Neurocrine Biosciences’ (NBIX) Buy Rating Reaffirmed at Needham & Company LLC

Neurocrine Biosciences (NASDAQ:NBIX)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a report released on Friday, Benzinga reports. They presently have a $204.00 target price on the stock. Needham & Company LLC’s price target suggests a potential upside of 48.43% from the stock’s current price.

NBIX has been the subject of several other research reports. Guggenheim began coverage on Neurocrine Biosciences in a research note on Tuesday, October 6th. They issued a “buy” rating and a $207.00 price target for the company. Canaccord Genuity Group lifted their price objective on shares of Neurocrine Biosciences from $200.00 to $210.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. TD Cowen upped their price objective 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. Morgan Stanley increased their target price on shares of Neurocrine Biosciences from $182.00 to $183.00 and gave the company an “equal weight” rating in a research report on Friday, September 11th. Finally, Piper Sandler increased their target price on shares of Neurocrine Biosciences from $207.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $201.14.

Neurocrine Biosciences Price Performance

NBIX stock traded up $0.49 on Friday, reaching $137.44. The company’s stock had a trading volume of 168,255 shares, compared to its average volume of 1,217,823. Neurocrine Biosciences has a 52 week low of $122.14 and a 52 week high of $186.12. The company has a market capitalization of $13.97 billion, a P/E ratio of 20.15, a price-to-earnings-growth ratio of 0.60 and a beta of 0.40. The firm has a fifty day moving average of $149.66 and a two-hundred day moving average of $153.58.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its earnings results on Friday, July 31st. The company reported $2.85 EPS for the quarter, beating the consensus estimate of $1.65 by $1.20. The firm 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 firm’s revenue was up 39.5% compared to the same quarter last year. During the same period last year, the firm earned $1.65 EPS. As a group, equities analysts expect that Neurocrine Biosciences will post 7.70 EPS for the current fiscal year.

Insiders Place Their Bets

In other Neurocrine Biosciences news, insider David Boyer sold 826 shares of the stock in a transaction 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 completion of the transaction, the insider directly owned 8,722 shares of the company’s stock, valued at approximately $1,373,278.90. This trade represents a 8.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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, CFO Matt Abernethy sold 2,311 shares of Neurocrine Biosciences stock in a transaction 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 transaction, the chief financial officer owned 42,808 shares in the company, valued at approximately $6,729,417.60. This trade represents a 5.12% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 4,387 shares of company stock worth $720,855 over the last ninety days. Company insiders own 4.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Brindle & Bay Financial Advisors LLC lifted its holdings in Neurocrine Biosciences by 12.6% in the 3rd quarter. Brindle & Bay Financial Advisors LLC now owns 1,431 shares of the company’s stock valued at $203,000 after acquiring an additional 160 shares during the last quarter. Ninety One UK Ltd grew its stake in shares of Neurocrine Biosciences by 160,372.7% in the 3rd quarter. Ninety One UK Ltd now owns 434,881 shares of the company’s stock worth $61,684,000 after purchasing an additional 434,610 shares during the last quarter. Signal Advisors Wealth LLC acquired a new position in shares of Neurocrine Biosciences in the 3rd quarter worth approximately $216,000. GK Wealth Management LLC bought a new stake in shares of Neurocrine Biosciences in the 3rd quarter worth approximately $61,000. Finally, Wedmont Private Capital raised its holdings in shares of Neurocrine Biosciences by 15.5% in the 3rd quarter. Wedmont Private Capital now owns 1,936 shares of the company’s stock worth $273,000 after purchasing an additional 260 shares in the last quarter. 92.59% of the stock is owned by institutional investors and hedge funds.

Neurocrine Biosciences Company Profile

Neurocrine Biosciences, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for neurological, neuroendocrine and related disorders. The company is headquartered in San Diego, California, and conducts research through internal programs and collaborations with academic institutions and other pharmaceutical companies.

Neurocrine’s principal commercial product is INGREZZA (valbenazine), a vesicular monoamine transporter 2 inhibitor used to treat tardive dyskinesia and chorea associated with Huntington’s disease.