Neurocrine Biosciences (NASDAQ:NBIX) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Key Points

• Morgan Stanley raised its price target on Neurocrine Biosciences from $185 to $191, while maintaining an “equal weight” rating; the new target implies 14.24% upside from the prior close.
• Analyst sentiment overall is more positive: MarketBeat reported a “Moderate Buy” consensus and an average price target of $202.59.
• Neurocrine beat quarterly estimates, reporting EPS of $3.29 versus $1.91 expected and revenue of $1.12 billion versus $1.04 billion expected. Shares nevertheless fell 1.3% on Friday to $167.19.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) had its price objective lifted by equities researchers at Morgan Stanley from $185.00 to $191.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an "equal weight" rating on the stock. Morgan Stanley's price objective would indicate a potential upside of 14.24% from the company's previous close.

Other research analysts also recently issued research reports about the company. Citigroup raised their price objective on Neurocrine Biosciences from $249.00 to $253.00 and gave the stock a "buy" rating in a research note on Thursday, September 3rd. Piper Sandler boosted their price objective on Neurocrine Biosciences from $210.00 to $215.00 and gave the company an "overweight" rating in a research note on Tuesday, November 3rd. Wall Street Zen raised shares of Neurocrine Biosciences from a "hold" rating to a "buy" rating in a report on Saturday, November 7th. Wedbush raised their target price on shares of Neurocrine Biosciences from $185.00 to $194.00 and gave the stock an "outperform" rating in a research note on Monday, August 3rd. Finally, Wells Fargo & Company raised their target price on shares of Neurocrine Biosciences from $175.00 to $200.00 and gave the stock an "overweight" rating in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Neurocrine Biosciences has a consensus rating of "Moderate Buy" and a consensus target price of $202.59.

Neurocrine Biosciences Trading Down 1.3%

Neurocrine Biosciences stock traded down $2.21 during trading on Friday, reaching $167.19. The company had a trading volume of 443,045 shares, compared to its average volume of 1,238,653. Neurocrine Biosciences has a 52 week low of $122.14 and a 52 week high of $186.12. The firm's 50-day simple moving average is $148.40 and its 200 day simple moving average is $148.74. The firm has a market capitalization of $16.92 billion, a price-to-earnings ratio of 24.80, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36.

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

Insider Activity

In related news, CFO Matt Abernethy sold 2,311 shares of the company's stock in a transaction on Monday, September 14th. The shares were sold at an average price of $157.20, for a total transaction of $363,289.20. Following the completion of the transaction, the chief financial officer owned 42,808 shares in the company, valued at approximately $6,729,417.60. This represents a 5.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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, Director George J. Morrow sold 7,200 shares of the business's stock in a transaction on Tuesday, November 3rd. The stock was sold at an average price of $166.37, for a total transaction of $1,197,864.00. Following the completion of the sale, the director owned 10,386 shares in the company, valued at approximately $1,727,918.82. The trade was a 40.94% 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. Insiders have sold a total of 18,137 shares of company stock worth $2,829,332 over the last quarter. Insiders own 4.60% of the company's stock.

Institutional Investors Weigh In On Neurocrine Biosciences

Large investors have recently bought and sold shares of the business. Bank of America Corp DE lifted its holdings in shares of Neurocrine Biosciences by 10.6% in the 1st quarter. Bank of America Corp DE now owns 583,827 shares of the company's stock valued at $76,913,000 after acquiring an additional 55,723 shares during the last quarter. ABN AMRO Bank N.V. purchased a new stake in Neurocrine Biosciences during the second quarter valued at approximately $2,510,000. Engineers Gate Manager LP raised its position in Neurocrine Biosciences by 64.0% during the second quarter. Engineers Gate Manager LP now owns 18,361 shares of the company's stock valued at $3,094,000 after purchasing an additional 7,163 shares during the period. Focus Partners Advisor Solutions LLC bought a new stake in shares of Neurocrine Biosciences in the 2nd quarter valued at approximately $1,927,000. Finally, Summit Global Investments bought a new stake in shares of Neurocrine Biosciences in the 2nd quarter valued at approximately $4,959,000. Institutional investors own 92.59% of the company's stock.

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.

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