerink Swann’s target price points to a potential upside of 62.45% from the stock’s current price.
NBIX has been the topic of a number of other research reports. Jefferies Group reaffirmed a “buy” rating and set a $61.00 target price on shares of Neurocrine Biosciences in a report on Friday, September 23rd. HC Wainwright reissued a “buy” rating on shares of Neurocrine Biosciences in a report on Friday, August 5th. Piper Jaffray Cos. reissued an “overweight” rating and issued a $96.00 price target on shares of Neurocrine Biosciences in a report on Thursday, September 22nd. Cowen and Company reissued a “buy” rating and issued a $65.00 price target on shares of Neurocrine Biosciences in a report on Friday, August 5th. Finally, TheStreet lowered shares of Neurocrine Biosciences from a “hold” rating to a “sell” rating in a report on Thursday, July 14th. One research analyst has rated the stock with a sell rating and ten have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $65.50.
Neurocrine Biosciences (NASDAQ:NBIX) traded down 4.29% during mid-day trading on Wednesday, hitting $43.07. 1,216,945 shares of the company traded hands. Neurocrine Biosciences has a one year low of $31.25 and a one year high of $58.46. The firm’s market capitalization is $3.74 billion. The firm has a 50 day moving average of $50.47 and a 200 day moving average of $47.60.
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In other Neurocrine Biosciences news, insider Christopher Flint Obrien sold 12,500 shares of the company’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $48.73, for a total value of $609,125.00. Following the completion of the transaction, the insider now directly owns 55,044 shares in the company, valued at approximately $2,682,294.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Corinne H. Nevinny sold 5,000 shares of the company’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $48.54, for a total transaction of $242,700.00. Following the completion of the transaction, the director now owns 25,555 shares of the company’s stock, valued at $1,240,439.70. The disclosure for this sale can be found here. Company insiders own 4.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Alliancebernstein L.P. raised its position in shares of Neurocrine Biosciences by 650.2% in the second quarter. Alliancebernstein L.P. now owns 1,104,515 shares of the company’s stock valued at $50,200,000 after buying an additional 957,289 shares during the period. Senator Investment Group LP bought a new position in shares of Neurocrine Biosciences during the second quarter valued at approximately $38,632,000. American Century Companies Inc. raised its position in shares of Neurocrine Biosciences by 890.6% in the second quarter. American Century Companies Inc. now owns 821,527 shares of the company’s stock valued at $37,338,000 after buying an additional 738,598 shares during the period. Pictet Asset Management Ltd. raised its position in shares of Neurocrine Biosciences by 267.2% in the second quarter. Pictet Asset Management Ltd. now owns 705,229 shares of the company’s stock valued at $35,015,000 after buying an additional 513,172 shares during the period. Finally, State Street Corp raised its position in shares of Neurocrine Biosciences by 22.9% in the first quarter. State Street Corp now owns 2,682,064 shares of the company’s stock valued at $106,077,000 after buying an additional 499,687 shares during the period. Institutional investors and hedge funds own 96.70% of the company’s stock.
About Neurocrine Biosciences
Neurocrine Biosciences, Inc is engaged in the development of pharmaceutical products focused on neurological and endocrine-based diseases and disorders. The Company’s two lead late-stage clinical programs are Elagolix, a gonadotropin-releasing hormone (GnRH) antagonist for women’s health that is partnered with AbbVie Inc (AbbVie), and NBI-98854 (valbenazine), a vesicular monoamine transporter 2 (VMAT2) inhibitor for the treatment of movement disorders.
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