Neurocrine Biosciences’ (NBIX) Buy Rating Reiterated at Needham & Company LLC

Neurocrine Biosciences (NASDAQ:NBIX)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a research report issued to clients and investors on Friday, Benzinga reports. They presently have a $204.00 target price on the stock. Needham & Company LLC’s price objective suggests a potential upside of 48.96% from the stock’s previous close.

A number of other research analysts also recently commented on NBIX. TD Cowen boosted their price target on Neurocrine Biosciences from $200.00 to $220.00 and gave the company a “buy” rating in a research note on Friday, July 31st. BMO Capital Markets dropped their price target on Neurocrine Biosciences from $164.00 to $150.00 and set a “market perform” rating for the company in a research note on Monday. Morgan Stanley boosted their price target on Neurocrine Biosciences from $182.00 to $183.00 and gave the company an “equal weight” rating in a research note on Friday, September 11th. Truist Financial boosted their price target on Neurocrine Biosciences from $200.00 to $213.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Finally, Citigroup boosted their price target on Neurocrine Biosciences from $249.00 to $253.00 and gave the company a “buy” rating in a research note on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Neurocrine Biosciences presently has a consensus rating of “Moderate Buy” and a consensus price target of $201.14.

Neurocrine Biosciences Price Performance

NBIX stock opened at $136.95 on Friday. The company has a fifty day moving average price of $149.66 and a two-hundred day moving average price of $153.58. Neurocrine Biosciences has a one year low of $122.14 and a one year high of $186.12. The stock has a market cap of $13.92 billion, a price-to-earnings ratio of 20.08, a price-to-earnings-growth ratio of 0.60 and a beta of 0.40.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its earnings results on Friday, July 31st. The company reported $2.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.65 by $1.20. The company had revenue of $959.00 million during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.65 earnings per share. Research analysts anticipate that Neurocrine Biosciences will post 7.70 EPS for the current fiscal year.

Insider Buying and Selling at Neurocrine Biosciences

In other Neurocrine Biosciences news, Director Leslie V. Norwalk sold 1,250 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $182.01, for a total transaction of $227,512.50. Following the completion of the sale, the director owned 1,588 shares of the company’s stock, valued at approximately $289,031.88. This represents a 44.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Boyer sold 826 shares of the 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 sale, the insider directly owned 8,722 shares of the company’s stock, valued at $1,373,278.90. This represents a 8.65% decrease in their position. The SEC filing for this sale provides additional information. 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. In the last 90 days, insiders sold 4,387 shares of company stock valued at $720,855. 4.60% of the stock is currently owned by company insiders.

Institutional Trading of Neurocrine Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Neurocrine Biosciences during the 2nd quarter valued at approximately $2,310,886,000. Renaissance Technologies LLC boosted its holdings in shares of Neurocrine Biosciences by 8.0% during the 1st quarter. Renaissance Technologies LLC now owns 2,418,897 shares of the company’s stock worth $318,665,000 after buying an additional 180,100 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of Neurocrine Biosciences by 97.0% during the 1st quarter. First Trust Advisors LP now owns 959,217 shares of the company’s stock worth $126,367,000 after buying an additional 472,408 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Neurocrine Biosciences during the 2nd quarter worth approximately $117,827,000. Finally, Ieq Capital LLC bought a new position in shares of Neurocrine Biosciences during the 2nd quarter worth approximately $107,914,000. Institutional investors and hedge funds own 92.59% of the company’s stock.

About Neurocrine Biosciences

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.