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Neurocrine Biosciences (
NBIX) discovers, develops and commercializes drugs for the treatment of neurological and endocrine-related diseases and disorders. This stock closed up 3.4% at $14.98 in Wednesday's trading session.
Wednesday's Volume: 1.19 million
Three-Month Average Volume: 570,184
Volume % Change: 115%
Shares of NBIX jumped higher on Wednesday after Cowen upgraded the stock to outperform from market perform based on the company's advanced drug candidates. The firm set a price target of $30 a share on NBIX.
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From a technical perspective, NBIX gapped higher here right above its 50-day moving average of $13.89 with strong upside volume. This stock flirted with some key breakout levels at $14.85 to its 52-week high at $15.06, before pulling back to close at $14.98.
Traders should now look for long-biased trades in NBIX as long as it's trending above $14.50 and then once it sustains a move or close above its new 52-week high at $15.33 with volume that this near or above 570,184 shares. If we get that move soon, then NBIX will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that move are $18 to $20.
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