Neurocrine Biosciences (NASDAQ:NBIX) Trading Up 6.1% – Time to Buy?

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) rose 6.1% during mid-day trading on Wednesday . The stock traded as high as $152.91 and last traded at $152.3350. Approximately 269,713 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 1,159,367 shares. The stock had previously closed at $143.53.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Canaccord Genuity Group boosted their price target on shares of Neurocrine Biosciences from $160.00 to $164.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. Needham & Company LLC increased their target price on Neurocrine Biosciences from $170.00 to $184.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. UBS Group increased their target price on Neurocrine Biosciences from $188.00 to $195.00 and gave the company a “buy” rating in a report on Thursday, October 9th. Weiss Ratings restated a “hold (c+)” rating on shares of Neurocrine Biosciences in a report on Wednesday, October 8th. Finally, Truist Financial reiterated a “buy” rating and set a $172.00 price target (up from $165.00) on shares of Neurocrine Biosciences in a report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $170.53.

Neurocrine Biosciences Price Performance

The stock’s 50 day simple moving average is $142.44 and its two-hundred day simple moving average is $134.35. The firm has a market cap of $15.12 billion, a P/E ratio of 36.29, a P/E/G ratio of 0.94 and a beta of 0.22.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its quarterly earnings data on Tuesday, October 28th. The company reported $2.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.59. Neurocrine Biosciences had a return on equity of 15.82% and a net margin of 15.95%.The company had revenue of $794.90 million during the quarter, compared to analyst estimates of $746.61 million. During the same quarter last year, the company earned $1.81 EPS. The firm’s revenue for the quarter was up 27.8% on a year-over-year basis. Equities research analysts anticipate that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current year.

Insiders Place Their Bets

In other Neurocrine Biosciences news, CEO Kyle Gano sold 300 shares of the business’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $141.97, for a total transaction of $42,591.00. Following the completion of the sale, the chief executive officer directly owned 140,407 shares in the company, valued at $19,933,581.79. The trade was a 0.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William H. Rastetter sold 18,000 shares of Neurocrine Biosciences stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $151.82, for a total transaction of $2,732,760.00. Following the transaction, the director owned 40,360 shares in the company, valued at $6,127,455.20. This represents a 30.84% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Golden State Wealth Management LLC increased its stake in shares of Neurocrine Biosciences by 120.5% in the third quarter. Golden State Wealth Management LLC now owns 183 shares of the company’s stock worth $26,000 after purchasing an additional 100 shares in the last quarter. Eastern Bank bought a new stake in Neurocrine Biosciences during the third quarter valued at about $27,000. Geneos Wealth Management Inc. boosted its stake in shares of Neurocrine Biosciences by 143.6% in the first quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock worth $25,000 after acquiring an additional 135 shares during the period. Quent Capital LLC purchased a new position in Neurocrine Biosciences in the 3rd quarter worth approximately $32,000. Finally, WPG Advisers LLC bought a new stake in shares of Neurocrine Biosciences during the first quarter valued at approximately $32,000. 92.59% of the stock is owned by hedge funds and other institutional investors.

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.