Neurocrine Biosciences’ (NBIX) Buy Rating Reaffirmed at Needham & Company LLC
Needham & Company LLC reiterated their buy rating on shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) in a research report released on Thursday. The brokerage currently has a $86.00 price target on the stock.
“Neurocrine reported 3Q17 financial results yesterday. Ingrezza 3Q17 sales were $45.8M, well above our $20.0M and consensus $11M ests. Mgmt noted growth in TRX from 745 in 2Q17 to 5100 in 3Q17. We are raising our near-term and long-term sales ests significantly. Our 4Q17 Ingrezza sales estimate is $55.0M (was $15.0M). Mgmt highlighted possible challenges in 4Q17, including new competitor Austedo and essentially a reduction in price w/ introduction of 80mg capsule. Nevertheless, we believe our ests may still be conservative. Our new $86 price target (was $58) is 25x our $4.72 2020 EPS est, disc 15% annually.”,” Needham & Company LLC’s analyst wrote.
Several other analysts have also recently weighed in on the stock. Oppenheimer Holdings, Inc. reissued a buy rating and issued a $70.00 price target on shares of Neurocrine Biosciences in a research note on Thursday, September 7th. Jefferies Group LLC reissued a buy rating and issued a $69.00 price target (up previously from $66.00) on shares of Neurocrine Biosciences in a research note on Tuesday, October 3rd. ValuEngine raised shares of Neurocrine Biosciences from a sell rating to a hold rating in a research note on Friday, September 1st. BMO Capital Markets reissued an outperform rating and issued a $84.00 price target on shares of Neurocrine Biosciences in a research note on Thursday, October 5th. Finally, Robert W. Baird reissued an outperform rating and issued a $66.00 price target on shares of Neurocrine Biosciences in a research note on Thursday, September 21st. One equities research analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Neurocrine Biosciences currently has a consensus rating of Buy and a consensus price target of $78.88.
Shares of Neurocrine Biosciences (NASDAQ NBIX) traded up $0.70 during midday trading on Thursday, reaching $73.48. 2,385,825 shares of the company traded hands, compared to its average volume of 986,984. Neurocrine Biosciences has a one year low of $37.35 and a one year high of $63.77. The company has a debt-to-equity ratio of 1.05, a current ratio of 14.38 and a quick ratio of 19.36.
Neurocrine Biosciences (NASDAQ:NBIX) last posted its quarterly earnings results on Wednesday, November 1st. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.49) by $0.36. The firm had revenue of $60.77 million during the quarter, compared to analysts’ expectations of $29.38 million. During the same period last year, the company earned ($0.43) EPS. equities analysts forecast that Neurocrine Biosciences will post -1.88 earnings per share for the current year.
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In other Neurocrine Biosciences news, insider Haig P. Bozigian sold 26,250 shares of the stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $60.00, for a total transaction of $1,575,000.00. Following the sale, the insider now directly owns 144,601 shares in the company, valued at approximately $8,676,060. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Christopher Flint Obrien sold 6,925 shares of the stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $61.04, for a total transaction of $422,702.00. Following the sale, the insider now owns 55,898 shares in the company, valued at $3,412,013.92. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 101,346 shares of company stock worth $5,879,150. 4.80% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company lifted its holdings in Neurocrine Biosciences by 7.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,665 shares of the company’s stock worth $123,000 after buying an additional 193 shares in the last quarter. ARS Investment Partners LLC acquired a new stake in Neurocrine Biosciences during the 2nd quarter worth approximately $207,000. Stephens Inc. AR acquired a new stake in Neurocrine Biosciences during the 2nd quarter worth approximately $207,000. Ardsley Advisory Partners acquired a new stake in Neurocrine Biosciences during the 2nd quarter worth approximately $230,000. Finally, Cubist Systematic Strategies LLC lifted its holdings in Neurocrine Biosciences by 151.5% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 5,301 shares of the company’s stock worth $244,000 after buying an additional 3,193 shares in the last quarter.
About Neurocrine Biosciences
Neurocrine Biosciences, Inc is engaged in discovering and developing pharmaceuticals, in diseases with unmet medical needs, through its research and development (R&D) platform, focused on neurological and endocrine based diseases and disorders. Its three lead late-stage clinical programs are elagolix, which is a gonadotropin-releasing hormone (GnRH) antagonist for endometriosis and uterine fibroids; INGREZZA (valbenazine), which is a vesicular monoamine transporter 2 (VMAT2) inhibitor, for the treatment of movement disorders, and opicapone, which is a selective catechol-O-methyltransferase inhibitor that is an adjunct therapy to preparations of levodopa/Dihydroxyphenylalanine (DOPA) decarboxylase inhibitors for adult patients with Parkinson’s disease.
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