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

Key Points

• Neurocrine Biosciences has a “Moderate Buy” consensus rating from 24 analysts, including 19 buys, four holds and one strong buy. The average 12-month price target is $201.14.
• The company reported quarterly EPS of $2.85, well above the $1.65 analyst consensus, while revenue rose 39.5% year over year to $959 million.
• NBIX shares opened at $145.87, and institutional investors own 92.59% of the stock. Recent insider sales by the CFO and another insider were conducted under pre-arranged plans to cover tax obligations tied to equity awards.

Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Get Free Report) have earned a consensus rating of "Moderate Buy" from the twenty-four brokerages that are presently covering the firm, MarketBeat.com reports. Four research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among analysts that have covered the stock in the last year is $201.14.

NBIX has been the topic of several research analyst reports. Morgan Stanley boosted their price objective on Neurocrine Biosciences from $182.00 to $183.00 and gave the company an "equal weight" rating in a report on Friday, September 11th. Zacks Research cut Neurocrine Biosciences from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 4th. TD Cowen lifted their target price on Neurocrine Biosciences from $200.00 to $220.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Piper Sandler lifted their target price on Neurocrine Biosciences from $207.00 to $210.00 and gave the company an "overweight" rating in a research report on Friday, July 31st. Finally, Mizuho upgraded shares of Neurocrine Biosciences to a "hold" rating in a research note on Wednesday, September 16th.

Neurocrine Biosciences Stock Up 2.2%

Shares of NASDAQ NBIX opened at $145.87 on Tuesday. The firm has a market cap of $14.83 billion, a price-to-earnings ratio of 21.39, a PEG ratio of 0.63 and a beta of 0.40. Neurocrine Biosciences has a 52-week low of $122.14 and a 52-week high of $186.12. The business's 50 day moving average is $147.43 and its two-hundred day moving average is $147.15.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The company reported $2.85 EPS for the quarter, topping 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 company had revenue of $959.00 million for the quarter, compared to analysts' expectations of $891.16 million. During the same period in the prior year, the firm earned $1.65 earnings per share. The firm's revenue was up 39.5% compared to the same quarter last year. Analysts anticipate that Neurocrine Biosciences will post 7.72 EPS for the current fiscal year.

Insider Activity at Neurocrine Biosciences

In related news, CFO Matt Abernethy sold 2,311 shares of the company'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 directly owned 42,808 shares of the company's stock, valued at $6,729,417.60. This represents a 5.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 the company's stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $157.45, for a total transaction of $130,053.70. Following the sale, the insider directly owned 8,722 shares in the company, valued at approximately $1,373,278.90. The trade was 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. Company insiders own 4.60% of the company's stock.

Hedge Funds Weigh In On Neurocrine Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NBIX. Oppenheimer & Co. Inc. increased its position in shares of Neurocrine Biosciences by 12.1% during the third quarter. Oppenheimer & Co. Inc. now owns 53,588 shares of the company's stock worth $7,601,000 after acquiring an additional 5,788 shares during the period. Park Avenue Securities LLC grew its stake in Neurocrine Biosciences by 1.6% during the 3rd quarter. Park Avenue Securities LLC now owns 8,737 shares of the company's stock worth $1,239,000 after purchasing an additional 136 shares in the last quarter. Signaturefd LLC increased its holdings in Neurocrine Biosciences by 19.9% during the 3rd quarter. Signaturefd LLC now owns 782 shares of the company's stock worth $111,000 after purchasing an additional 130 shares during the period. Gibbs Wealth Management increased its holdings in Neurocrine Biosciences by 55.1% during the 3rd quarter. Gibbs Wealth Management now owns 2,695 shares of the company's stock worth $382,000 after purchasing an additional 957 shares during the period. Finally, Fifth Third Wealth Advisors LLC raised its position in Neurocrine Biosciences by 14.8% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 3,920 shares of the company's stock valued at $556,000 after purchasing an additional 506 shares in the last quarter. Hedge funds and other institutional investors own 92.59% of the company's stock.

Neurocrine Biosciences Company Profile

Neurocrine Biosciences, Inc is a San Diego-based biopharmaceutical company focused on discovering, developing and commercializing medicines for neurological, neuroendocrine and psychiatric disorders. The company's research programs target conditions in which treatments may address significant unmet medical needs.

Neurocrine's leading 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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