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

Neurocrine Biosciences (NASDAQ:NBIX) had its price objective increased by UBS Group from $142.00 to $162.00 in a research note published on Wednesday morning,Benzinga reports. UBS Group currently has a buy rating on the stock.

Other analysts have also recently issued research reports about the stock. Barclays raised their target price on shares of Neurocrine Biosciences from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, December 23rd. William Blair reaffirmed an “outperform” rating on shares of Neurocrine Biosciences in a research report on Monday, December 16th. Needham & Company LLC reiterated a “hold” rating on shares of Neurocrine Biosciences in a research note on Friday, December 20th. HC Wainwright reiterated a “buy” rating and issued a $190.00 price objective on shares of Neurocrine Biosciences in a report on Monday, December 16th. Finally, Piper Sandler reissued an “overweight” rating and set a $160.00 target price on shares of Neurocrine Biosciences in a research report on Monday, December 23rd. Five research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Neurocrine Biosciences has an average rating of “Moderate Buy” and an average price target of $164.81.

Neurocrine Biosciences Price Performance

Shares of NASDAQ NBIX opened at $138.71 on Wednesday. The company has a market cap of $14.04 billion, a price-to-earnings ratio of 37.19 and a beta of 0.33. The stock’s 50-day moving average is $129.24 and its two-hundred day moving average is $130.91. Neurocrine Biosciences has a 1-year low of $110.95 and a 1-year high of $157.98.

Insiders Place Their Bets

In other Neurocrine Biosciences news, insider Jude Onyia sold 2,331 shares of the company’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $126.29, for a total value of $294,381.99. Following the transaction, the insider now directly owns 15,449 shares in the company, valued at approximately $1,951,054.21. This represents a 13.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ingrid Delaet sold 1,091 shares of Neurocrine Biosciences stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $135.00, for a total transaction of $147,285.00. Following the sale, the insider now owns 2,507 shares of the company’s stock, valued at approximately $338,445. This trade represents a 30.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,694 shares of company stock worth $479,230. 4.30% of the stock is owned by corporate insiders.

Institutional Trading of Neurocrine Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of NBIX. State Street Corp increased its stake in shares of Neurocrine Biosciences by 11.7% during the 3rd quarter. State Street Corp now owns 5,148,293 shares of the company’s stock valued at $593,186,000 after acquiring an additional 539,936 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Neurocrine Biosciences by 9.6% during the 2nd quarter. Renaissance Technologies LLC now owns 2,468,146 shares of the company’s stock valued at $339,790,000 after buying an additional 216,500 shares during the period. Geode Capital Management LLC increased its holdings in shares of Neurocrine Biosciences by 2.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,859,232 shares of the company’s stock worth $213,773,000 after buying an additional 39,610 shares during the last quarter. AQR Capital Management LLC raised its position in shares of Neurocrine Biosciences by 23.0% in the 2nd quarter. AQR Capital Management LLC now owns 1,223,055 shares of the company’s stock worth $166,959,000 after buying an additional 228,444 shares during the period. Finally, Braidwell LP raised its position in shares of Neurocrine Biosciences by 20.9% in the 3rd quarter. Braidwell LP now owns 917,674 shares of the company’s stock worth $105,734,000 after buying an additional 158,665 shares during the period. 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.