Neurocrine Biosciences (NASDAQ:NBIX) Rating Increased to Hold at Zacks Research

Key Points

• Zacks Research upgraded Neurocrine from a “strong sell” to a “hold”, while overall analyst coverage remains positive with a consensus rating of Moderate Buy and an average price target of $181.20.
• In its most recent quarter Neurocrine reported EPS of $1.88, missing estimates by $0.48, though revenue of $805.5M roughly met expectations and rose 28.3% year-over-year.
• Shares opened at $128.41, the company has a market cap of $12.89B and a 52-week range of $98.95–$160.18, with institutional investors owning about 92.59% of the stock.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) was upgraded by analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued to investors on Wednesday,Zacks.com reports.

Several other equities research analysts also recently issued reports on the company. Wells Fargo & Company lowered their price target on Neurocrine Biosciences from $180.00 to $175.00 and set an "overweight" rating on the stock in a research report on Friday, February 13th. Canaccord Genuity Group raised their price target on Neurocrine Biosciences from $164.00 to $200.00 and gave the company a "buy" rating in a research report on Tuesday, April 7th. Royal Bank Of Canada decreased their target price on Neurocrine Biosciences from $180.00 to $177.00 and set an "outperform" rating on the stock in a research report on Thursday, February 12th. UBS Group decreased their target price on Neurocrine Biosciences from $188.00 to $178.00 and set a "buy" rating on the stock in a research report on Friday, January 23rd. 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 research report on Tuesday, February 17th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $181.20.

Neurocrine Biosciences Stock Performance

Shares of NASDAQ:NBIX opened at $128.41 on Wednesday. The company has a market cap of $12.89 billion, a P/E ratio of 27.56, a P/E/G ratio of 0.70 and a beta of 0.35. The stock's 50-day moving average is $130.46 and its 200-day moving average is $138.28. Neurocrine Biosciences has a 52-week low of $98.95 and a 52-week high of $160.18.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued its quarterly earnings results on Wednesday, February 11th. The company reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.36 by ($0.48). The business had revenue of $805.50 million during the quarter, compared to analyst estimates of $804.21 million. Neurocrine Biosciences had a net margin of 16.73% and a return on equity of 16.48%. The company's revenue for the quarter was up 28.3% compared to the same quarter last year. During the same period in the prior year, the business posted $1.69 earnings per share. As a group, equities analysts predict that Neurocrine Biosciences will post 4.28 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Robeco Institutional Asset Management B.V. raised its stake in shares of Neurocrine Biosciences by 86.7% in the third quarter. Robeco Institutional Asset Management B.V. now owns 28,185 shares of the company's stock valued at $3,957,000 after acquiring an additional 13,087 shares during the last quarter. Focus Partners Advisor Solutions LLC increased its holdings in shares of Neurocrine Biosciences by 152.5% in the third quarter. Focus Partners Advisor Solutions LLC now owns 13,263 shares of the company's stock valued at $1,945,000 after purchasing an additional 8,011 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Neurocrine Biosciences by 113.8% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 40,859 shares of the company's stock valued at $5,598,000 after purchasing an additional 21,752 shares in the last quarter. CIBC Private Wealth Group LLC increased its holdings in shares of Neurocrine Biosciences by 17,250.0% in the third quarter. CIBC Private Wealth Group LLC now owns 7,981 shares of the company's stock valued at $1,120,000 after purchasing an additional 7,935 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in shares of Neurocrine Biosciences by 2.4% in the third quarter. Envestnet Asset Management Inc. now owns 202,846 shares of the company's stock valued at $28,476,000 after purchasing an additional 4,807 shares in the last quarter. Institutional investors own 92.59% of the company's stock.

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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