Neurocrine Biosciences (NASDAQ:NBIX) Earns Buy Rating from Needham & Company LLC

Neurocrine Biosciences (NASDAQ:NBIX)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a note issued to investors on Friday, Benzinga reports. They presently have a $204.00 price objective on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 49.59% from the stock’s current price.

A number of other analysts also recently issued reports on the company. Cantor Fitzgerald raised their target price on Neurocrine Biosciences from $210.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, July 31st. Royal Bank Of Canada reiterated an “outperform” rating and set a $198.00 price target on shares of Neurocrine Biosciences in a research note on Tuesday, September 8th. Weiss Ratings raised Neurocrine Biosciences from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday. Wells Fargo & Company boosted their price objective on Neurocrine Biosciences from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Finally, Canaccord Genuity Group upped their price objective on shares of Neurocrine Biosciences from $200.00 to $210.00 and gave the company a “buy” rating in a report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Neurocrine Biosciences presently has a consensus rating of “Moderate Buy” and an average price target of $201.14.

Neurocrine Biosciences Stock Performance

NBIX traded down $0.58 during midday trading on Friday, reaching $136.38. The company had a trading volume of 190,222 shares, compared to its average volume of 1,218,049. The stock has a market cap of $13.86 billion, a PE ratio of 20.01, a P/E/G ratio of 0.60 and a beta of 0.40. Neurocrine Biosciences has a 12-month low of $122.14 and a 12-month high of $186.12. The business has a 50-day moving average price of $149.66 and a two-hundred day moving average price of $153.58.

Neurocrine Biosciences (NASDAQ:NBIX) last issued its quarterly earnings results on Friday, July 31st. The company reported $2.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.65 by $1.20. The company had revenue of $959.00 million during the quarter, compared to analyst estimates of $891.16 million. Neurocrine Biosciences had a net margin of 20.91% and a return on equity of 22.43%. Neurocrine Biosciences’s quarterly revenue was up 39.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.65 EPS. On average, research analysts anticipate that Neurocrine Biosciences will post 7.70 earnings per share for the current year.

Insider Transactions at Neurocrine Biosciences

In other news, CFO Matt Abernethy sold 2,311 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $157.20, for a total value of $363,289.20. Following the completion of the transaction, the chief financial officer directly owned 42,808 shares in the company, valued at approximately $6,729,417.60. This trade represents a 5.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider David Boyer sold 826 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $157.45, for a total transaction of $130,053.70. Following the transaction, the insider directly owned 8,722 shares of the company’s stock, valued at approximately $1,373,278.90. This represents a 8.65% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 4,387 shares of company stock valued at $720,855. 4.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. NewEdge Advisors LLC raised its position in Neurocrine Biosciences by 0.5% during the 1st quarter. NewEdge Advisors LLC now owns 13,066 shares of the company’s stock valued at $1,721,000 after purchasing an additional 68 shares in the last quarter. Westpac Banking Corp increased its holdings in shares of Neurocrine Biosciences by 6.0% in the first quarter. Westpac Banking Corp now owns 1,615 shares of the company’s stock valued at $213,000 after purchasing an additional 91 shares during the period. PKO Investment Management Joint Stock Co boosted its holdings in Neurocrine Biosciences by 7.7% in the first quarter. PKO Investment Management Joint Stock Co now owns 1,400 shares of the company’s stock valued at $184,000 after purchasing an additional 100 shares during the last quarter. Meiji Yasuda Life Insurance Co grew its position in Neurocrine Biosciences by 1.8% during the 2nd quarter. Meiji Yasuda Life Insurance Co now owns 5,628 shares of the company’s stock worth $949,000 after purchasing an additional 100 shares during the period. Finally, SJS Investment Consulting Inc. raised its stake in shares of Neurocrine Biosciences by 67.2% during the 1st quarter. SJS Investment Consulting Inc. now owns 341 shares of the company’s stock valued at $45,000 after buying an additional 137 shares during the last quarter. Institutional investors own 92.59% of the company’s stock.

Neurocrine Biosciences Company Profile

Neurocrine Biosciences, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for neurological, neuroendocrine and related disorders. The company is headquartered in San Diego, California, and conducts research through internal programs and collaborations with academic institutions and other pharmaceutical companies.

Neurocrine’s principal commercial product is INGREZZA (valbenazine), a vesicular monoamine transporter 2 inhibitor used to treat tardive dyskinesia and chorea associated with Huntington’s disease.