Wolfe Research Upgrades Neurocrine Biosciences (NASDAQ:NBIX) to “Strong-Buy”

Neurocrine Biosciences (NASDAQ:NBIX) was upgraded by research analysts at Wolfe Research to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

Several other research analysts have also commented on the company. BMO Capital Markets lowered their price target on Neurocrine Biosciences from $147.00 to $140.00 and set a “market perform” rating for the company in a research report on Thursday, February 12th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Neurocrine Biosciences in a report on Thursday, January 22nd. Canaccord Genuity Group raised their target price on Neurocrine Biosciences from $160.00 to $164.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Royal Bank Of Canada dropped their target price on Neurocrine Biosciences from $180.00 to $177.00 and set an “outperform” rating for the company in a research report on Thursday, February 12th. Finally, HC Wainwright cut their price target on shares of Neurocrine Biosciences from $198.00 to $192.00 and set a “buy” rating on the stock in a research note on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $175.05.

Neurocrine Biosciences Price Performance

Shares of NBIX opened at $130.96 on Monday. The firm has a 50-day simple moving average of $136.59 and a two-hundred day simple moving average of $140.51. The stock has a market cap of $13.14 billion, a PE ratio of 28.10, a P/E/G ratio of 0.67 and a beta of 0.31. Neurocrine Biosciences has a 1-year low of $84.23 and a 1-year high of $160.18.

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

Insider Transactions at Neurocrine Biosciences

In other Neurocrine Biosciences news, Director Leslie V. Norwalk sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $152.23, for a total transaction of $761,150.00. Following the completion of the transaction, the director owned 7,429 shares in the company, valued at $1,130,916.67. The trade was a 40.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Kyle Gano sold 36,400 shares of the stock in a transaction that occurred on Friday, January 16th. The shares were sold at an average price of $132.70, for a total transaction of $4,830,280.00. Following the completion of the sale, the chief executive officer directly owned 140,407 shares in the company, valued at approximately $18,632,008.90. This represents a 20.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 46,966 shares of company stock valued at $6,474,616. 4.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Neurocrine Biosciences

Institutional investors and hedge funds have recently modified their holdings of the company. Assetmark Inc. boosted its holdings in Neurocrine Biosciences by 10.8% in the second quarter. Assetmark Inc. now owns 21,001 shares of the company’s stock valued at $2,640,000 after purchasing an additional 2,045 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Neurocrine Biosciences by 87.9% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 125,162 shares of the company’s stock worth $15,732,000 after buying an additional 58,562 shares during the last quarter. Saturn V Capital Management LP purchased a new stake in shares of Neurocrine Biosciences during the 2nd quarter worth approximately $7,313,000. Capital Fund Management S.A. boosted its holdings in shares of Neurocrine Biosciences by 15.9% in the 2nd quarter. Capital Fund Management S.A. now owns 203,628 shares of the company’s stock valued at $25,594,000 after buying an additional 27,987 shares in the last quarter. Finally, Rhenman & Partners Asset Management AB grew its position in shares of Neurocrine Biosciences by 66.1% in the 2nd quarter. Rhenman & Partners Asset Management AB now owns 149,217 shares of the company’s stock valued at $18,755,000 after buying an additional 59,400 shares during the last quarter. Institutional investors and hedge funds 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.