Neurocrine Biosciences (NASDAQ:NBIX) Raised to Strong-Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Neurocrine Biosciences (NASDAQ:NBIX) from a "buy" to a "strong-buy", though only one analyst has a Strong Buy while the consensus across analysts remains a Moderate Buy with an average price target of $180.45.
• In the latest quarter NBIX reported an EPS miss of $1.88 versus $2.36 expected while revenue rose 28.3% to $805.5M; the stock opened at $127.66, implying a ~$12.84B market cap and roughly 92.6% institutional ownership.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research note issued on Saturday.

Other equities analysts have also issued research reports about the stock. Wolfe Research initiated coverage on shares of Neurocrine Biosciences in a research report on Tuesday, February 24th. They set an "outperform" rating and a $160.00 target price for the company. Truist Financial cut their target price on shares of Neurocrine Biosciences from $169.00 to $140.00 and set a "buy" rating for the company in a research report on Tuesday, February 17th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Neurocrine Biosciences in a research report on Tuesday. UBS Group cut their target price on shares of Neurocrine Biosciences from $188.00 to $178.00 and set a "buy" rating for the company in a research report on Friday, January 23rd. Finally, Morgan Stanley increased their target price on shares of Neurocrine Biosciences from $173.00 to $185.00 and gave the stock an "equal weight" rating in a research report on Friday, April 10th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $180.45.

Neurocrine Biosciences Stock Down 1.9%

Shares of NASDAQ:NBIX opened at $127.66 on Friday. The firm has a market capitalization of $12.84 billion, a PE ratio of 27.39, a P/E/G ratio of 0.68 and a beta of 0.35. Neurocrine Biosciences has a twelve month low of $104.42 and a twelve month high of $160.18. The company has a 50-day moving average price of $130.08 and a two-hundred day moving average price of $137.96.

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

Hedge Funds Weigh In On Neurocrine Biosciences

A number of large investors have recently modified their holdings of NBIX. Royal Bank of Canada boosted its position in shares of Neurocrine Biosciences by 36.7% in the first quarter. Royal Bank of Canada now owns 82,810 shares of the company's stock valued at $9,158,000 after acquiring an additional 22,224 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Neurocrine Biosciences by 60.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,783 shares of the company's stock valued at $1,647,000 after acquiring an additional 5,577 shares during the period. NewEdge Advisors LLC boosted its position in shares of Neurocrine Biosciences by 56.3% in the first quarter. NewEdge Advisors LLC now owns 7,630 shares of the company's stock valued at $844,000 after acquiring an additional 2,747 shares during the period. Empowered Funds LLC bought a new position in shares of Neurocrine Biosciences in the first quarter valued at approximately $1,333,000. Finally, Geneos Wealth Management Inc. boosted its position in shares of Neurocrine Biosciences by 143.6% in the first quarter. Geneos Wealth Management Inc. now owns 229 shares of the company's stock valued at $25,000 after acquiring an additional 135 shares during the period. 92.59% of the stock is currently owned by institutional investors.

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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