Neurocrine Biosciences (NASDAQ:NBIX) Price Target Raised to $253.00

Key Points

• Citigroup raised Neurocrine Biosciences’ price target to $253 from $249 and maintained a “buy” rating, implying 59.71% upside from the previous close.
• Analyst sentiment remains positive, with the stock carrying a consensus “Moderate Buy” rating and an average target price of $201.05.
• Neurocrine reported quarterly EPS of $2.85, beating estimates of $1.65, while revenue rose 39.5% year over year to $959 million. Shares recently traded at $158.41, and insiders have sold $11.25 million worth of stock over the past 90 days.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) had its price objective boosted by stock analysts at Citigroup from $249.00 to $253.00 in a research report issued on Thursday, Benzinga reports. The firm currently has a "buy" rating on the stock. Citigroup's target price would suggest a potential upside of 59.71% from the company's previous close.

Several other research firms have also recently weighed in on NBIX. Guggenheim increased their target price on shares of Neurocrine Biosciences from $200.00 to $222.00 and gave the company a "buy" rating in a research note on Friday, July 31st. JPMorgan Chase & Co. upped their price target on Neurocrine Biosciences from $177.00 to $185.00 and gave the company an "overweight" rating in a report on Friday, May 8th. Royal Bank Of Canada lifted their price objective on Neurocrine Biosciences from $195.00 to $198.00 and gave the stock an "outperform" rating in a report on Friday, July 31st. Wall Street Zen cut Neurocrine Biosciences from a "buy" rating to a "hold" rating in a research report on Sunday, August 9th. Finally, Morgan Stanley cut their target price on Neurocrine Biosciences from $196.00 to $182.00 and set an "equal weight" rating for the company in a research note on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $201.05.

Neurocrine Biosciences Price Performance

Shares of Neurocrine Biosciences stock traded up $0.62 during midday trading on Thursday, hitting $158.41. The company had a trading volume of 200,200 shares, compared to its average volume of 1,198,960. Neurocrine Biosciences has a 1-year low of $122.14 and a 1-year high of $186.12. The business's 50 day simple moving average is $166.36 and its two-hundred day simple moving average is $150.00. The stock has a market cap of $16.10 billion, a PE ratio of 23.25, a P/E/G ratio of 0.73 and a beta of 0.38.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released 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 during the quarter, compared to analysts' expectations of $891.16 million. Neurocrine Biosciences had a net margin of 20.91% and a return on equity of 22.43%. The business's quarterly revenue was up 39.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.65 EPS. On average, sell-side analysts expect that Neurocrine Biosciences will post 7.25 EPS for the current fiscal year.

Insider Buying and Selling

In other Neurocrine Biosciences news, insider Darin Lippoldt sold 10,000 shares of the stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $179.60, for a total transaction of $1,796,000.00. Following the completion of the transaction, the insider directly owned 54,729 shares in the company, valued at $9,829,328.40. This represents a 15.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Leslie V. Norwalk sold 1,250 shares of Neurocrine Biosciences stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $182.01, for a total value of $227,512.50. Following the transaction, the director directly owned 1,588 shares of the company's stock, valued at approximately $289,031.88. The trade was a 44.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 65,188 shares of company stock worth $11,251,633 over the last 90 days. Corporate insiders own 4.60% of the company's stock.

Hedge Funds Weigh In On Neurocrine Biosciences

Several institutional investors have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. increased its holdings in shares of Neurocrine Biosciences by 143.6% during the first quarter. Geneos Wealth Management Inc. now owns 229 shares of the company's stock worth $25,000 after buying an additional 135 shares in the last quarter. DJE Kapital AG acquired a new position in shares of Neurocrine Biosciences in the 4th quarter worth approximately $28,000. Basecamp Wealth Advisors LLC boosted its holdings in shares of Neurocrine Biosciences by 582.9% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 239 shares of the company's stock worth $31,000 after acquiring an additional 204 shares in the last quarter. Cassaday & Co Wealth Management LLC bought a new stake in Neurocrine Biosciences during the 1st quarter worth approximately $33,000. Finally, Meeder Asset Management Inc. grew its position in Neurocrine Biosciences by 651.6% during the 4th quarter. Meeder Asset Management Inc. now owns 233 shares of the company's stock worth $33,000 after acquiring an additional 202 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source