Canaccord Genuity initiated coverage on shares of Neurocrine Biosciences (NASDAQ:NBIX) in a report issued on Wednesday, Marketbeat.com reports. The brokerage set a “buy” rating and a $111.00 price target on the stock. Canaccord Genuity’s price objective suggests a potential upside of 23.10% from the company’s current price.
A number of other analysts have also issued reports on NBIX. Robert W. Baird restated an “outperform” rating and issued a $122.00 price target (up previously from $100.00) on shares of Neurocrine Biosciences in a research note on Wednesday, July 25th. BidaskClub upgraded shares of Neurocrine Biosciences from a “hold” rating to a “buy” rating in a research note on Friday, July 27th. Jefferies Financial Group lifted their price target on shares of Neurocrine Biosciences to $124.00 and gave the stock a “buy” rating in a research note on Monday, July 30th. Barclays lifted their price target on shares of Neurocrine Biosciences from $100.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 1st. Finally, HC Wainwright restated a “buy” rating and issued a $162.00 price target on shares of Neurocrine Biosciences in a research note on Wednesday, August 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $124.88.
Shares of NASDAQ:NBIX opened at $90.17 on Wednesday. The firm has a market capitalization of $8.02 billion, a P/E ratio of -55.66, a P/E/G ratio of 22.64 and a beta of 0.94. Neurocrine Biosciences has a 12-month low of $67.32 and a 12-month high of $126.98.
In other Neurocrine Biosciences news, Director Richard F. Pops sold 4,123 shares of the business’s stock in a transaction on Monday, November 12th. The shares were sold at an average price of $103.30, for a total transaction of $425,905.90. Following the completion of the sale, the director now owns 33,636 shares in the company, valued at $3,474,598.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Gary A. Lyons sold 15,000 shares of the business’s stock in a transaction on Friday, November 2nd. The shares were sold at an average price of $114.41, for a total transaction of $1,716,150.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 33,623 shares of company stock valued at $3,721,361. 4.30% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. Financial Architects Inc boosted its holdings in shares of Neurocrine Biosciences by 283.7% during the third quarter. Financial Architects Inc now owns 1,385 shares of the company’s stock valued at $170,000 after acquiring an additional 1,024 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Neurocrine Biosciences by 1.6% during the first quarter. Principal Financial Group Inc. now owns 78,956 shares of the company’s stock valued at $6,547,000 after acquiring an additional 1,234 shares during the period. Fox Run Management L.L.C. acquired a new position in shares of Neurocrine Biosciences during the third quarter valued at $234,000. Cubist Systematic Strategies LLC acquired a new position in shares of Neurocrine Biosciences during the second quarter valued at $216,000. Finally, Swiss National Bank boosted its holdings in shares of Neurocrine Biosciences by 1.8% during the second quarter. Swiss National Bank now owns 156,500 shares of the company’s stock valued at $15,375,000 after acquiring an additional 2,800 shares during the period. Hedge funds and other institutional investors own 98.88% of the company’s stock.
About Neurocrine Biosciences
Neurocrine Biosciences, Inc discovers and develops pharmaceuticals for the treatment of neurological and endocrine-related diseases and disorders in the United States. The company's lead products include INGREZZA (valbenazine), a vesicular monoamine transporter 2 inhibitor (VMAT2), which is used for the treatment of movement disorders; elagolix, a gonadotropin-releasing hormone (GnRH) antagonist that is in Phase III clinical trial for use in women's health; and opicapone, a catechol-O-methyltransferase inhibitor, which is in Phase III clinical trial that is used for in adjunct therapy and preparations of levodopa/DOPA decarboxylase inhibitors for adult patients with Parkinson's disease.
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