Oppenheimer Holdings Inc. Initiates Coverage on Neurocrine Biosciences Inc. (NBIX)
Investment analysts at Oppenheimer Holdings Inc. assumed coverage on shares of Neurocrine Biosciences Inc. (NASDAQ:NBIX) in a research report issued to clients and investors on Tuesday. The firm set a “market perform” rating and a $55.00 price target on the stock. Oppenheimer Holdings Inc.’s target price points to a potential upside of 8.08% from the stock’s current price.
Several other research firms have also issued reports on NBIX. Piper Jaffray Cos. reissued an “overweight” rating and issued a $96.00 price target on shares of Neurocrine Biosciences in a research report on Thursday, September 22nd. Jefferies Group reissued a “buy” rating and issued a $61.00 price target on shares of Neurocrine Biosciences in a research report on Friday, September 23rd. BMO Capital Markets reissued an “outperform” rating and issued a $66.00 price target on shares of Neurocrine Biosciences in a research report on Friday, September 23rd. Citigroup Inc. began coverage on shares of Neurocrine Biosciences in a research report on Tuesday. They issued a “market perform” rating and a $55.00 price target for the company. They noted that the move was a valuation call. Finally, Leerink Swann began coverage on shares of Neurocrine Biosciences in a research report on Tuesday, October 4th. They issued an “outperform” rating and a $70.00 price target for the company. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. Neurocrine Biosciences currently has a consensus rating of “Buy” and a consensus price target of $66.92.
Shares of Neurocrine Biosciences (NASDAQ:NBIX) opened at 50.89 on Tuesday. The firm’s market capitalization is $4.42 billion. The firm has a 50-day moving average price of $46.87 and a 200-day moving average price of $48.05. Neurocrine Biosciences has a 52-week low of $31.25 and a 52-week high of $58.46.
Neurocrine Biosciences (NASDAQ:NBIX) last announced its quarterly earnings data on Wednesday, November 2nd. The company reported ($0.43) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.57) by $0.14. The firm’s quarterly revenue was up .0% on a year-over-year basis. During the same quarter last year, the business posted ($0.40) EPS. On average, equities research analysts anticipate that Neurocrine Biosciences will post ($1.68) EPS for the current year.
In other Neurocrine Biosciences news, insider Malcolm Lloyd-Smith sold 9,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $50.00, for a total value of $450,000.00. Following the transaction, the insider now directly owns 9,000 shares of the company’s stock, valued at $450,000. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Christopher Flint Obrien sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 15th. The shares were sold at an average price of $52.84, for a total transaction of $1,321,000.00. Following the completion of the transaction, the insider now directly owns 30,044 shares in the company, valued at $1,587,524.96. The disclosure for this sale can be found here. 4.80% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company purchased a new stake in Neurocrine Biosciences during the third quarter valued at $127,000. SG Americas Securities LLC purchased a new stake in Neurocrine Biosciences during the third quarter valued at $164,000. First Mercantile Trust Co. raised its stake in Neurocrine Biosciences by 94.9% in the third quarter. First Mercantile Trust Co. now owns 3,897 shares of the company’s stock valued at $197,000 after buying an additional 1,897 shares during the period. Stephens Inc. AR purchased a new stake in Neurocrine Biosciences during the second quarter valued at $205,000. Finally, Opus Point Partners Management LLC purchased a new stake in Neurocrine Biosciences during the third quarter valued at $206,000. 96.30% of the stock is currently owned by hedge funds and other institutional investors.
About Neurocrine Biosciences
Neurocrine Biosciences, Inc is engaged in the development of pharmaceutical products focused on neurological and endocrine-based diseases and disorders. The Company’s two lead late-stage clinical programs are Elagolix, a gonadotropin-releasing hormone (GnRH) antagonist for women’s health that is partnered with AbbVie Inc (AbbVie), and NBI-98854 (valbenazine), a vesicular monoamine transporter 2 (VMAT2) inhibitor for the treatment of movement disorders.
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