UBS Group Forecasts Strong Price Appreciation for Neurocrine Biosciences (NASDAQ:NBIX) Stock

Key Points

• UBS Group has raised its target price for Neurocrine Biosciences (NASDAQ:NBIX) from $188.00 to $195.00, indicating a potential upside of 40.12% from its current price, while maintaining a "buy" rating.
• The company's quarterly earnings exceeded expectations, with a reported $1.06 EPS versus a consensus estimate of $0.98, marking a 16.5% year-over-year revenue increase.
• Neurocrine Biosciences has received positive ratings from several analysts, including Guggenheim, which raised its price target to $175.00 and upgraded the stock to a "buy" rating.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) had its price objective lifted by research analysts at UBS Group from $188.00 to $195.00 in a report issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. UBS Group's price objective points to a potential upside of 40.12% from the stock's current price.

Several other analysts have also commented on NBIX. Guggenheim raised their target price on Neurocrine Biosciences from $165.00 to $175.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Wall Street Zen raised shares of Neurocrine Biosciences from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. Stifel Nicolaus raised their price target on shares of Neurocrine Biosciences from $166.00 to $174.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. 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 target on the stock. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of Neurocrine Biosciences in a research report on Wednesday. Seventeen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $163.00.

Neurocrine Biosciences Trading Up 0.1%

Shares of Neurocrine Biosciences stock traded up $0.09 on Thursday, hitting $139.17. 171,791 shares of the company traded hands, compared to its average volume of 1,186,074. The stock's 50 day moving average price is $137.20 and its 200-day moving average price is $124.76. The company has a market cap of $13.80 billion, a PE ratio of 41.06, 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 posted its quarterly earnings data on Wednesday, July 30th. The company reported $1.06 EPS for the quarter, topping the consensus estimate of $0.98 by $0.08. Neurocrine Biosciences had a net margin of 13.88% and a return on equity of 13.22%. The firm had revenue of $687.50 million during the quarter, compared to analyst estimates of $653.09 million. During the same quarter in the previous year, the business posted $1.63 EPS. Neurocrine Biosciences's revenue was up 16.5% on a year-over-year basis. As a group, research analysts anticipate that Neurocrine Biosciences will post 4.28 EPS for the current fiscal year.

Insider Activity

In other news, Director Kevin Charles Gorman sold 106,322 shares of the company's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $126.41, for a total transaction of $13,440,164.02. Following the transaction, the director directly owned 514,596 shares of the company's stock, valued at $65,050,080.36. This represents a 17.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Neurocrine Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the company. UMB Bank n.a. raised its position in shares of Neurocrine Biosciences by 96.9% in the 1st quarter. UMB Bank n.a. now owns 896 shares of the company's stock valued at $99,000 after purchasing an additional 441 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of Neurocrine Biosciences by 39.1% during the 1st quarter. Farther Finance Advisors LLC now owns 686 shares of the company's stock valued at $73,000 after purchasing an additional 193 shares during the period. Harbor Capital Advisors Inc. acquired a new position in shares of Neurocrine Biosciences in the 1st quarter worth $48,000. Handelsbanken Fonder AB grew its position in Neurocrine Biosciences by 220.3% during the 1st quarter. Handelsbanken Fonder AB now owns 86,067 shares of the company's stock worth $9,519,000 after purchasing an additional 59,200 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its position in Neurocrine Biosciences by 1,405.2% during the first quarter. Assenagon Asset Management S.A. now owns 393,455 shares of the company's stock valued at $43,516,000 after purchasing an additional 367,315 shares in the last quarter. 92.59% of the stock is owned by institutional investors and hedge funds.

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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