Neurocrine Biosciences (NASDAQ:NBIX) Price Target Raised to $170.00

Key Points

• Leerink Partners raised its price target on Neurocrine Biosciences to $170 (from $160) and kept an "outperform" rating, implying roughly a 29.6% upside from the prior close.
• Analyst sentiment is broadly positive—one Strong Buy, 17 Buys and 5 Holds—yielding a consensus of "Moderate Buy" with an average target of $180.67 and individual targets ranging about $140–$200.
• Shares traded at $131.18 (up ~0.7%) with a $13.2B market cap; the company missed Q EPS estimates ($1.88 vs. $2.36) but reported revenue up 28.3% year-over-year, and analysts project roughly 6.33 EPS for the current year.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) had its price target increased by Leerink Partners from $160.00 to $170.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Leerink Partners' price target indicates a potential upside of 29.59% from the company's previous close.

Several other research firms have also weighed in on NBIX. Wolfe Research initiated coverage on Neurocrine Biosciences in a research report on Tuesday, February 24th. They set an "outperform" rating and a $160.00 price target on the stock. JPMorgan Chase & Co. boosted their target price on Neurocrine Biosciences from $176.00 to $177.00 and gave the stock an "overweight" rating in a report on Thursday, March 12th. Canaccord Genuity Group boosted their target price on Neurocrine Biosciences from $164.00 to $200.00 and gave the stock a "buy" rating in a report on Tuesday, April 7th. Wall Street Zen lowered Neurocrine Biosciences from a "strong-buy" rating to a "buy" rating in a report on Monday, February 16th. Finally, Truist Financial decreased their target price on Neurocrine Biosciences from $169.00 to $140.00 and set a "buy" rating on the stock in a report on Tuesday, February 17th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $180.67.

Neurocrine Biosciences Trading Up 0.7%

Shares of NASDAQ:NBIX traded up $0.96 during trading on Wednesday, hitting $131.18. 46,312 shares of the company were exchanged, compared to its average volume of 1,143,749. The stock has a market cap of $13.19 billion, a price-to-earnings ratio of 28.08, a P/E/G ratio of 0.69 and a beta of 0.35. Neurocrine Biosciences has a fifty-two week low of $101.15 and a fifty-two week high of $160.18. The firm has a fifty day moving average price of $129.99 and a two-hundred day moving average price of $138.14.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $1.88 earnings per share for the quarter, missing the consensus estimate of $2.36 by ($0.48). The company had revenue of $805.50 million for the quarter, compared to analyst estimates of $804.21 million. Neurocrine Biosciences had a return on equity of 16.48% and a net margin of 16.73%.The firm's revenue for the quarter was up 28.3% compared to the same quarter last year. During the same period last year, the firm earned $1.69 EPS. As a group, research analysts predict that Neurocrine Biosciences will post 6.33 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its position in shares of Neurocrine Biosciences by 11.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,730,152 shares of the company's stock valued at $664,019,000 after acquiring an additional 468,405 shares during the period. AQR Capital Management LLC lifted its position in shares of Neurocrine Biosciences by 18.0% during the 4th quarter. AQR Capital Management LLC now owns 3,271,706 shares of the company's stock valued at $462,652,000 after acquiring an additional 498,058 shares during the period. Geode Capital Management LLC lifted its position in shares of Neurocrine Biosciences by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 2,059,282 shares of the company's stock valued at $291,342,000 after acquiring an additional 34,457 shares during the period. Los Angeles Capital Management LLC lifted its position in shares of Neurocrine Biosciences by 7.4% during the 4th quarter. Los Angeles Capital Management LLC now owns 1,291,278 shares of the company's stock valued at $178,248,000 after acquiring an additional 88,522 shares during the period. Finally, Northern Trust Corp lifted its position in shares of Neurocrine Biosciences by 31.9% during the 4th quarter. Northern Trust Corp now owns 1,221,184 shares of the company's stock valued at $173,201,000 after acquiring an additional 295,470 shares during the period. 92.59% of the stock is owned by institutional investors and hedge funds.

About Neurocrine Biosciences

Neurocrine Biosciences NASDAQ: NBIX is a biopharmaceutical company based in San Diego, California, focused on developing treatments for neurological, endocrine and neuropsychiatric disorders. Since its founding in 1992, the company has pursued a research‐driven strategy aimed at addressing unmet medical needs in movement disorders, reproductive health and central nervous system conditions. Neurocrine's operations encompass drug discovery, clinical development and commercialization activities.

The company's lead marketed product, Ingrezza™ (valbenazine), is indicated for the treatment of tardive dyskinesia, a movement disorder associated with long-term antipsychotic use.

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