Wedbush Reiterates Outperform Rating for Neurocrine Biosciences (NASDAQ:NBIX)

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report)'s stock had its "outperform" rating reiterated by investment analysts at Wedbush in a research report issued on Monday,Benzinga reports. They currently have a $148.00 target price on the stock. Wedbush's price target would suggest a potential upside of 11.24% from the company's previous close.

Several other equities research analysts also recently issued reports on NBIX. BMO Capital Markets cut their price objective on Neurocrine Biosciences from $128.00 to $114.00 and set a "market perform" rating on the stock in a report on Thursday, October 17th. HC Wainwright reiterated a "buy" rating and set a $190.00 price target on shares of Neurocrine Biosciences in a research note on Monday. Needham & Company LLC reissued a "hold" rating on shares of Neurocrine Biosciences in a research note on Monday, November 11th. Royal Bank of Canada dropped their price objective on shares of Neurocrine Biosciences from $136.00 to $133.00 and set a "sector perform" rating for the company in a report on Friday, October 4th. Finally, Piper Sandler upgraded shares of Neurocrine Biosciences from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $131.00 to $159.00 in a report on Thursday, August 29th. Five investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $165.00.

Neurocrine Biosciences Price Performance

Shares of NASDAQ:NBIX traded up $6.35 during mid-day trading on Monday, reaching $133.05. 1,651,300 shares of the company were exchanged, compared to its average volume of 869,946. Neurocrine Biosciences has a 1 year low of $110.95 and a 1 year high of $157.98. The firm's 50-day simple moving average is $121.75 and its 200 day simple moving average is $130.59. The firm has a market cap of $13.47 billion, a price-to-earnings ratio of 35.79 and a beta of 0.34.

Insider Transactions at Neurocrine Biosciences

In other news, insider Jude Onyia sold 2,331 shares of the business's stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $126.29, for a total value of $294,381.99. Following the completion of the sale, the insider now directly owns 15,449 shares of the company's stock, valued at approximately $1,951,054.21. The trade was 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. Insiders own 4.30% of the company's stock.

Institutional Investors Weigh In On Neurocrine Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NBIX. State Street Corp grew its holdings in shares of Neurocrine Biosciences by 11.7% during the third quarter. State Street Corp now owns 5,148,293 shares of the company's stock worth $593,186,000 after buying an additional 539,936 shares during the last quarter. 1832 Asset Management L.P. lifted its holdings in shares of Neurocrine Biosciences by 1,370.7% in the second quarter. 1832 Asset Management L.P. now owns 541,200 shares of the company's stock valued at $74,507,000 after purchasing an additional 504,400 shares in the last quarter. Los Angeles Capital Management LLC grew its holdings in Neurocrine Biosciences by 639.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 420,748 shares of the company's stock valued at $48,479,000 after buying an additional 363,863 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Neurocrine Biosciences by 23.0% during the second quarter. AQR Capital Management LLC now owns 1,223,055 shares of the company's stock valued at $166,959,000 after acquiring an additional 228,444 shares during the last quarter. Finally, Renaissance Technologies LLC boosted 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 worth $339,790,000 after purchasing an additional 216,500 shares during the last quarter. Hedge funds and other institutional investors own 92.59% of the company's stock.

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.