Neurocrine Biosciences, Inc. (NASDAQ:NBIX) Given Average Recommendation of "Moderate Buy" by Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on Neurocrine Biosciences, with 19 buy ratings, four holds and one strong buy among 24 firms. The average 12-month price target is $201.05, implying upside from the stock’s $155.64 opening price.
• Neurocrine reported quarterly earnings of $2.85 per share, beating the $1.65 consensus estimate, while revenue rose 39.5% year over year to $959 million and exceeded expectations.
• Institutional investors own 92.59% of the company, with major firms including BlackRock and California State Teachers Retirement System increasing or initiating positions. Meanwhile, insiders sold $7.1 million of shares over the past 90 days, primarily through pre-arranged trading plans.

Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Get Free Report) has earned a consensus rating of "Moderate Buy" from the twenty-four research firms that are presently covering the stock, MarketBeat Ratings reports. Four analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $201.0455.

Several equities analysts recently issued reports on NBIX shares. Stifel Nicolaus raised their price target on Neurocrine Biosciences from $188.00 to $215.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Wall Street Zen downgraded Neurocrine Biosciences from a "buy" rating to a "hold" rating in a research report on Sunday, August 9th. TD Cowen increased 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. Morgan Stanley dropped their price objective 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. Finally, Piper Sandler raised their target price on shares of Neurocrine Biosciences from $207.00 to $210.00 and gave the stock an "overweight" rating in a report on Friday, July 31st.

Insider Activity

In other news, Director Leslie V. Norwalk sold 1,250 shares of the company's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $182.01, for a total transaction of $227,512.50. Following the completion of the transaction, the director directly owned 1,588 shares of the company's stock, valued at approximately $289,031.88. This represents a 44.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ingrid Delaet sold 8,433 shares of the firm's stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $178.72, for a total value of $1,507,145.76. Following the completion of the sale, the insider directly owned 16,225 shares in the company, valued at $2,899,732. The trade was a 34.20% 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. Over the last ninety days, insiders sold 40,188 shares of company stock valued at $7,118,633. Insiders own 4.60% of the company's stock.

Institutional Investors Weigh In On Neurocrine Biosciences

A number of large investors have recently made changes to their positions in NBIX. California State Teachers Retirement System lifted its position in shares of Neurocrine Biosciences by 17,426.3% in the 2nd quarter. California State Teachers Retirement System now owns 23,247,381 shares of the company's stock worth $3,918,114,000 after purchasing an additional 23,114,738 shares during the period. BlackRock Inc. bought a new position in Neurocrine Biosciences in the second quarter worth about $2,310,886,000. AQR Capital Management LLC raised its stake in Neurocrine Biosciences by 18.0% in the fourth quarter. AQR Capital Management LLC now owns 3,271,706 shares of the company's stock worth $462,652,000 after buying an additional 498,058 shares in the last quarter. Renaissance Technologies LLC raised its stake in Neurocrine Biosciences by 8.0% in the first quarter. Renaissance Technologies LLC now owns 2,418,897 shares of the company's stock worth $318,665,000 after buying an additional 180,100 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Neurocrine Biosciences by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 2,059,282 shares of the company's stock worth $291,342,000 after buying an additional 34,457 shares during the period. 92.59% of the stock is currently owned by institutional investors.

Neurocrine Biosciences Price Performance

Shares of NASDAQ:NBIX opened at $155.64 on Monday. The stock has a market cap of $15.82 billion, a PE ratio of 22.82, a PEG ratio of 0.73 and a beta of 0.38. The company's fifty day moving average is $165.98 and its 200 day moving average is $150.46. Neurocrine Biosciences has a 52 week low of $122.14 and a 52 week high of $186.12.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last posted its quarterly earnings results on Friday, July 31st. The company reported $2.85 earnings per share 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 during the quarter, compared to the consensus estimate of $891.16 million. During the same period in the previous year, the firm posted $1.65 earnings per share. The firm's revenue for the quarter was up 39.5% on a year-over-year basis. Sell-side analysts anticipate that Neurocrine Biosciences will post 7.25 EPS for the current year.

Neurocrine Biosciences Company Profile

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.

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