Wolfe Research Begins Coverage on Neurocrine Biosciences (NASDAQ:NBIX)

Equities research analysts at Wolfe Research assumed coverage on shares of Neurocrine Biosciences (NASDAQ:NBIX) in a research note issued on Tuesday, MarketBeat reports. The firm set an “outperform” rating and a $160.00 price target on the stock. Wolfe Research’s price target suggests a potential upside of 24.63% from the company’s previous close.

NBIX has been the topic of several other research reports. Mizuho boosted their price target on Neurocrine Biosciences from $146.00 to $175.00 and gave the company a “neutral” rating in a research note on Friday, December 12th. Morgan Stanley reissued an “equal weight” rating and set a $175.00 target price (up previously from $173.00) on shares of Neurocrine Biosciences in a report on Thursday, January 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Neurocrine Biosciences in a research report on Thursday, January 22nd. Wells Fargo & Company cut their price target on Neurocrine Biosciences from $180.00 to $175.00 and set an “overweight” rating on the stock in a research report on Friday, February 13th. Finally, TD Cowen boosted their price objective on Neurocrine Biosciences from $175.00 to $200.00 and gave the company a “buy” rating in a report on Friday, December 5th. Seventeen analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $175.05.

Neurocrine Biosciences Stock Down 0.2%

Shares of NASDAQ:NBIX opened at $128.38 on Tuesday. The company has a market capitalization of $12.88 billion, a price-to-earnings ratio of 27.55, a price-to-earnings-growth ratio of 0.67 and a beta of 0.31. The firm has a 50 day moving average of $136.94 and a 200 day moving average of $140.46. Neurocrine Biosciences has a 52 week low of $84.23 and a 52 week high of $160.18.

Neurocrine Biosciences (NASDAQ:NBIX) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $1.88 earnings per share for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.48). The company had revenue of $805.50 million for the quarter, compared to analysts’ expectations of $804.21 million. Neurocrine Biosciences had a return on equity of 16.48% and a net margin of 16.73%.The company’s revenue for the quarter was up 28.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.69 earnings per share. On average, sell-side analysts expect that Neurocrine Biosciences will post 4.28 EPS for the current year.

Insider Activity at Neurocrine Biosciences

In related news, CEO Kyle Gano sold 36,400 shares of Neurocrine Biosciences stock in a transaction dated Friday, January 16th. The stock was sold at an average price of $132.70, for a total value of $4,830,280.00. Following the sale, the chief executive officer directly owned 140,407 shares in the company, valued at approximately $18,632,008.90. The trade was a 20.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Darin Lippoldt sold 4,376 shares of the stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $159.65, for a total value of $698,628.40. Following the transaction, the insider directly owned 43,405 shares of the company’s stock, valued at $6,929,608.25. The trade was a 9.16% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 46,966 shares of company stock valued at $6,474,616. 4.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Neurocrine Biosciences

A number of hedge funds have recently added to or reduced their stakes in NBIX. USA Financial Formulas purchased a new position in shares of Neurocrine Biosciences in the 4th quarter valued at about $25,000. Golden State Wealth Management LLC increased its holdings in shares of Neurocrine Biosciences by 120.5% in the 3rd quarter. Golden State Wealth Management LLC now owns 183 shares of the company’s stock valued at $26,000 after acquiring an additional 100 shares during the last quarter. Eastern Bank acquired a new position in Neurocrine Biosciences in the third quarter valued at approximately $27,000. DJE Kapital AG purchased a new position in Neurocrine Biosciences in the fourth quarter valued at approximately $28,000. Finally, Geneos Wealth Management Inc. grew its position in shares of Neurocrine Biosciences by 143.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock valued at $25,000 after buying an additional 135 shares during the last quarter. 92.59% of the stock is currently owned by institutional investors and hedge funds.

About Neurocrine Biosciences

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.