Neurocrine Biosciences (NASDAQ:NBIX) Price Target Raised to $246.00

Neurocrine Biosciences (NASDAQ:NBIX) had its price target upped by Citigroup from $242.00 to $246.00 in a research note issued to investors on Wednesday,Benzinga reports. Citigroup currently has a buy rating on the stock.

Other equities analysts have also recently issued reports about the stock. JPMorgan Chase & Co. raised their target price on shares of Neurocrine Biosciences from $176.00 to $177.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. Weiss Ratings reissued a “hold (c+)” rating on shares of Neurocrine Biosciences in a research note on Tuesday, April 21st. Zacks Research raised shares of Neurocrine Biosciences from a “strong sell” rating to a “hold” rating in a research note on Wednesday, April 15th. Wells Fargo & Company dropped their price objective on shares of Neurocrine Biosciences from $180.00 to $175.00 and set an “overweight” rating for the company in a research note on Friday, February 13th. Finally, BMO Capital Markets dropped their price objective on shares of Neurocrine Biosciences from $147.00 to $140.00 and set a “market perform” rating for the company in a research note on Thursday, February 12th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $184.15.

Neurocrine Biosciences Stock Performance

NBIX opened at $152.25 on Wednesday. The stock has a market capitalization of $15.31 billion, a price-to-earnings ratio of 23.46, a PEG ratio of 1.26 and a beta of 0.34. The company has a fifty day moving average of $131.12 and a 200 day moving average of $137.85. Neurocrine Biosciences has a fifty-two week low of $115.66 and a fifty-two week high of $160.18.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its earnings results on Wednesday, February 11th. The company reported $1.88 earnings per share for the quarter, missing the consensus estimate 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 net margin of 21.55% and a return on equity of 19.79%. The business’s revenue was up 28.3% on a year-over-year basis. During the same period in the previous year, the business posted $1.69 earnings per share. On average, equities research analysts forecast that Neurocrine Biosciences will post 6.57 earnings per share for the current year.

Institutional Trading of Neurocrine Biosciences

A number of hedge funds have recently bought and sold shares of NBIX. AQR Capital Management LLC lifted its holdings in Neurocrine Biosciences by 83.7% during the third quarter. AQR Capital Management LLC now owns 2,773,648 shares of the company’s stock worth $388,435,000 after buying an additional 1,263,633 shares during the period. Norges Bank purchased a new stake in Neurocrine Biosciences during the fourth quarter worth $162,664,000. UBS Group AG lifted its holdings in Neurocrine Biosciences by 169.8% during the fourth quarter. UBS Group AG now owns 983,528 shares of the company’s stock worth $139,494,000 after buying an additional 618,956 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Neurocrine Biosciences by 11.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,730,152 shares of the company’s stock worth $664,019,000 after acquiring an additional 468,405 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI bought a new position in shares of Neurocrine Biosciences during the 4th quarter worth approximately $65,162,000. Hedge funds and other institutional investors own 92.59% of the company’s stock.

Key Stories Impacting Neurocrine Biosciences

Here are the key news stories impacting Neurocrine Biosciences this week:

• Positive Sentiment: JPMorgan raised its price target on Neurocrine Biosciences to $185 from $177 and kept an overweight rating, signaling continued confidence in upside potential. Article link
• Positive Sentiment: Truist Financial lifted its price target to $155 from $140 and reiterated a buy rating, adding to the recent analyst support. Article link
• Positive Sentiment: Multiple firms, including Morgan Stanley, Guggenheim, Piper Sandler and Wedbush, issued upbeat views on NBIX, suggesting broad Wall Street optimism around the stock’s outlook. Article link
• Positive Sentiment: Neurocrine’s latest earnings beat helped reassure investors that the company’s core business remains on track, even if some analysts are still refining their models after the report. Article link
• Neutral Sentiment: A Seeking Alpha article argued that the core business is holding up, while noting the Soleno deal could add upside but also introduces risk. Article link

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.