Neurocrine Biosciences (NASDAQ:NBIX) Rating Increased to Strong-Buy at Zacks Research

Key Points

• Neurocrine Biosciences has been upgraded from a "hold" to a "strong-buy" rating by Zacks Research, indicating increased confidence from analysts.
• The stock has an average target price of $163.44 with several analysts recommending a buy, reflecting positive outlook for the company's performance.
• In its latest earnings announcement, Neurocrine reported $1.06 EPS and $687.5 million in revenue, surpassing analysts' expectations and showing year-over-year growth.

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

Several other equities research analysts have also recently weighed in on NBIX. Truist Financial started coverage on shares of Neurocrine Biosciences in a research report on Monday, July 21st. They set a "buy" rating and a $163.00 price objective for the company. The Goldman Sachs Group started coverage on shares of Neurocrine Biosciences in a research report on Thursday, July 10th. They set a "buy" rating and a $182.00 price objective for the company. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Neurocrine Biosciences in a research report on Wednesday, October 8th. UBS Group upped their price objective on shares of Neurocrine Biosciences from $188.00 to $195.00 and gave the stock a "buy" rating in a research report on Thursday, October 9th. Finally, Morgan Stanley upped their price objective 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. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $163.44.

Neurocrine Biosciences Stock Performance

Shares of Neurocrine Biosciences stock opened at $137.52 on Wednesday. The firm has a 50-day moving average of $138.35 and a 200-day moving average of $125.73. The stock has a market cap of $13.64 billion, a PE ratio of 40.69, a PEG ratio of 0.99 and a beta of 0.21. Neurocrine Biosciences has a 52-week low of $84.23 and a 52-week high of $154.61.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.98 by $0.08. Neurocrine Biosciences had a net margin of 13.88% and a return on equity of 13.22%. The company had revenue of $687.50 million during the quarter, compared to analysts' expectations of $653.09 million. During the same quarter in the previous year, the business posted $1.63 earnings per share. Neurocrine Biosciences's quarterly revenue was up 16.5% on a year-over-year basis. Equities research analysts predict that Neurocrine Biosciences will post 4.28 earnings per share for the current fiscal year.

Insider Activity at Neurocrine Biosciences

In other news, Director Kevin Charles Gorman sold 106,322 shares of the stock in a transaction dated 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 transaction, the director owned 514,596 shares of the company's stock, valued at approximately $65,050,080.36. This represents a 17.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 4.80% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Dodge & Cox increased its stake in shares of Neurocrine Biosciences by 0.6% in the second quarter. Dodge & Cox now owns 5,566,814 shares of the company's stock valued at $699,693,000 after buying an additional 32,190 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Neurocrine Biosciences by 59.6% in the second quarter. JPMorgan Chase & Co. now owns 4,261,747 shares of the company's stock valued at $535,659,000 after buying an additional 1,590,749 shares during the period. Wellington Management Group LLP increased its stake in shares of Neurocrine Biosciences by 44.0% in the first quarter. Wellington Management Group LLP now owns 2,097,981 shares of the company's stock valued at $232,037,000 after buying an additional 640,556 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Neurocrine Biosciences by 3.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,539,601 shares of the company's stock valued at $170,281,000 after buying an additional 49,088 shares during the period. Finally, AQR Capital Management LLC increased its stake in shares of Neurocrine Biosciences by 40.5% in the second quarter. AQR Capital Management LLC now owns 1,510,015 shares of the company's stock valued at $189,794,000 after buying an additional 435,385 shares during the period. Institutional investors and hedge funds own 92.59% of the company's stock.

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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