UBS Group Issues Pessimistic Forecast for Neurocrine Biosciences (NASDAQ:NBIX) Stock Price

Key Points

• UBS lowered Neurocrine Biosciences’ price target to $214 from $231 while maintaining a “buy” rating, implying roughly 55.5% upside from the previous close. Analysts overall assign the stock a “Moderate Buy” consensus rating with an average target of $202.73.
• NBIX shares fell 2.0% to $137.60, below their 50-day and 200-day moving averages. The stock has traded between $122.14 and $186.12 over the past year.
• Neurocrine reported stronger-than-expected quarterly results, with EPS of $2.85 versus the $1.65 consensus estimate and revenue of $959 million, up 39.5% year over year. Institutional investors own 92.59% of the company, while insiders have sold about $5.9 million of shares over the past 90 days.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) had its target price cut by stock analysts at UBS Group from $231.00 to $214.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has a "buy" rating on the stock. UBS Group's price target points to a potential upside of 55.52% from the company's previous close.

Several other equities analysts have also recently weighed in on the company. Royal Bank Of Canada reissued an "outperform" rating and set a $198.00 price target on shares of Neurocrine Biosciences in a report on Tuesday, September 8th. Needham & Company LLC upped their price objective on Neurocrine Biosciences from $200.00 to $204.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Citigroup increased their target price on Neurocrine Biosciences from $249.00 to $253.00 and gave the company a "buy" rating in a report on Thursday, September 3rd. Weiss Ratings cut Neurocrine Biosciences from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, September 8th. Finally, Cantor Fitzgerald boosted their price target on Neurocrine Biosciences from $210.00 to $215.00 and gave the company an "overweight" rating in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $202.73.

Neurocrine Biosciences Stock Down 2.0%

Shares of NASDAQ NBIX traded down $2.84 during trading on Tuesday, reaching $137.60. 855,911 shares of the company traded hands, compared to its average volume of 1,203,494. The firm has a 50 day simple moving average of $158.00 and a 200-day simple moving average of $152.53. Neurocrine Biosciences has a 52-week low of $122.14 and a 52-week high of $186.12. The stock has a market capitalization of $13.99 billion, a PE ratio of 20.13, a P/E/G ratio of 0.65 and a beta of 0.38.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released its quarterly earnings data on Friday, July 31st. The company reported $2.85 earnings per share for the quarter, beating 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 firm had revenue of $959.00 million during the quarter, compared to analysts' expectations of $891.16 million. During the same period in the previous year, the company earned $1.65 earnings per share. The firm's quarterly revenue was up 39.5% on a year-over-year basis. As a group, research analysts predict that Neurocrine Biosciences will post 7.26 EPS for the current year.

Insider Activity at Neurocrine Biosciences

In other Neurocrine Biosciences news, CFO Matt Abernethy sold 2,311 shares of the firm'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 transaction of $363,289.20. Following the sale, the chief financial officer owned 42,808 shares in the company, valued at approximately $6,729,417.60. This trade represents a 5.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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, insider Ingrid Delaet sold 4,367 shares of the company's stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $181.02, for a total transaction of $790,514.34. Following the completion of the transaction, the insider owned 16,225 shares of the company's stock, valued at approximately $2,937,049.50. The trade was a 21.21% 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 33,325 shares of company stock worth $5,910,496 in the last 90 days. Insiders own 4.60% of the company's stock.

Institutional Investors Weigh In On Neurocrine Biosciences

A number of institutional investors have recently bought and sold shares of NBIX. QRG Capital Management Inc. lifted its position in shares of Neurocrine Biosciences by 14.4% in the second quarter. QRG Capital Management Inc. now owns 18,903 shares of the company's stock valued at $3,186,000 after acquiring an additional 2,384 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its position in shares of Neurocrine Biosciences by 25.1% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 2,942 shares of the company's stock worth $496,000 after purchasing an additional 590 shares in the last quarter. Sequoia Financial Advisors LLC grew its position in shares of Neurocrine Biosciences by 31.0% during the second quarter. Sequoia Financial Advisors LLC now owns 6,351 shares of the company's stock worth $1,070,000 after purchasing an additional 1,502 shares in the last quarter. Tidal Investments LLC raised its stake in Neurocrine Biosciences by 186.7% during the 2nd quarter. Tidal Investments LLC now owns 81,460 shares of the company's stock valued at $13,729,000 after purchasing an additional 53,045 shares during the period. Finally, WINTON GROUP Ltd purchased a new position in Neurocrine Biosciences in the 2nd quarter worth approximately $270,000. 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 psychiatric disorders. The company develops therapies for conditions with significant unmet medical needs, using expertise in neuroscience and endocrine biology.

Its primary commercial product is INGREZZA (valbenazine), a vesicular monoamine transporter 2 inhibitor approved in the United States for the treatment of tardive dyskinesia and chorea associated with Huntington's disease.

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