Neurocrine Biosciences' (NBIX) Buy Rating Reiterated at Guggenheim

Key Points

• Guggenheim reiterated its “buy” rating on Neurocrine Biosciences and set a $207 price target, implying 43.54% potential upside from the reported $144.21 share price.
• Analyst sentiment remains broadly positive, with 18 Buy, one Strong Buy, and five Hold ratings; the consensus rating is “Moderate Buy” with a $202.05 price target.
• Neurocrine reported strong quarterly results, including $2.85 in EPS versus $1.65 expected and $959 million in revenue, up 39.5% year over year. Institutional investors own 92.59% of the company, while recent insider sales were conducted under pre-arranged plans to cover tax obligations.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report)'s stock had its "buy" rating reissued by investment analysts at Guggenheim in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $207.00 price target on the stock. Guggenheim's target price indicates a potential upside of 43.54% from the company's current price.

Several other research firms also recently commented on NBIX. Wells Fargo & Company upped their price target on shares of Neurocrine Biosciences from $175.00 to $200.00 and gave the company an "overweight" rating in a research note on Friday, July 17th. Stifel Nicolaus lifted their price objective on shares of Neurocrine Biosciences from $188.00 to $215.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Truist Financial increased their target price on shares of Neurocrine Biosciences from $200.00 to $213.00 and gave the stock a "buy" rating in a research report on Monday, August 3rd. Needham & Company LLC increased their target price on shares of Neurocrine Biosciences from $200.00 to $204.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Finally, Weiss Ratings cut shares of Neurocrine Biosciences from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, Neurocrine Biosciences has an average rating of "Moderate Buy" and a consensus price target of $202.05.

Neurocrine Biosciences Price Performance

NBIX opened at $144.21 on Tuesday. The business has a fifty day simple moving average of $154.61 and a 200 day simple moving average of $152.96. The company has a market capitalization of $14.66 billion, a PE ratio of 21.15, a price-to-earnings-growth ratio of 0.67 and a beta of 0.40. Neurocrine Biosciences has a 1 year low of $122.14 and a 1 year high of $186.12.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The company reported $2.85 EPS for the quarter, beating analysts' consensus estimates of $1.65 by $1.20. Neurocrine Biosciences had a return on equity of 22.43% and a net margin of 20.91%.The firm had revenue of $959.00 million for the quarter, compared to analyst estimates of $891.16 million. During the same period in the prior year, the firm posted $1.65 EPS. The company's revenue for the quarter was up 39.5% on a year-over-year basis. Equities analysts anticipate that Neurocrine Biosciences will post 7.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Matt Abernethy sold 2,311 shares of the business's 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 transaction, the chief financial officer directly owned 42,808 shares in the company, valued at approximately $6,729,417.60. The trade was a 5.12% decrease in their position. The sale was disclosed in a 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, insider David W. Boyer sold 826 shares of Neurocrine Biosciences stock in a transaction that occurred on Monday, September 14th. The shares were 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 in the company, valued at $1,373,278.90. This trade represents a 8.65% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 29,924 shares of company stock valued at $5,303,179 over the last 90 days. 4.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Neurocrine Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. QRG Capital Management Inc. boosted its holdings in shares of Neurocrine Biosciences by 14.4% in the 2nd quarter. QRG Capital Management Inc. now owns 18,903 shares of the company's stock valued at $3,186,000 after purchasing an additional 2,384 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in shares of Neurocrine Biosciences by 25.1% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 2,942 shares of the company's stock worth $496,000 after buying an additional 590 shares during the last quarter. Sequoia Financial Advisors LLC boosted its stake in Neurocrine Biosciences by 31.0% in the second quarter. Sequoia Financial Advisors LLC now owns 6,351 shares of the company's stock valued at $1,070,000 after buying an additional 1,502 shares in the last quarter. Tidal Investments LLC boosted its stake in Neurocrine Biosciences by 186.7% in the second quarter. Tidal Investments LLC now owns 81,460 shares of the company's stock valued at $13,729,000 after buying an additional 53,045 shares in the last quarter. Finally, WINTON GROUP Ltd bought a new position in Neurocrine Biosciences in the second quarter valued at about $270,000. 92.59% of the stock is currently owned by institutional investors.

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.

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