Neurocrine Biosciences (NASDAQ:NBIX) Rating Lowered to Buy at Wall Street Zen

Neurocrine Biosciences (NASDAQ:NBIX) was downgraded by stock analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

A number of other research firms have also issued reports on NBIX. JPMorgan Chase & Co. upped their target price on shares of Neurocrine Biosciences from $171.00 to $179.00 and gave the stock an “overweight” rating in a report on Monday, November 3rd. Canaccord Genuity Group upped their price objective on shares of Neurocrine Biosciences from $160.00 to $164.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. UBS Group increased their price objective on shares of Neurocrine Biosciences from $188.00 to $195.00 and gave the company a “buy” rating in a report on Thursday, October 9th. HC Wainwright boosted their target price on Neurocrine Biosciences from $168.00 to $198.00 and gave the stock a “buy” rating in a report on Wednesday, December 17th. Finally, Stifel Nicolaus increased their price target on Neurocrine Biosciences from $183.00 to $188.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Seventeen research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $175.20.

Neurocrine Biosciences Trading Up 0.2%

NASDAQ:NBIX opened at $135.79 on Friday. The stock has a 50 day moving average of $146.36 and a two-hundred day moving average of $139.82. Neurocrine Biosciences has a 12 month low of $84.23 and a 12 month high of $160.18. The firm has a market cap of $13.54 billion, a P/E ratio of 32.49, a price-to-earnings-growth ratio of 0.66 and a beta of 0.28.

Neurocrine Biosciences (NASDAQ:NBIX) last released its earnings results on Tuesday, October 28th. The company reported $2.17 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.59. Neurocrine Biosciences had a return on equity of 15.82% and a net margin of 15.95%.The business had revenue of $794.90 million for the quarter, compared to the consensus estimate of $746.61 million. During the same quarter last year, the business posted $1.81 earnings per share. The business’s quarterly revenue was up 27.8% compared to the same quarter last year. On average, research analysts forecast that Neurocrine Biosciences will post 4.28 earnings per share for the current year.

Insider Transactions at Neurocrine Biosciences

In related news, Director William H. Rastetter sold 18,000 shares of the stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $151.82, for a total value of $2,732,760.00. Following the completion of the transaction, the director directly owned 40,360 shares in the company, valued at approximately $6,127,455.20. This represents a 30.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Darin Lippoldt sold 4,376 shares of Neurocrine Biosciences stock in a transaction on Monday, December 8th. The shares were sold at an average price of $159.65, for a total value of $698,628.40. Following the completion of the sale, the insider owned 43,405 shares in the company, valued at $6,929,608.25. This represents a 9.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 43,866 shares of company stock valued at $6,570,237 in the last ninety days. 4.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Neurocrine Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada increased its position in shares of Neurocrine Biosciences by 36.7% during the first quarter. Royal Bank of Canada now owns 82,810 shares of the company’s stock valued at $9,158,000 after acquiring an additional 22,224 shares during the last quarter. Integrated Wealth Concepts LLC boosted its position in shares of Neurocrine Biosciences by 167.2% during the 1st quarter. Integrated Wealth Concepts LLC now owns 7,233 shares of the company’s stock worth $800,000 after purchasing an additional 4,526 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Neurocrine Biosciences by 60.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,783 shares of the company’s stock valued at $1,647,000 after purchasing an additional 5,577 shares during the last quarter. NewEdge Advisors LLC increased its holdings in Neurocrine Biosciences by 56.3% in the 1st quarter. NewEdge Advisors LLC now owns 7,630 shares of the company’s stock valued at $844,000 after purchasing an additional 2,747 shares during the last quarter. Finally, Empowered Funds LLC purchased a new stake in Neurocrine Biosciences in the first quarter valued at approximately $1,333,000. 92.59% of the stock is currently owned by hedge funds and other 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.