Neurocrine Biosciences (NASDAQ:NBIX) Coverage Initiated at Wolfe Research

Analysts at Wolfe Research began coverage on shares of Neurocrine Biosciences (NASDAQ:NBIX) in a report issued on Tuesday, Marketbeat Ratings reports. The brokerage set an “outperform” rating and a $160.00 price target on the stock. Wolfe Research’s target price would suggest a potential upside of 24.63% from the stock’s current price.

Several other research analysts have also recently issued reports on NBIX. Wedbush increased their price target on shares of Neurocrine Biosciences from $149.00 to $151.00 and gave the stock an “outperform” rating in a report on Thursday, February 12th. TD Cowen boosted their target price on Neurocrine Biosciences from $175.00 to $200.00 and gave the stock a “buy” rating in a research report on Friday, December 5th. Truist Financial reduced their price target on Neurocrine Biosciences from $169.00 to $140.00 and set a “buy” rating for the company in a report on Tuesday, February 17th. Wells Fargo & Company decreased their price target on Neurocrine Biosciences from $180.00 to $175.00 and set an “overweight” rating on the stock in a research note on Friday, February 13th. Finally, JPMorgan Chase & Co. cut their price objective on Neurocrine Biosciences from $177.00 to $176.00 and set an “overweight” rating for the company in a research report on Tuesday, February 17th. Seventeen research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Neurocrine Biosciences presently has an average rating of “Moderate Buy” and an average target price of $175.05.

Neurocrine Biosciences Stock Down 0.2%

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

Neurocrine Biosciences (NASDAQ:NBIX) last announced its earnings results on Wednesday, February 11th. The company reported $1.88 EPS for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.48). Neurocrine Biosciences had a net margin of 16.73% and a return on equity of 16.48%. The business had revenue of $805.50 million during the quarter, compared to analyst estimates of $804.21 million. During the same period in the previous year, the firm earned $1.69 earnings per share. The business’s revenue was up 28.3% compared to the same quarter last year. Sell-side analysts anticipate that Neurocrine Biosciences will post 4.28 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Leslie V. Norwalk sold 1,190 shares of the business’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $155.09, for a total transaction of $184,557.10. Following the completion of the sale, the director owned 6,239 shares in the company, valued at approximately $967,606.51. The trade was a 16.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Darin Lippoldt sold 4,376 shares of Neurocrine Biosciences stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $159.65, for a total transaction of $698,628.40. Following the transaction, the insider directly owned 43,405 shares in the company, valued at approximately $6,929,608.25. This trade represents a 9.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 46,966 shares of company stock valued at $6,474,616. Insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Neurocrine Biosciences

A number of hedge funds have recently made changes to their positions in the business. Dodge & Cox boosted its position in Neurocrine Biosciences by 0.6% during the 2nd quarter. Dodge & Cox now owns 5,566,814 shares of the company’s stock worth $699,693,000 after purchasing an additional 32,190 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Neurocrine Biosciences by 11.0% in the third quarter. JPMorgan Chase & Co. now owns 4,730,152 shares of the company’s stock worth $664,019,000 after buying an additional 468,405 shares during the period. AQR Capital Management LLC grew its stake in shares of Neurocrine Biosciences by 18.0% in the fourth quarter. AQR Capital Management LLC now owns 3,271,706 shares of the company’s stock valued at $462,652,000 after buying an additional 498,058 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Neurocrine Biosciences by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 2,059,282 shares of the company’s stock valued at $291,342,000 after buying an additional 34,457 shares during the period. Finally, Los Angeles Capital Management LLC lifted its position in Neurocrine Biosciences by 7.4% during the 4th quarter. Los Angeles Capital Management LLC now owns 1,291,278 shares of the company’s stock worth $178,248,000 after acquiring an additional 88,522 shares in the last quarter. Hedge funds and other institutional investors own 92.59% of the company’s stock.

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.