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

Wall Street Zen upgraded shares of Neurocrine Biosciences (NASDAQ:NBIX) from a hold rating to a buy rating in a report published on Saturday morning,Wall Street Zen reports.

Several other equities analysts have also issued reports on NBIX. TD Cowen lifted their price target on shares of Neurocrine Biosciences from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Weiss Ratings raised Neurocrine Biosciences from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, October 14th. Stifel Nicolaus increased their price objective on Neurocrine Biosciences from $188.00 to $215.00 and gave the company a “buy” rating in a report on Friday, July 31st. Truist Financial raised their price objective on Neurocrine Biosciences from $200.00 to $213.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Finally, Mizuho raised Neurocrine Biosciences to a “hold” rating in a research report on Wednesday, September 16th. One equities research 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. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $202.32.

Neurocrine Biosciences Stock Performance

NASDAQ:NBIX opened at $164.63 on Friday. The company’s 50-day simple moving average is $147.22 and its 200-day simple moving average is $148.05. Neurocrine Biosciences has a fifty-two week low of $122.14 and a fifty-two week high of $186.12. The stock has a market capitalization of $16.66 billion, a P/E ratio of 24.43, a P/E/G ratio of 0.73 and a beta of 0.36.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its quarterly earnings data on Monday, November 2nd. The company reported $3.29 EPS for the quarter, topping the consensus estimate of $1.91 by $1.38. Neurocrine Biosciences had a net margin of 18.98% and a return on equity of 23.39%. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the previous year, the business posted $2.04 EPS. Neurocrine Biosciences’s revenue was up 41.3% on a year-over-year basis. On average, research analysts forecast that Neurocrine Biosciences will post 8.41 EPS for the current year.

Insider Activity at Neurocrine Biosciences

In related news, CFO Matt Abernethy sold 2,311 shares of Neurocrine Biosciences stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $157.20, for a total value of $363,289.20. Following the completion of the sale, the chief financial officer directly owned 42,808 shares in the company, valued at $6,729,417.60. This trade represents a 5.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider David Boyer sold 826 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $157.45, for a total transaction of $130,053.70. Following the sale, the insider directly owned 8,722 shares in the company, valued at approximately $1,373,278.90. This represents a 8.65% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 18,137 shares of company stock valued at $2,829,332 in the last three months. 4.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Neurocrine Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of Neurocrine Biosciences during the second quarter worth about $2,310,886,000. Aberdeen Group plc increased its holdings in Neurocrine Biosciences by 5,055.5% in the 3rd quarter. Aberdeen Group plc now owns 1,183,444 shares of the company’s stock worth $167,860,000 after buying an additional 1,160,489 shares during the period. Bank of New York Mellon Corp acquired a new position in Neurocrine Biosciences in the 2nd quarter worth approximately $117,827,000. Ieq Capital LLC acquired a new position in Neurocrine Biosciences in the 2nd quarter worth approximately $107,914,000. Finally, Bank of America Corp DE purchased a new position in Neurocrine Biosciences during the 2nd quarter worth approximately $104,382,000. 92.59% of the stock is currently owned by institutional investors and hedge funds.

About Neurocrine Biosciences

Neurocrine Biosciences is a biopharmaceutical company focused on developing and commercializing treatments for neurological, endocrine and related disorders. Founded in 1992 and headquartered in San Diego, California, the company conducts research and development alongside its commercial operations.

Its marketed medicines include INGREZZA (valbenazine), approved in the United States for tardive dyskinesia and chorea associated with Huntington disease, and CRENESSITY (crinecerfont), used with glucocorticoid replacement therapy to treat classic congenital adrenal hyperplasia in adults and children.

Neurocrine primarily serves the U.S.