Truist Financial Cuts Neurocrine Biosciences (NASDAQ:NBIX) Price Target to $169.00

Neurocrine Biosciences (NASDAQ:NBIX) had its price target reduced by Truist Financial from $172.00 to $169.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also commented on NBIX. Zacks Research lowered Neurocrine Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Citigroup raised their price target on shares of Neurocrine Biosciences from $175.00 to $203.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Mizuho boosted their price objective on shares of Neurocrine Biosciences from $146.00 to $175.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Royal Bank Of Canada raised their target price on shares of Neurocrine Biosciences from $160.00 to $180.00 and gave the stock an “outperform” rating in a research report on Monday, December 8th. Finally, TD Cowen lifted their target price on shares of Neurocrine Biosciences from $175.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, December 5th. Seventeen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $175.20.

Neurocrine Biosciences Price Performance

NBIX stock opened at $135.79 on Thursday. The company’s 50 day simple moving average is $146.36 and its 200-day simple moving average is $139.73. Neurocrine Biosciences has a 12 month low of $84.23 and a 12 month high of $160.18. The firm has a market capitalization of $13.54 billion, a PE ratio of 32.49, a P/E/G ratio of 0.66 and a beta of 0.28.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its earnings results on Tuesday, October 28th. The company reported $2.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.59. The firm had revenue of $794.90 million for the quarter, compared to analyst estimates of $746.61 million. Neurocrine Biosciences had a return on equity of 15.82% and a net margin of 15.95%.Neurocrine Biosciences’s revenue was up 27.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.81 EPS. As a group, sell-side analysts anticipate that Neurocrine Biosciences will post 4.28 earnings per share for the current year.

Insider Activity at Neurocrine Biosciences

In other news, CEO Kyle Gano sold 300 shares of the company’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $141.97, for a total transaction of $42,591.00. Following the completion of the sale, the chief executive officer directly owned 140,407 shares in the company, valued at $19,933,581.79. This represents a 0.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director George J. Morrow sold 15,000 shares of the stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $143.37, for a total value of $2,150,550.00. Following the completion of the transaction, the director directly owned 7,068 shares in the company, valued at $1,013,339.16. This trade represents a 67.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 43,866 shares of company stock valued at $6,570,237 over the last 90 days. 4.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Neurocrine Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. lifted its stake in shares of Neurocrine Biosciences by 143.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock valued at $25,000 after purchasing an additional 135 shares in the last quarter. Golden State Wealth Management LLC lifted its position in Neurocrine Biosciences by 120.5% during the third quarter. Golden State Wealth Management LLC now owns 183 shares of the company’s stock valued at $26,000 after buying an additional 100 shares in the last quarter. Eastern Bank purchased a new stake in Neurocrine Biosciences during the third quarter worth approximately $27,000. Quent Capital LLC acquired a new stake in shares of Neurocrine Biosciences in the third quarter worth $32,000. Finally, MAI Capital Management increased its position in shares of Neurocrine Biosciences by 101.2% in the second quarter. MAI Capital Management now owns 328 shares of the company’s stock worth $41,000 after acquiring an additional 165 shares in the last quarter. 92.59% of the stock is currently owned by institutional investors and hedge funds.

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.