Canaccord Genuity Group Boosts Neurocrine Biosciences (NASDAQ:NBIX) Price Target to $210.00

Neurocrine Biosciences (NASDAQ:NBIX) had its target price raised by research analysts at Canaccord Genuity Group from $200.00 to $210.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 26.33% from the company’s previous close.

A number of other research firms also recently weighed in on NBIX. Truist Financial raised their price target on Neurocrine Biosciences from $200.00 to $213.00 and gave the company a “buy” rating in a research report on Monday. Royal Bank Of Canada raised their price objective on Neurocrine Biosciences from $195.00 to $198.00 and gave the company an “outperform” rating in a report on Friday. BMO Capital Markets upped their price target on shares of Neurocrine Biosciences from $144.00 to $170.00 and gave the company a “market perform” rating in a research report on Monday, July 13th. Zacks Research raised shares of Neurocrine Biosciences from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 23rd. Finally, Leerink Partners upped their target price on Neurocrine Biosciences from $160.00 to $170.00 and gave the company an “outperform” rating in a report on Wednesday, April 22nd. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Neurocrine Biosciences currently has a consensus rating of “Moderate Buy” and a consensus price target of $201.50.

Neurocrine Biosciences Stock Performance

Neurocrine Biosciences stock traded down $0.57 during midday trading on Monday, hitting $166.23. 1,515,942 shares of the company’s stock were exchanged, compared to its average volume of 1,208,010. The stock has a 50-day moving average price of $167.81 and a two-hundred day moving average price of $146.50. Neurocrine Biosciences has a 52-week low of $122.14 and a 52-week high of $186.12. The company has a market cap of $16.71 billion, a P/E ratio of 24.37, a PEG ratio of 0.70 and a beta of 0.39.

Insiders Place Their Bets

In other news, insider Julie Cooke sold 36,937 shares of the company’s stock in a transaction that occurred on 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 transaction, the insider owned 22,374 shares in the company, valued at approximately $3,495,266.28. This represents a 62.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through 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 that occurred on Monday, June 1st. The shares were sold at an average price of $160.25, for a total transaction of $1,762,750.00. Following the sale, the insider directly owned 25,846 shares of the company’s stock, valued at $4,141,821.50. This trade represents a 29.85% 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. In the last three months, insiders sold 395,422 shares of company stock valued at $62,448,693. 4.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Neurocrine Biosciences

A number of hedge funds have recently bought and sold shares of the business. NewEdge Advisors LLC lifted its stake in Neurocrine Biosciences by 0.5% during 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 period. Huntington National Bank boosted its holdings in Neurocrine Biosciences by 12.6% in the fourth quarter. Huntington National Bank now owns 678 shares of the company’s stock worth $96,000 after purchasing an additional 76 shares during the last quarter. Perigon Wealth Management LLC grew its position in Neurocrine Biosciences by 3.1% in the 4th quarter. Perigon Wealth Management LLC now owns 2,590 shares of the company’s stock worth $367,000 after purchasing an additional 78 shares during the period. Motley Fool Asset Management LLC raised its stake in Neurocrine Biosciences by 4.8% during the 4th quarter. Motley Fool Asset Management LLC now owns 1,693 shares of the company’s stock valued at $240,000 after buying an additional 78 shares during the last quarter. Finally, Main Management ETF Advisors LLC lifted its holdings in shares of Neurocrine Biosciences by 1.0% during the 4th quarter. Main Management ETF Advisors LLC now owns 7,830 shares of the company’s stock valued at $1,111,000 after buying an additional 80 shares during the period. Hedge funds and other institutional investors own 92.59% of the company’s stock.

More Neurocrine Biosciences News

Here are the key news stories impacting Neurocrine Biosciences this week:

• Positive Sentiment: Truist Financial raised its price target from $200 to $213 and maintained a Buy rating, implying approximately 28% upside from the referenced share price. Benzinga report on Truist price-target increase
• Positive Sentiment: Wedbush lifted its target from $185 to $194 and assigned an Outperform rating, indicating roughly 17% potential upside. Benzinga report on Wedbush price-target increase
• Positive Sentiment: Additional analysts also raised their targets, with reported new levels of $198, $210, $215, $220, $222, and $249. The breadth of upward revisions reinforces the view that Neurocrine’s earnings potential and commercial growth may be underappreciated. Neurocrine price target raised to $249 Neurocrine price target raised to $222 Neurocrine price target raised to $220
• Positive Sentiment: Coverage of Neurocrine’s second-quarter earnings call highlighted expectations for scaled growth, supporting the investment case if the company can sustain operating momentum and expand its marketed products. Neurocrine Biosciences earnings call signals scaled growth

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.