Neurocrine Biosciences (NASDAQ:NBIX) Earns Buy Rating from Analysts at Citigroup

Key Points

• Citigroup has initiated coverage of Neurocrine Biosciences with a buy rating and a price target of $175.00, implying potential upside of 23.82% from the last closing price.
• Other analysts have also shown positive outlooks, with Morgan Stanley increasing its price target to $168.00 and Wall Street Zen upgrading the stock to a strong-buy rating.
• Neurocrine reported earnings of $1.06 per share, exceeding expectations, with revenues rising 16.5% year-over-year to $687.50 million.

Stock analysts at Citigroup began coverage on shares of Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) in a research note issued to investors on Tuesday, MarketBeat.com reports. The brokerage set a "buy" rating and a $175.00 price target on the stock. Citigroup's price target points to a potential upside of 23.82% from the stock's previous close.

A number of other analysts also recently issued reports on the stock. Morgan Stanley raised their price target on shares of Neurocrine Biosciences from $163.00 to $168.00 and gave the stock an "overweight" rating in a report on Monday. Truist Financial initiated coverage on Neurocrine Biosciences in a research report on Monday, July 21st. They issued a "buy" rating and a $163.00 target price on the stock. Wall Street Zen upgraded Neurocrine Biosciences from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. Guggenheim raised their price target on Neurocrine Biosciences from $165.00 to $175.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Finally, Zacks Research upgraded Neurocrine Biosciences from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, October 15th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, Neurocrine Biosciences currently has an average rating of "Moderate Buy" and an average price target of $164.32.

Neurocrine Biosciences Price Performance

Shares of NASDAQ NBIX opened at $141.33 on Tuesday. The company has a 50 day simple moving average of $139.00 and a 200-day simple moving average of $126.56. The company has a market capitalization of $14.02 billion, a P/E ratio of 41.81, a P/E/G ratio of 1.01 and a beta of 0.21. Neurocrine Biosciences has a 1 year low of $84.23 and a 1 year high of $154.61.

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

Insider Activity at Neurocrine Biosciences

In other Neurocrine Biosciences news, Director Kevin Charles Gorman sold 106,322 shares of the business's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $126.41, for a total value of $13,440,164.02. Following the completion of the transaction, the director owned 514,596 shares in the company, valued at $65,050,080.36. The trade was a 17.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 4.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Neurocrine Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the company. Diametric Capital LP grew its stake in shares of Neurocrine Biosciences by 2.6% during the second quarter. Diametric Capital LP now owns 3,244 shares of the company's stock worth $408,000 after purchasing an additional 81 shares in the last quarter. IFP Advisors Inc lifted its position in Neurocrine Biosciences by 4.2% in the second quarter. IFP Advisors Inc now owns 2,172 shares of the company's stock valued at $273,000 after acquiring an additional 88 shares during the last quarter. Linden Thomas Advisory Services LLC lifted its position in Neurocrine Biosciences by 1.5% in the second quarter. Linden Thomas Advisory Services LLC now owns 6,699 shares of the company's stock valued at $842,000 after acquiring an additional 96 shares during the last quarter. DE Burlo Group Inc. lifted its position in Neurocrine Biosciences by 2.2% in the first quarter. DE Burlo Group Inc. now owns 4,717 shares of the company's stock valued at $522,000 after acquiring an additional 100 shares during the last quarter. Finally, Central Pacific Bank Trust Division lifted its position in Neurocrine Biosciences by 6.2% in the second quarter. Central Pacific Bank Trust Division now owns 1,725 shares of the company's stock valued at $217,000 after acquiring an additional 100 shares during the last quarter. Institutional investors and hedge funds own 92.59% of the company's stock.

Neurocrine Biosciences Company Profile

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.

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