Neurocrine Biosciences (NASDAQ:NBIX) Price Target Raised to $198.00

Neurocrine Biosciences (NASDAQ:NBIX) had its target price hoisted by HC Wainwright from $168.00 to $198.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Other research analysts have also issued reports about the stock. Needham & Company LLC increased their price target on shares of Neurocrine Biosciences from $170.00 to $184.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Zacks Research raised shares of Neurocrine Biosciences from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 15th. Truist Financial reiterated a “buy” rating and set a $172.00 target price (up from $165.00) on shares of Neurocrine Biosciences in a report on Thursday, October 30th. Piper Sandler upped their price target on Neurocrine Biosciences from $175.00 to $179.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 29th. Finally, Mizuho raised their price objective on Neurocrine Biosciences from $146.00 to $175.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Neurocrine Biosciences presently has an average rating of “Moderate Buy” and a consensus price target of $174.76.

Neurocrine Biosciences Stock Up 2.2%

NBIX opened at $145.00 on Wednesday. Neurocrine Biosciences has a 52 week low of $84.23 and a 52 week high of $160.18. The stock has a market cap of $14.46 billion, a PE ratio of 34.69, a PEG ratio of 0.93 and a beta of 0.27. The business has a 50 day moving average of $146.17 and a 200-day moving average of $137.93.

Neurocrine Biosciences (NASDAQ:NBIX) last issued its quarterly earnings results on Tuesday, October 28th. The company reported $2.17 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.59. The company had revenue of $794.90 million for the quarter, compared to analysts’ expectations of $746.61 million. Neurocrine Biosciences had a return on equity of 15.82% and a net margin of 15.95%.The firm’s revenue for the quarter was up 27.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.81 earnings per share. Equities analysts anticipate that Neurocrine Biosciences will post 4.28 EPS for the current year.

Insider Activity

In other news, Director William H. Rastetter sold 18,000 shares of Neurocrine Biosciences stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $151.82, for a total value of $2,732,760.00. Following the completion of the sale, the director directly owned 40,360 shares in the company, valued at $6,127,455.20. The trade was a 30.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Kyle Gano sold 300 shares of the business’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $141.97, for a total transaction of $42,591.00. Following the transaction, the chief executive officer directly owned 140,407 shares of the company’s stock, valued at $19,933,581.79. The trade was a 0.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 43,866 shares of company stock worth $6,570,237. 4.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Neurocrine Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of the company. Dodge & Cox grew its holdings in shares of Neurocrine Biosciences by 83.5% in the first quarter. Dodge & Cox now owns 5,534,624 shares of the company’s stock worth $612,129,000 after acquiring an additional 2,518,199 shares during the period. JPMorgan Chase & Co. boosted its position in Neurocrine Biosciences by 59.6% in the second quarter. JPMorgan Chase & Co. now owns 4,261,747 shares of the company’s stock worth $535,659,000 after purchasing an additional 1,590,749 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Neurocrine Biosciences by 83.7% during the 3rd quarter. AQR Capital Management LLC now owns 2,773,648 shares of the company’s stock valued at $388,435,000 after purchasing an additional 1,263,633 shares during the period. Norges Bank bought a new stake in shares of Neurocrine Biosciences during the 2nd quarter valued at about $122,278,000. Finally, Los Angeles Capital Management LLC increased its position in shares of Neurocrine Biosciences by 19,454.9% during the 2nd quarter. Los Angeles Capital Management LLC now owns 744,650 shares of the company’s stock valued at $93,595,000 after purchasing an additional 740,842 shares during the last quarter. 92.59% of the stock is owned by institutional investors.

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.