JPMorgan Chase & Co. Raises Neurocrine Biosciences (NASDAQ:NBIX) Price Target to $185.00

Key Points

• JPMorgan Chase & Co. raised its price target on Neurocrine Biosciences to $185 from $177 and maintained an overweight rating, implying about 21.6% upside from the prior close.
• Other analysts also turned more positive, with several firms lifting their targets; the stock now carries an average analyst rating of Moderate Buy and an average price target of $184.15.
• Neurocrine shares rose to $152.16 on Friday, while the company’s latest quarterly earnings missed EPS expectations despite revenue coming in slightly above estimates and rising 28.3% year over year.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) had its target price upped by investment analysts at JPMorgan Chase & Co. from $177.00 to $185.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 21.59% from the stock's previous close.

Several other equities analysts also recently commented on the company. Wedbush upped their price objective on Neurocrine Biosciences from $166.00 to $176.00 and gave the company an "outperform" rating in a research note on Wednesday. Piper Sandler lifted their price target on Neurocrine Biosciences from $190.00 to $207.00 and gave the company an "overweight" rating in a research report on Wednesday. Canaccord Genuity Group increased their price objective on Neurocrine Biosciences from $164.00 to $200.00 and gave the stock a "buy" rating in a report on Tuesday, April 7th. Wells Fargo & Company cut their price target on shares of Neurocrine Biosciences from $180.00 to $175.00 and set an "overweight" rating for the company in a report on Friday, February 13th. Finally, Citigroup lifted their price target on Neurocrine Biosciences from $242.00 to $246.00 and gave the company a "buy" rating in a research report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $184.15.

Neurocrine Biosciences Price Performance

Shares of NASDAQ:NBIX traded up $2.57 during midday trading on Friday, hitting $152.16. 785,587 shares of the company's stock were exchanged, compared to its average volume of 1,166,783. The stock has a 50 day moving average price of $131.12 and a 200-day moving average price of $137.85. The company has a market cap of $15.30 billion, a PE ratio of 23.44, a price-to-earnings-growth ratio of 0.74 and a beta of 0.34. Neurocrine Biosciences has a 12 month low of $115.66 and a 12 month high of $160.18.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released its quarterly earnings results on Wednesday, February 11th. The company reported $1.88 EPS for the quarter, missing analysts' consensus estimates of $2.36 by ($0.48). The company had revenue of $805.50 million during the quarter, compared to analysts' expectations of $804.21 million. Neurocrine Biosciences had a net margin of 21.55% and a return on equity of 19.79%. The company's quarterly revenue was up 28.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.69 earnings per share. On average, analysts anticipate that Neurocrine Biosciences will post 6.57 EPS for the current fiscal year.

Institutional Trading of Neurocrine Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Nilsine Partners LLC bought a new position in shares of Neurocrine Biosciences during the fourth quarter valued at $1,197,000. Ruffer LLP bought a new position in shares of Neurocrine Biosciences during the fourth quarter valued at $2,479,000. Korea Investment CORP boosted its holdings in shares of Neurocrine Biosciences by 94.3% during the 3rd quarter. Korea Investment CORP now owns 71,689 shares of the company's stock valued at $10,064,000 after acquiring an additional 34,800 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in Neurocrine Biosciences by 86.7% in the third quarter. Robeco Institutional Asset Management B.V. now owns 28,185 shares of the company's stock worth $3,957,000 after purchasing an additional 13,087 shares during the last quarter. Finally, CIBC Private Wealth Group LLC boosted its stake in shares of Neurocrine Biosciences by 17,250.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 7,981 shares of the company's stock worth $1,120,000 after buying an additional 7,935 shares during the last quarter. 92.59% of the stock is owned by hedge funds and other institutional investors.

About Neurocrine Biosciences

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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