Neurocrine Biosciences (NASDAQ:NBIX) Price Target Raised to $170.00 at Needham & Company LLC

Key Points

• Needham & Company LLC raised its price target on Neurocrine Biosciences from $161.00 to $170.00, indicating a 17.06% potential upside from the stock's previous close and maintaining a "buy" rating.
• Neurocrine's stock has received multiple upgrades, with 17 analysts rating it as a buy, reflecting strong market support and an average price target of $161.89.
• The company reported an earnings per share of $1.06 for the last quarter, exceeding the consensus estimate by $0.08 and showed a 16.5% revenue increase compared to the previous year.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) had its price objective raised by analysts at Needham & Company LLC from $161.00 to $170.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's price target indicates a potential upside of 17.06% from the stock's previous close.

NBIX has been the subject of several other research reports. Wedbush raised their price target on Neurocrine Biosciences from $137.00 to $141.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Royal Bank Of Canada upped their price objective on shares of Neurocrine Biosciences from $144.00 to $149.00 and gave the company an "outperform" rating in a research note on Friday, September 5th. UBS Group raised their target price on shares of Neurocrine Biosciences from $152.00 to $174.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Morgan Stanley raised their target price on shares of Neurocrine Biosciences from $158.00 to $163.00 and gave the stock an "overweight" rating in a research report on Friday, September 5th. Finally, Wall Street Zen upgraded shares of Neurocrine Biosciences from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 2nd. Seventeen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Neurocrine Biosciences presently has an average rating of "Moderate Buy" and a consensus price target of $161.89.

Neurocrine Biosciences Price Performance

NBIX stock opened at $145.23 on Monday. The company's 50 day simple moving average is $135.26 and its 200-day simple moving average is $122.20. The firm has a market capitalization of $14.40 billion, a PE ratio of 42.97, a P/E/G ratio of 1.05 and a beta of 0.28. Neurocrine Biosciences has a 12 month low of $84.23 and a 12 month high of $154.61.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $1.06 earnings per share 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 the consensus estimate of $653.09 million. Neurocrine Biosciences had a return on equity of 13.22% and a net margin of 13.88%.Neurocrine Biosciences's revenue was up 16.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.63 earnings per share. As a group, sell-side analysts anticipate that Neurocrine Biosciences will post 4.28 earnings per share for the current year.

Insider Buying and Selling

In related news, 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. This trade represents a 8.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kevin Charles Gorman sold 106,322 shares of the firm'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 sale, 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 disclosure for this sale can be found here. Insiders have sold 186,960 shares of company stock worth $23,955,553 over the last ninety days. 4.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Neurocrine Biosciences

A number of hedge funds have recently added to or reduced their stakes in NBIX. GF Fund Management CO. LTD. bought a new stake in Neurocrine Biosciences in the fourth quarter valued at $290,000. Toronto Dominion Bank lifted its stake in Neurocrine Biosciences by 3.9% in the fourth quarter. Toronto Dominion Bank now owns 13,183 shares of the company's stock valued at $1,799,000 after buying an additional 499 shares during the last quarter. Forum Financial Management LP bought a new stake in Neurocrine Biosciences in the fourth quarter valued at $254,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Neurocrine Biosciences in the fourth quarter valued at $9,286,000. Finally, Siemens Fonds Invest GmbH bought a new stake in Neurocrine Biosciences in the fourth quarter valued at $850,000. 92.59% of the stock is currently owned by institutional investors.

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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