Neurocrine Biosciences (NASDAQ:NBIX) Releases Earnings Results, Beats Estimates By $1.38 EPS

Key Points

• Neurocrine Biosciences exceeded quarterly expectations, reporting earnings per share of $3.29 versus the $1.91 analyst consensus and revenue of $1.12 billion compared with estimates of $1.04 billion.
• Shares fell $0.75 to $145.35 despite the earnings beat. The stock has a market capitalization of about $14.77 billion and trades at a price-to-earnings ratio of 21.31.
• Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and an average price target of $201.14; recent targets range from $183 to $253.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) issued its quarterly earnings results on Monday. The company reported $3.29 EPS for the quarter, topping analysts' consensus estimates of $1.91 by $1.38, FiscalAI reports. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.04 billion. Neurocrine Biosciences had a return on equity of 22.43% and a net margin of 20.91%.

Neurocrine Biosciences Price Performance

Shares of Neurocrine Biosciences stock traded down $0.75 during trading on Monday, hitting $145.35. 1,977,254 shares of the company's stock traded hands, compared to its average volume of 1,220,998. The firm's fifty day moving average price is $146.63 and its 200 day moving average price is $147.39. Neurocrine Biosciences has a twelve month low of $122.14 and a twelve month high of $186.12. The company has a market cap of $14.77 billion, a PE ratio of 21.31, a PEG ratio of 0.64 and a beta of 0.36.

Analysts Set New Price Targets

NBIX has been the subject of several research analyst reports. Truist Financial upped their target price on shares of Neurocrine Biosciences from $200.00 to $213.00 and gave the company a "buy" rating in a research note on Monday, August 3rd. Needham & Company LLC restated a "buy" rating and issued a $204.00 price target on shares of Neurocrine Biosciences in a research report on Friday, October 16th. Morgan Stanley boosted their price objective on shares of Neurocrine Biosciences from $182.00 to $183.00 and gave the stock an "equal weight" rating in a report on Friday, September 11th. Citigroup boosted their price objective on shares of Neurocrine Biosciences from $249.00 to $253.00 and gave the stock a "buy" rating in a report on Thursday, September 3rd. Finally, Mizuho raised shares of Neurocrine Biosciences to a "hold" rating in a research report on Wednesday, September 16th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $201.14.

Insider Activity

In other Neurocrine Biosciences news, CFO Matt Abernethy sold 2,311 shares of the firm's stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $157.20, for a total transaction of $363,289.20. Following the completion of the transaction, the chief financial officer owned 42,808 shares in the company, valued at $6,729,417.60. This trade represents a 5.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 Boyer sold 826 shares of Neurocrine Biosciences stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $157.45, for a total value of $130,053.70. Following the sale, the insider directly owned 8,722 shares in the company, valued at $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. Corporate insiders own 4.60% of the company's stock.

About Neurocrine Biosciences

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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