Neurocrine Biosciences (NASDAQ:NBIX) Price Target Raised to $168.00 at Morgan Stanley

Key Points

• Morgan Stanley raised the price target for Neurocrine Biosciences from $163.00 to $168.00, indicating a potential upside of 18.21% based on the company's previous close.
• Other brokerages, including Stifel Nicolaus and UBS Group, have also increased their price targets, with UBS recently setting it at $195.00 and maintaining a "buy" rating.
• Neurocrine Biosciences reported an EPS of $1.06 for the last quarter, exceeding estimates, with revenue increasing 16.5% year over year to $687.50 million.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) had its price objective increased by equities researchers at Morgan Stanley from $163.00 to $168.00 in a report released on Monday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Morgan Stanley's price objective would suggest a potential upside of 18.21% from the company's previous close.

Several other brokerages also recently commented on NBIX. Stifel Nicolaus lifted their target price on Neurocrine Biosciences from $166.00 to $174.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Needham & Company LLC lifted their target price on Neurocrine Biosciences from $161.00 to $170.00 and gave the stock a "buy" rating in a research note on Monday, September 22nd. Wedbush reiterated an "outperform" rating on shares of Neurocrine Biosciences in a research note on Monday, September 22nd. UBS Group lifted their target price on Neurocrine Biosciences from $188.00 to $195.00 and gave the stock a "buy" rating in a research note on Thursday, October 9th. Finally, Piper Sandler lifted their target price on Neurocrine Biosciences from $154.00 to $175.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $163.72.

Neurocrine Biosciences Price Performance

NBIX stock traded up $2.02 during mid-day trading on Monday, reaching $142.11. The company had a trading volume of 287,508 shares, compared to its average volume of 1,169,045. The stock has a 50 day simple moving average of $138.65 and a two-hundred day simple moving average of $126.24. The company has a market capitalization of $14.09 billion, a price-to-earnings ratio of 42.04, a PEG ratio of 1.01 and a beta of 0.21. Neurocrine Biosciences has a 52 week low of $84.23 and a 52 week high of $154.61.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued its 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. Neurocrine Biosciences had a return on equity of 13.22% and a net margin of 13.88%.The company had revenue of $687.50 million during the quarter, compared to the consensus estimate of $653.09 million. During the same period in the previous year, the company posted $1.63 EPS. The firm's revenue for the quarter was up 16.5% compared to the same quarter last year. On average, equities analysts predict that Neurocrine Biosciences will post 4.28 EPS for the current year.

Insiders Place Their Bets

In related news, Director Kevin Charles Gorman sold 106,322 shares of Neurocrine Biosciences stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $126.41, for a total transaction of $13,440,164.02. Following the completion of the sale, the director directly owned 514,596 shares of the company's stock, valued at approximately $65,050,080.36. This trade represents a 17.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 4.30% of the company's stock.

Institutional Trading of Neurocrine Biosciences

Several hedge funds have recently added to or reduced their stakes in NBIX. Perigon Wealth Management LLC acquired a new position in Neurocrine Biosciences in the 3rd quarter valued at $353,000. Burney Co. raised its holdings in Neurocrine Biosciences by 202.7% in the 3rd quarter. Burney Co. now owns 28,825 shares of the company's stock valued at $4,046,000 after acquiring an additional 19,302 shares in the last quarter. Avanza Fonder AB raised its holdings in Neurocrine Biosciences by 14.5% in the 3rd quarter. Avanza Fonder AB now owns 3,741 shares of the company's stock valued at $525,000 after acquiring an additional 474 shares in the last quarter. CWM LLC raised its holdings in Neurocrine Biosciences by 218.5% in the 3rd quarter. CWM LLC now owns 83,724 shares of the company's stock valued at $11,753,000 after acquiring an additional 57,435 shares in the last quarter. Finally, Pacer Advisors Inc. acquired a new position in Neurocrine Biosciences in the 3rd quarter valued at $1,876,000. 92.59% of the stock is 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.

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