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

Key Points

• Needham reaffirmed its “Buy” rating on Neurocrine Biosciences and set a $204 price target, implying roughly 49% upside. The stock has a consensus “Moderate Buy” rating and an average target of $201.14.
• Neurocrine reported strong quarterly results, with EPS of $2.85 versus the $1.65 consensus and revenue of $959 million, up 39.5% year over year and above analyst estimates.
• NBIX shares opened at $136.95, while institutional investors own 92.59% of the company. Recent insider sales were conducted under pre-arranged plans to cover tax obligations from vested equity awards.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report)'s stock had its "buy" rating reiterated by equities research analysts at Needham & Company LLC in a research report issued on Friday, Benzinga reports. They presently have a $204.00 price target on the stock. Needham & Company LLC's price objective would indicate a potential upside of 48.96% from the stock's current price.

Other analysts also recently issued reports about the company. Piper Sandler raised their target price on Neurocrine Biosciences from $207.00 to $210.00 and gave the company an "overweight" rating in a research note on Friday, July 31st. Wells Fargo & Company upped their price target on Neurocrine Biosciences from $175.00 to $200.00 and gave the stock an "overweight" rating in a research note on Friday, July 17th. Citigroup upped their price target on Neurocrine Biosciences from $249.00 to $253.00 and gave the stock a "buy" rating in a research note on Thursday, September 3rd. Mizuho upgraded Neurocrine Biosciences to a "hold" rating in a report on Wednesday, September 16th. Finally, TD Cowen raised their price objective on Neurocrine Biosciences from $200.00 to $220.00 and gave the company a "buy" rating in a research note on Friday, July 31st. One 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 stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $201.14.

Neurocrine Biosciences Stock Up 0.8%

Shares of NBIX stock opened at $136.95 on Friday. Neurocrine Biosciences has a 52 week low of $122.14 and a 52 week high of $186.12. The firm has a 50 day moving average of $149.66 and a 200-day moving average of $153.58. The company has a market cap of $13.92 billion, a price-to-earnings ratio of 20.08, a price-to-earnings-growth ratio of 0.60 and a beta of 0.40.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued its earnings results on Friday, July 31st. The company reported $2.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.65 by $1.20. Neurocrine Biosciences had a net margin of 20.91% and a return on equity of 22.43%. The business 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 earned $1.65 earnings per share. Neurocrine Biosciences's revenue was up 39.5% on a year-over-year basis. Analysts anticipate that Neurocrine Biosciences will post 7.70 earnings per share for the current year.

Insider Buying and Selling

In related news, insider David Boyer sold 826 shares of the firm's stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $157.45, for a total value of $130,053.70. Following the transaction, the insider 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 dated 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 of the company's stock, valued at $6,729,417.60. This trade represents a 5.12% decrease in their position. 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 have sold 4,387 shares of company stock worth $720,855 in the last quarter. Insiders own 4.60% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Basecamp Wealth Advisors LLC raised its position in Neurocrine Biosciences by 582.9% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 239 shares of the company's stock valued at $31,000 after buying an additional 204 shares during the last quarter. Cassaday & Co Wealth Management LLC purchased a new position in Neurocrine Biosciences during the 1st quarter worth $33,000. Ascentis Independent Advisors purchased a new position in Neurocrine Biosciences during the 1st quarter worth $40,000. SJS Investment Consulting Inc. grew its stake in shares of Neurocrine Biosciences by 67.2% in the 1st quarter. SJS Investment Consulting Inc. now owns 341 shares of the company's stock worth $45,000 after acquiring an additional 137 shares in the last quarter. Finally, TrinityBridge Ltd bought a new stake in shares of Neurocrine Biosciences in the 2nd quarter worth $45,000. Hedge funds and other institutional investors own 92.59% of the company's stock.

About Neurocrine Biosciences

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.