Neurocrine Biosciences (NASDAQ:NBIX) Price Target Raised to $200.00 at Wells Fargo & Company

Neurocrine Biosciences (NASDAQ:NBIX) had its price target boosted by Wells Fargo & Company from $175.00 to $200.00 in a research report released on Friday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other equities analysts have also recently weighed in on the stock. JPMorgan Chase & Co. upped their price target on shares of Neurocrine Biosciences from $177.00 to $185.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. Sanford C. Bernstein began coverage on shares of Neurocrine Biosciences in a research note on Friday, May 22nd. They issued an “outperform” rating and a $221.00 price objective for the company. Morgan Stanley boosted their price objective 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. Zacks Research upgraded shares of Neurocrine Biosciences from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 23rd. Finally, Weiss Ratings cut Neurocrine Biosciences from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, July 10th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $192.86.

Neurocrine Biosciences Stock Performance

Shares of Neurocrine Biosciences stock opened at $170.88 on Friday. Neurocrine Biosciences has a one year low of $122.14 and a one year high of $181.18. The company has a market cap of $17.18 billion, a P/E ratio of 26.33, a PEG ratio of 0.68 and a beta of 0.39. The firm has a fifty day moving average of $163.74 and a two-hundred day moving average of $143.79.

Insider Activity at Neurocrine Biosciences

In other news, Director Leslie V. Norwalk sold 1,250 shares of Neurocrine Biosciences stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $168.06, for a total transaction of $210,075.00. Following the sale, the director directly owned 2,838 shares of the company’s stock, valued at approximately $476,954.28. The trade was a 30.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen A. Sherwin sold 25,000 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $165.32, for a total value of $4,133,000.00. Following the completion of the transaction, the director owned 15,860 shares in the company, valued at approximately $2,621,975.20. This trade represents a 61.18% decrease in their position. 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. Over the last ninety days, insiders sold 394,172 shares of company stock valued at $62,221,181. 4.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Neurocrine Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC boosted its stake in Neurocrine Biosciences by 83.7% in the third quarter. AQR Capital Management LLC now owns 2,773,648 shares of the company’s stock valued at $388,435,000 after acquiring an additional 1,263,633 shares during the period. Norges Bank bought a new position in shares of Neurocrine Biosciences during the fourth quarter valued at approximately $162,664,000. UBS Group AG raised its position in shares of Neurocrine Biosciences by 169.8% during the 4th quarter. UBS Group AG now owns 983,528 shares of the company’s stock worth $139,494,000 after purchasing an additional 618,956 shares during the period. First Trust Advisors LP raised its position in shares of Neurocrine Biosciences by 97.0% during the 1st quarter. First Trust Advisors LP now owns 959,217 shares of the company’s stock worth $126,367,000 after purchasing an additional 472,408 shares during the period. Finally, Zurich Insurance Group Ltd FI bought a new stake in shares of Neurocrine Biosciences in the 4th quarter worth approximately $65,162,000. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

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.