Neurocrine Biosciences (NASDAQ:NBIX) Price Target Raised to $141.00 at Wedbush

Key Points

• Neurocrine Biosciences has seen its price target increased to $141.00 by Wedbush, indicating a potential upside of 6.65% from its previous close.
• The company's stock declined 3.3% during midday trading, reaching $132.21, with a 52-week range from $84.23 to $157.98.
• Neurocrine Biosciences reported earnings of $1.06 per share for the last quarter, surpassing analyst estimates and reflecting a 16.5% increase in revenue year-over-year.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) had its price objective upped by Wedbush from $137.00 to $141.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Wedbush's target price points to a potential upside of 9.38% from the company's current price.

NBIX has been the topic of several other reports. Evercore ISI decreased their target price on shares of Neurocrine Biosciences from $190.00 to $185.00 and set an "outperform" rating on the stock in a report on Thursday, April 24th. Piper Sandler restated an "overweight" rating and issued a $154.00 target price (down previously from $160.00) on shares of Neurocrine Biosciences in a research report on Tuesday, May 6th. UBS Group increased their price target on Neurocrine Biosciences from $152.00 to $174.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Canaccord Genuity Group boosted their price objective on shares of Neurocrine Biosciences from $158.00 to $160.00 and gave the company a "buy" rating in a report on Tuesday, May 6th. Finally, Needham & Company LLC increased their target price on shares of Neurocrine Biosciences from $138.00 to $139.00 and gave the stock a "buy" rating in a research note on Tuesday, May 6th. Four equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Neurocrine Biosciences presently has an average rating of "Moderate Buy" and an average price target of $164.00.

Neurocrine Biosciences Price Performance

NBIX stock traded up $0.68 during trading on Thursday, hitting $128.91. 1,395,006 shares of the company traded hands, compared to its average volume of 901,206. Neurocrine Biosciences has a 1 year low of $84.23 and a 1 year high of $157.40. The company has a market cap of $12.79 billion, a PE ratio of 38.14, a P/E/G ratio of 1.32 and a beta of 0.25. The stock's 50-day simple moving average is $128.26 and its 200 day simple moving average is $120.88.

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

Insider Transactions at Neurocrine Biosciences

In other news, insider Jude Onyia sold 59,819 shares of the firm's stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $130.46, for a total transaction of $7,803,986.74. Following the transaction, the insider directly owned 18,289 shares in the company, valued at approximately $2,385,982.94. This trade represents a 76.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Ingrid Delaet sold 457 shares of the firm's 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 transaction, the insider directly owned 4,730 shares in the company, valued at $638,550. The trade was a 8.81% decrease in their ownership of the stock. 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 three months. Corporate insiders own 4.80% of the company's stock.

Institutional Investors Weigh In On Neurocrine Biosciences

Several hedge funds have recently modified their holdings of the stock. Dodge & Cox raised its holdings in 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 in the last quarter. Wellington Management Group LLP boosted its position in shares of Neurocrine Biosciences by 102.9% during the 4th quarter. Wellington Management Group LLP now owns 1,457,425 shares of the company's stock worth $198,939,000 after purchasing an additional 739,199 shares in the last quarter. Orbimed Advisors LLC increased its holdings in shares of Neurocrine Biosciences by 210.4% in the 4th quarter. Orbimed Advisors LLC now owns 938,120 shares of the company's stock valued at $128,053,000 after purchasing an additional 635,900 shares in the last quarter. Swedbank AB grew its position in Neurocrine Biosciences by 5,078.9% during the first quarter. Swedbank AB now owns 429,697 shares of the company's stock worth $47,524,000 after buying an additional 421,400 shares during the period. Finally, Assenagon Asset Management S.A. lifted its position in shares of Neurocrine Biosciences by 1,405.2% during the 1st quarter. Assenagon Asset Management S.A. now owns 393,455 shares of the company's stock valued at $43,516,000 after acquiring an additional 367,315 shares during the period. 92.59% of the stock is owned by institutional investors and hedge funds.

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.