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

Neurocrine Biosciences (NASDAQ:NBIX) had its target price increased by analysts at Barclays from $160.00 to $165.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s target price would indicate a potential upside of 21.84% from the company’s previous close.

Several other analysts also recently weighed in on NBIX. Piper Sandler upgraded shares of Neurocrine Biosciences from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $131.00 to $159.00 in a research report on Thursday, August 29th. Royal Bank of Canada reduced their price target on shares of Neurocrine Biosciences from $136.00 to $133.00 and set a “sector perform” rating for the company in a research report on Friday, October 4th. Wedbush reaffirmed an “outperform” rating and set a $148.00 price objective on shares of Neurocrine Biosciences in a report on Monday, December 16th. StockNews.com downgraded Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a report on Friday, November 1st. Finally, William Blair restated an “outperform” rating on shares of Neurocrine Biosciences in a research note on Monday, December 16th. Five research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $166.24.

Neurocrine Biosciences Stock Performance

Shares of NASDAQ NBIX opened at $135.42 on Monday. The stock’s 50-day simple moving average is $123.99 and its 200-day simple moving average is $130.57. The firm has a market capitalization of $13.71 billion, a PE ratio of 36.31 and a beta of 0.34. Neurocrine Biosciences has a fifty-two week low of $110.95 and a fifty-two week high of $157.98.

Insider Activity at Neurocrine Biosciences

In related news, insider Jude Onyia sold 2,331 shares of the company’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $126.29, for a total transaction of $294,381.99. Following the transaction, the insider now owns 15,449 shares of the company’s stock, valued at $1,951,054.21. This represents a 13.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Ingrid Delaet sold 1,091 shares of the firm’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $135.00, for a total value of $147,285.00. Following the completion of the sale, the insider now directly owns 2,507 shares of the company’s stock, valued at approximately $338,445. This trade represents a 30.32 % decrease in their position. The disclosure for this sale can be found here. 4.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Neurocrine Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the stock. Fifth Third Bancorp grew its position in Neurocrine Biosciences by 14.7% during the second quarter. Fifth Third Bancorp now owns 716 shares of the company’s stock worth $99,000 after buying an additional 92 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Neurocrine Biosciences by 1.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 934,404 shares of the company’s stock worth $128,639,000 after acquiring an additional 13,069 shares in the last quarter. Burney Co. grew its holdings in shares of Neurocrine Biosciences by 4.1% in the 2nd quarter. Burney Co. now owns 82,578 shares of the company’s stock worth $11,369,000 after acquiring an additional 3,236 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Neurocrine Biosciences by 41.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 90,018 shares of the company’s stock valued at $12,393,000 after purchasing an additional 26,195 shares in the last quarter. Finally, Innealta Capital LLC acquired a new position in Neurocrine Biosciences during the second quarter worth $30,000. 92.59% of the stock is owned by institutional investors and hedge funds.

About Neurocrine Biosciences

Neurocrine Biosciences, Inc discovers, develops, and markets pharmaceuticals for neurological, neuroendocrine, and neuropsychiatric disorders in the United States and internationally. The company’s products include INGREZZA for tardive dyskinesia and chorea associated with Huntington’s disease; ALKINDI for adrenal insufficiency; Efmody capsules for classic congenital adrenal hyperplasia; Orilissa tablets for endometriosis; and Oriahnn capsules to treat uterine fibroids.