Neurocrine Biosciences (NASDAQ:NBIX) Price Target Raised to $183.00

Neurocrine Biosciences (NASDAQ:NBIX) had its price target raised by equities research analysts at Morgan Stanley from $182.00 to $183.00 in a report issued on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 16.85% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. Sanford C. Bernstein initiated coverage on Neurocrine Biosciences in a research note on Friday, May 22nd. They set an “outperform” rating and a $221.00 price objective on the stock. Zacks Research cut Neurocrine Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 4th. Piper Sandler increased their price target on Neurocrine Biosciences from $207.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, July 31st. Canaccord Genuity Group boosted their price objective on shares of Neurocrine Biosciences from $200.00 to $210.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. Finally, TD Cowen increased their target price on shares of Neurocrine Biosciences from $200.00 to $220.00 and gave the company a “buy” rating in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Neurocrine Biosciences currently has a consensus rating of “Moderate Buy” and a consensus target price of $201.09.

Neurocrine Biosciences Price Performance

Shares of NBIX stock traded up $0.04 during trading hours on Friday, hitting $156.61. The stock had a trading volume of 381,264 shares, compared to its average volume of 1,191,088. Neurocrine Biosciences has a one year low of $122.14 and a one year high of $186.12. The stock’s 50-day moving average price is $164.82 and its two-hundred day moving average price is $151.22. The stock has a market capitalization of $15.92 billion, a price-to-earnings ratio of 22.98, a PEG ratio of 0.73 and a beta of 0.38.

Neurocrine Biosciences (NASDAQ:NBIX) last issued its quarterly earnings data 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 business had revenue of $959.00 million for the quarter, compared to analysts’ expectations of $891.16 million. Neurocrine Biosciences had a return on equity of 22.43% and a net margin of 20.91%.The company’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.65 EPS. As a group, equities research analysts predict that Neurocrine Biosciences will post 7.25 earnings per share for the current fiscal year.

Insider Activity at Neurocrine Biosciences

In related news, insider Ingrid Delaet sold 4,367 shares of the business’s stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $181.02, for a total value of $790,514.34. Following the completion of the sale, the insider owned 16,225 shares in the company, valued at approximately $2,937,049.50. The trade was a 21.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Darin Lippoldt sold 10,000 shares of the firm’s stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $179.60, for a total value of $1,796,000.00. Following the transaction, the insider owned 54,729 shares in the company, valued at $9,829,328.40. The trade was a 15.45% decrease in their ownership of the stock. 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. Over the last quarter, insiders sold 40,188 shares of company stock worth $7,118,633. Company insiders own 4.60% of the company’s stock.

Hedge Funds Weigh In On Neurocrine Biosciences

Several institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System grew its holdings in Neurocrine Biosciences by 17,426.3% during the 2nd quarter. California State Teachers Retirement System now owns 23,247,381 shares of the company’s stock worth $3,918,114,000 after acquiring an additional 23,114,738 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of Neurocrine Biosciences in the 2nd quarter worth approximately $2,310,886,000. AQR Capital Management LLC lifted its position in shares of Neurocrine Biosciences by 18.0% in the 4th quarter. AQR Capital Management LLC now owns 3,271,706 shares of the company’s stock worth $462,652,000 after purchasing an additional 498,058 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Neurocrine Biosciences by 8.0% during the first quarter. Renaissance Technologies LLC now owns 2,418,897 shares of the company’s stock valued at $318,665,000 after purchasing an additional 180,100 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Neurocrine Biosciences by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 2,059,282 shares of the company’s stock valued at $291,342,000 after purchasing an additional 34,457 shares in the last quarter. Hedge funds and other institutional investors 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 psychiatric disorders. The company develops therapies for conditions with significant unmet medical needs, using expertise in neuroscience and endocrine biology.

Its primary commercial product is INGREZZA (valbenazine), a vesicular monoamine transporter 2 inhibitor approved in the United States for the treatment of tardive dyskinesia and chorea associated with Huntington’s disease.