Neurocrine Biosciences (NASDAQ:NBIX) Given New $158.00 Price Target at Morgan Stanley

Key Points

• Morgan Stanley has raised its price target for Neurocrine Biosciences (NASDAQ: NBIX) from $150 to $158, indicating a potential upside of 21.69% from its current price.
• Several analysts, including Stifel Nicolaus and Piper Sandler, have also upgraded their price targets for the stock, reflecting an overall positive sentiment with 23 buy ratings.
• Neurocrine Biosciences reported a 16.5% year-over-year increase in revenue, with $687.50 million during the last quarter, surpassing analysts' estimates.

Neurocrine Biosciences (NASDAQ:NBIX - Free Report) had its price objective raised by Morgan Stanley from $150.00 to $158.00 in a report published on Thursday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

A number of other equities analysts have also recently weighed in on NBIX. UBS Group increased their price objective on shares of Neurocrine Biosciences from $152.00 to $174.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. BMO Capital Markets increased their price objective on shares of Neurocrine Biosciences from $96.00 to $115.00 and gave the stock a "market perform" rating in a research report on Tuesday, May 6th. Piper Sandler increased their price objective on shares of Neurocrine Biosciences from $154.00 to $175.00 and gave the stock an "overweight" rating in a research report on Thursday. Wedbush increased their price objective on shares of Neurocrine Biosciences from $137.00 to $141.00 and gave the stock an "outperform" rating in a research report on Thursday. Finally, The Goldman Sachs Group started coverage on shares of Neurocrine Biosciences in a research report on Thursday, July 10th. They set a "buy" rating and a $182.00 price objective for the company. Three analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $160.90.

Neurocrine Biosciences Stock Performance

Shares of NASDAQ NBIX traded up $0.68 during midday trading on Thursday, reaching $128.91. 1,395,006 shares of the stock were exchanged, compared to its average volume of 901,206. The company has a 50 day simple moving average of $128.26 and a 200 day simple moving average of $120.88. The stock has a market capitalization of $12.79 billion, a P/E ratio of 38.14, a PEG ratio of 1.32 and a beta of 0.25. Neurocrine Biosciences has a twelve month low of $84.23 and a twelve month high of $157.40.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $1.06 earnings per share for the quarter, topping analysts' consensus estimates of $0.98 by $0.08. The firm had revenue of $687.50 million during the quarter, compared to analysts' expectations of $653.09 million. Neurocrine Biosciences had a net margin of 13.88% and a return on equity of 13.22%. The firm's quarterly revenue was up 16.5% on a year-over-year basis. During the same quarter last year, the company posted $1.63 EPS. On average, research analysts expect that Neurocrine Biosciences will post 4.28 earnings per share for the current year.

Insider Activity

In other news, Director Kevin Charles Gorman sold 9,613 shares of Neurocrine Biosciences stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $120.38, for a total transaction of $1,157,212.94. Following the completion of the sale, the director directly owned 514,596 shares of the company's stock, valued at approximately $61,947,066.48. The trade was a 1.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ingrid Delaet sold 457 shares of Neurocrine Biosciences stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $135.00, for a total transaction of $61,695.00. Following the sale, the insider directly owned 4,730 shares of the company's stock, valued at approximately $638,550. This trade represents a 8.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 120,251 shares of company stock valued at $14,978,602 in the last 90 days. Company insiders own 4.80% of the company's stock.

Institutional Investors Weigh In On Neurocrine Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Y Intercept Hong Kong Ltd acquired a new stake in Neurocrine Biosciences during the 1st quarter worth $1,460,000. B. Metzler seel. Sohn & Co. AG raised its stake in Neurocrine Biosciences by 5.1% during the 4th quarter. B. Metzler seel. Sohn & Co. AG now owns 5,044 shares of the company's stock worth $689,000 after acquiring an additional 245 shares in the last quarter. Golden State Wealth Management LLC raised its stake in Neurocrine Biosciences by 116.9% during the 1st quarter. Golden State Wealth Management LLC now owns 397 shares of the company's stock worth $44,000 after acquiring an additional 214 shares in the last quarter. Fifth Third Bancorp raised its stake in Neurocrine Biosciences by 31.7% during the 1st quarter. Fifth Third Bancorp now owns 1,056 shares of the company's stock worth $117,000 after acquiring an additional 254 shares in the last quarter. Finally, Cetera Investment Advisers raised its stake in Neurocrine Biosciences by 46.5% during the 4th quarter. Cetera Investment Advisers now owns 8,169 shares of the company's stock worth $1,115,000 after acquiring an additional 2,593 shares in the last quarter. 92.59% of the stock is currently owned by institutional investors and hedge funds.

About Neurocrine Biosciences

Neurocrine Biosciences, Inc discovers, develops, and markets pharmaceuticals for neurological, neuroendocrine, and neuropsychiatric disorders in the United States and internationally. The company's products include INGREZZA for tardive dyskinesia and chorea associated with Huntington's disease; ALKINDI for adrenal insufficiency; Efmody capsules for classic congenital adrenal hyperplasia; Orilissa tablets for endometriosis; and Oriahnn capsules to treat uterine fibroids.