Wells Fargo & Company Forecasts Strong Price Appreciation for Neurocrine Biosciences (NASDAQ:NBIX) Stock

Neurocrine Biosciences (NASDAQ:NBIX) had its target price hoisted by equities research analysts at Wells Fargo & Company from $175.00 to $200.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 17.04% from the company’s previous close.

A number of other research analysts have also recently weighed in on the stock. BMO Capital Markets raised their price objective on shares of Neurocrine Biosciences from $144.00 to $170.00 and gave the stock a “market perform” rating in a research note on Monday, July 13th. Royal Bank Of Canada upped their target price on Neurocrine Biosciences from $183.00 to $195.00 and gave the company an “outperform” rating in a research note on Tuesday, July 7th. Morgan Stanley raised their price target on Neurocrine Biosciences from $185.00 to $191.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. Piper Sandler boosted their price target on Neurocrine Biosciences from $190.00 to $207.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Finally, Truist Financial boosted their price target on Neurocrine Biosciences from $155.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, July 13th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $192.86.

Neurocrine Biosciences Trading Down 0.4%

Shares of NBIX opened at $170.88 on Friday. Neurocrine Biosciences has a 12-month low of $122.14 and a 12-month high of $181.18. The stock has a market cap of $17.18 billion, a P/E ratio of 26.33, a PEG ratio of 0.68 and a beta of 0.39. The company has a 50-day moving average of $163.74 and a two-hundred day moving average of $143.79.

Insider Activity

In other Neurocrine Biosciences news, Director Kevin Charles Gorman sold 245,088 shares of Neurocrine Biosciences stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $154.33, for a total value of $37,824,431.04. Following the completion of the sale, the director owned 511,293 shares in the company, valued at $78,907,848.69. The trade was a 32.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen A. Sherwin sold 25,000 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $165.32, for a total transaction of $4,133,000.00. Following the transaction, the director directly owned 15,860 shares of the company’s stock, valued at approximately $2,621,975.20. This represents a 61.18% 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. Insiders sold a total of 394,172 shares of company stock valued at $62,221,181 in the last three months. Company insiders own 4.60% of the company’s stock.

Institutional Investors Weigh In On Neurocrine Biosciences

A number of institutional investors have recently bought and sold shares of NBIX. NewEdge Advisors LLC lifted its stake in shares of Neurocrine Biosciences by 0.5% during the first quarter. NewEdge Advisors LLC now owns 13,066 shares of the company’s stock worth $1,721,000 after purchasing an additional 68 shares in the last quarter. Huntington National Bank grew its stake in shares of Neurocrine Biosciences by 12.6% in the fourth quarter. Huntington National Bank now owns 678 shares of the company’s stock valued at $96,000 after buying an additional 76 shares in the last quarter. Perigon Wealth Management LLC grew its stake in shares of Neurocrine Biosciences by 3.1% in the fourth quarter. Perigon Wealth Management LLC now owns 2,590 shares of the company’s stock valued at $367,000 after buying an additional 78 shares in the last quarter. Motley Fool Asset Management LLC raised its holdings in shares of 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 period. Finally, Main Management ETF Advisors LLC raised 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. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

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.