Neurocrine Biosciences, Inc. (NASDAQ:NBIX) Stock Now Rated "Moderate Buy" by Wall Street Analysts

Key Points

• Analyst sentiment is moderately bullish: Twenty-four analysts assign Neurocrine Biosciences a consensus “Moderate Buy” rating, with 18 buys, five holds and one strong buy. The average 12-month price target is $202.73.
• Recent financial results exceeded expectations: Neurocrine reported quarterly earnings of $2.85 per share versus the $1.65 consensus estimate, while revenue reached $959 million, up 39.5% year over year and above forecasts.
• Institutional ownership remains high: Institutional investors and hedge funds own 92.59% of NBIX shares, while insiders sold 33,325 shares worth approximately $5.9 million during the last quarter.

Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Get Free Report) have been given a consensus rating of "Moderate Buy" by the twenty-four analysts that are covering the company, Marketbeat reports. Five investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $202.73.

Several research analysts have commented on the stock. Piper Sandler boosted their price target 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. Canaccord Genuity Group raised their price objective on shares of Neurocrine Biosciences from $200.00 to $210.00 and gave the company a "buy" rating in a report on Monday, August 3rd. Wedbush lifted their price objective on shares of Neurocrine Biosciences from $185.00 to $194.00 and gave the stock an "outperform" rating in a research report on Monday, August 3rd. Mizuho upgraded shares of Neurocrine Biosciences to a "hold" rating in a research note on Wednesday, September 16th. Finally, Wells Fargo & Company increased their target price on Neurocrine Biosciences from $175.00 to $200.00 and gave the company an "overweight" rating in a report on Friday, July 17th.

Neurocrine Biosciences Stock Performance

Shares of NBIX opened at $140.71 on Friday. Neurocrine Biosciences has a 1 year low of $122.14 and a 1 year high of $186.12. The stock has a market capitalization of $14.30 billion, a PE ratio of 20.63, a PEG ratio of 0.66 and a beta of 0.40. The stock has a 50-day simple moving average of $155.90 and a 200-day simple moving average of $152.77.

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

Insider Buying and Selling at Neurocrine Biosciences

In other news, Director Leslie V. Norwalk sold 1,250 shares of the stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $182.01, for a total value of $227,512.50. Following the transaction, the director owned 1,588 shares in the company, valued at approximately $289,031.88. This represents a 44.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Matt Abernethy sold 2,311 shares of the firm's stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $157.20, for a total value of $363,289.20. Following the sale, the chief financial officer directly owned 42,808 shares in the company, valued at $6,729,417.60. This trade represents a 5.12% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. In the last quarter, insiders sold 33,325 shares of company stock worth $5,910,496. Corporate insiders own 4.60% of the company's stock.

Institutional Trading of Neurocrine Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NBIX. NewEdge Advisors LLC raised its holdings in shares of Neurocrine Biosciences by 0.5% in the first quarter. NewEdge Advisors LLC now owns 13,066 shares of the company's stock valued at $1,721,000 after buying an additional 68 shares during the last quarter. Motley Fool Asset Management LLC grew its holdings in shares of Neurocrine Biosciences by 4.8% during the fourth quarter. Motley Fool Asset Management LLC now owns 1,693 shares of the company's stock worth $240,000 after buying an additional 78 shares during the last quarter. Westpac Banking Corp grew its holdings in shares of Neurocrine Biosciences by 6.0% during the first quarter. Westpac Banking Corp now owns 1,615 shares of the company's stock worth $213,000 after buying an additional 91 shares during the last quarter. Prudential PLC increased its position in Neurocrine Biosciences by 2.4% in the 4th quarter. Prudential PLC now owns 4,134 shares of the company's stock valued at $586,000 after acquiring an additional 98 shares during the period. Finally, PKO Investment Management Joint Stock Co increased its position in Neurocrine Biosciences by 7.7% in the 1st quarter. PKO Investment Management Joint Stock Co now owns 1,400 shares of the company's stock valued at $184,000 after acquiring an additional 100 shares during the period. Institutional investors and hedge funds 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.

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