Piper Sandler Forecasts Strong Price Appreciation for Neurocrine Biosciences (NASDAQ:NBIX) Stock

Key Points

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Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) had its target price hoisted by Piper Sandler from $154.00 to $175.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Piper Sandler's price target indicates a potential upside of 35.75% from the stock's current price.

A number of other equities analysts also recently issued reports on NBIX. Morgan Stanley increased their target price on Neurocrine Biosciences from $148.00 to $150.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 22nd. Royal Bank Of Canada reissued an "outperform" rating and set a $145.00 target price on shares of Neurocrine Biosciences in a research note on Monday, June 2nd. Canaccord Genuity Group increased their target price on Neurocrine Biosciences from $158.00 to $160.00 and gave the stock a "buy" rating in a research note on Tuesday, May 6th. Truist Financial assumed coverage on Neurocrine Biosciences in a research note on Monday, July 21st. They set a "buy" rating and a $163.00 target price for the company. Finally, BMO Capital Markets increased their target price on Neurocrine Biosciences from $96.00 to $115.00 and gave the stock a "market perform" rating in a research note on Tuesday, May 6th. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $160.90.

Neurocrine Biosciences Stock Up 0.5%

NBIX traded up $0.68 on Thursday, hitting $128.91. 1,395,006 shares of the company traded hands, compared to its average volume of 901,206. The company has a 50 day moving average of $128.26 and a 200-day moving average of $120.88. The stock has a market capitalization of $12.79 billion, a PE ratio of 38.14, a PEG ratio of 1.32 and a beta of 0.25. Neurocrine Biosciences has a 12-month low of $84.23 and a 12-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 EPS for the quarter, beating the consensus estimate of $0.98 by $0.08. The firm had revenue of $687.50 million during the quarter, compared to the consensus estimate of $653.09 million. Neurocrine Biosciences had a return on equity of 13.22% and a net margin of 13.88%. The firm's revenue was up 16.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.63 EPS. On average, research analysts anticipate that Neurocrine Biosciences will post 4.28 EPS for the current year.

Insider Buying and Selling

In other Neurocrine Biosciences news, Director Kevin Charles Gorman sold 9,613 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $120.38, for a total transaction of $1,157,212.94. Following the sale, the director owned 514,596 shares in the company, valued at approximately $61,947,066.48. This represents a 1.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William H. Rastetter sold 30,000 shares of the stock in a transaction on Monday, May 5th. The shares were sold at an average price of $110.20, for a total value of $3,306,000.00. Following the sale, the director owned 37,491 shares in the company, valued at approximately $4,131,508.20. This trade represents a 44.45% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 120,251 shares of company stock worth $14,978,602 in the last 90 days. Corporate insiders own 4.80% of the company's stock.

Institutional Investors Weigh In On Neurocrine Biosciences

Several hedge funds have recently made changes to their positions in the business. Dodge & Cox boosted its holdings in shares of Neurocrine Biosciences by 83.5% during the first quarter. Dodge & Cox now owns 5,534,624 shares of the company's stock worth $612,129,000 after purchasing an additional 2,518,199 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Neurocrine Biosciences by 44.0% during the first quarter. Wellington Management Group LLP now owns 2,097,981 shares of the company's stock worth $232,037,000 after purchasing an additional 640,556 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Neurocrine Biosciences by 2.9% during the fourth quarter. AQR Capital Management LLC now owns 1,896,891 shares of the company's stock worth $258,926,000 after purchasing an additional 53,610 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Neurocrine Biosciences by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 1,875,062 shares of the company's stock worth $255,523,000 after purchasing an additional 15,830 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Neurocrine Biosciences by 3.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,539,601 shares of the company's stock worth $170,281,000 after purchasing an additional 49,088 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.