Neurocrine Biosciences (NASDAQ:NBIX) Upgraded by StockNews.com to “Strong-Buy” Rating

StockNews.com upgraded shares of Neurocrine Biosciences (NASDAQ:NBIX) from a buy rating to a strong-buy rating in a report published on Monday morning.

Other equities research analysts also recently issued research reports about the company. Guggenheim cut their price target on Neurocrine Biosciences from $165.00 to $163.00 and set a “buy” rating for the company in a report on Monday. BMO Capital Markets cut their target price on shares of Neurocrine Biosciences from $128.00 to $114.00 and set a “market perform” rating for the company in a research note on Thursday, October 17th. William Blair reiterated an “outperform” rating on shares of Neurocrine Biosciences in a research note on Friday. Royal Bank of Canada cut their price objective on shares of Neurocrine Biosciences from $154.00 to $148.00 and set a “sector perform” rating for the company in a research report on Friday. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $160.00 target price on shares of Neurocrine Biosciences in a research report on Monday, December 23rd. Four equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $168.35.

Neurocrine Biosciences Price Performance

Shares of NBIX opened at $118.81 on Monday. The company has a market cap of $12.03 billion, a PE ratio of 36.11 and a beta of 0.33. The firm has a 50-day moving average of $138.81 and a 200-day moving average of $131.42. Neurocrine Biosciences has a one year low of $110.95 and a one year high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its quarterly earnings results on Thursday, February 6th. The company reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.62). Neurocrine Biosciences had a return on equity of 13.45% and a net margin of 14.49%. Analysts expect that Neurocrine Biosciences will post 6.53 earnings per share for the current year.

Insider Buying and Selling

In other Neurocrine Biosciences news, insider Ingrid Delaet sold 1,091 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $135.00, for a total value of $147,285.00. Following the sale, the insider now owns 2,507 shares in the company, valued at $338,445. This trade represents a 30.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Matt Abernethy sold 1,283 shares of the company’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $152.87, for a total transaction of $196,132.21. Following the transaction, the chief financial officer now owns 32,681 shares of the company’s stock, valued at $4,995,944.47. This trade represents a 3.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 222,693 shares of company stock worth $32,718,279. Corporate insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Neurocrine Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp lifted its holdings in shares of Neurocrine Biosciences by 11.7% during the third quarter. State Street Corp now owns 5,148,293 shares of the company’s stock worth $593,186,000 after purchasing an additional 539,936 shares during the period. Geode Capital Management LLC lifted its holdings in Neurocrine Biosciences by 2.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,859,232 shares of the company’s stock worth $213,773,000 after buying an additional 39,610 shares during the period. Braidwell LP grew its position in shares of Neurocrine Biosciences by 20.9% in the 3rd quarter. Braidwell LP now owns 917,674 shares of the company’s stock valued at $105,734,000 after buying an additional 158,665 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Neurocrine Biosciences by 1.4% in the fourth quarter. Bank of New York Mellon Corp now owns 870,290 shares of the company’s stock valued at $118,795,000 after buying an additional 12,040 shares during the period. Finally, Raymond James Financial Inc. bought a new position in shares of Neurocrine Biosciences during the fourth quarter worth about $115,193,000. Institutional investors and hedge funds own 92.59% of the company’s stock.

About Neurocrine Biosciences

Neurocrine Biosciences, Inc discovers, develops, and markets pharmaceuticals for neurological, neuroendocrine, and neuropsychiatric disorders in the United States and internationally. The company’s products include INGREZZA for tardive dyskinesia and chorea associated with Huntington’s disease; ALKINDI for adrenal insufficiency; Efmody capsules for classic congenital adrenal hyperplasia; Orilissa tablets for endometriosis; and Oriahnn capsules to treat uterine fibroids.