Neurocrine Biosciences (NASDAQ:NBIX) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

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 - Free Report) had its target price boosted by Needham & Company LLC from $161.00 to $170.00 in a research report sent to investors on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

Other equities analysts also recently issued reports about the stock. Morgan Stanley upped their price target on shares of Neurocrine Biosciences from $158.00 to $163.00 and gave the stock an "overweight" rating in a research note on Friday, September 5th. Guggenheim upped their price target on shares of Neurocrine Biosciences from $165.00 to $175.00 and gave the company a "buy" rating in a report on Friday, August 1st. Wedbush increased their target price on shares of Neurocrine Biosciences from $137.00 to $141.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. The Goldman Sachs Group started coverage on shares of Neurocrine Biosciences in a research note on Thursday, July 10th. They issued a "buy" rating and a $182.00 target price for the company. Finally, Stifel Nicolaus raised their price target on shares of Neurocrine Biosciences from $166.00 to $174.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Seventeen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $161.89.

Neurocrine Biosciences Stock Performance

Shares of NASDAQ NBIX traded up $1.39 during trading on Monday, hitting $146.62. The company had a trading volume of 700,617 shares, compared to its average volume of 780,732. The company has a market cap of $14.54 billion, a P/E ratio of 43.38, a PEG ratio of 1.05 and a beta of 0.28. Neurocrine Biosciences has a 52 week low of $84.23 and a 52 week high of $154.61. The business's 50-day moving average is $135.49 and its 200 day moving average is $122.43.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.08. The company had revenue of $687.50 million for the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.63 earnings per share. On average, research analysts expect that Neurocrine Biosciences will post 4.28 EPS for the current year.

Insider Activity at Neurocrine Biosciences

In related 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 value of $7,803,986.74. Following the completion of the sale, the insider owned 18,289 shares of the company's stock, valued at $2,385,982.94. This trade represents a 76.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Ingrid Delaet sold 457 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $135.00, for a total transaction of $61,695.00. Following the completion of the transaction, the insider directly owned 4,730 shares in the company, valued at approximately $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 sold a total of 186,960 shares of company stock valued at $23,955,553 over the last quarter. Corporate insiders own 4.30% of the company's stock.

Hedge Funds Weigh In On Neurocrine Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the business. Geneos Wealth Management Inc. lifted its position in Neurocrine Biosciences by 143.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 229 shares of the company's stock valued at $25,000 after acquiring an additional 135 shares in the last quarter. WPG Advisers LLC acquired a new stake in Neurocrine Biosciences in the 1st quarter valued at $32,000. Smallwood Wealth Investment Management LLC acquired a new stake in Neurocrine Biosciences in the 1st quarter valued at $34,000. SVB Wealth LLC acquired a new stake in Neurocrine Biosciences in the 1st quarter valued at $35,000. Finally, MAI Capital Management increased its stake in Neurocrine Biosciences by 101.2% in the 2nd quarter. MAI Capital Management now owns 328 shares of the company's stock valued at $41,000 after buying an additional 165 shares during the last quarter. 92.59% of the stock is 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.