Neurocrine Biosciences’ (NBIX) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Neurocrine Biosciences (NASDAQ:NBIX) in a report issued on Friday morning,Benzinga reports. They currently have a $204.00 price objective on the stock.

Several other equities research analysts have also commented on NBIX. Wall Street Zen lowered shares of Neurocrine Biosciences from a “buy” rating to a “hold” rating in a research report on Sunday, August 9th. Citigroup increased their price target on shares of Neurocrine Biosciences from $249.00 to $253.00 and gave the company a “buy” rating in a report on Thursday, September 3rd. UBS Group reduced their price objective on shares of Neurocrine Biosciences from $231.00 to $214.00 and set a “buy” rating for the company in a research note on Tuesday, September 29th. Weiss Ratings upgraded shares of Neurocrine Biosciences from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday. Finally, Guggenheim initiated coverage on shares of Neurocrine Biosciences in a report on Tuesday, October 6th. They set a “buy” rating and a $207.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $201.14.

Neurocrine Biosciences Stock Performance

NASDAQ NBIX opened at $135.71 on Friday. The business’s 50 day moving average is $149.10 and its two-hundred day moving average is $153.62. Neurocrine Biosciences has a 12-month low of $122.14 and a 12-month high of $186.12. The stock has a market capitalization of $13.79 billion, a price-to-earnings ratio of 19.90, a PEG ratio of 0.60 and a beta of 0.40.

Neurocrine Biosciences (NASDAQ:NBIX) last issued its earnings results on Friday, July 31st. The company reported $2.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.65 by $1.20. Neurocrine Biosciences had a return on equity of 22.43% and a net margin of 20.91%. The business had revenue of $959.00 million during the quarter, compared to the consensus estimate of $891.16 million. During the same period in the prior year, the business posted $1.65 EPS. The company’s revenue for the quarter was up 39.5% on a year-over-year basis. Equities analysts forecast that Neurocrine Biosciences will post 7.70 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Leslie V. Norwalk sold 1,250 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $182.01, for a total value of $227,512.50. Following the sale, the director directly owned 1,588 shares in the company, valued at $289,031.88. This represents a 44.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Matt Abernethy sold 2,311 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $157.20, for a total transaction of $363,289.20. Following the transaction, the chief financial officer directly owned 42,808 shares of the company’s stock, valued at approximately $6,729,417.60. This trade represents a 5.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 4,387 shares of company stock worth $720,855 over the last ninety days. 4.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Neurocrine Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. NewEdge Advisors LLC lifted its position in shares of Neurocrine Biosciences by 0.5% in the first quarter. NewEdge Advisors LLC now owns 13,066 shares of the company’s stock worth $1,721,000 after purchasing an additional 68 shares in the last quarter. Westpac Banking Corp boosted its holdings in shares of Neurocrine Biosciences by 6.0% during the first quarter. Westpac Banking Corp now owns 1,615 shares of the company’s stock worth $213,000 after purchasing an additional 91 shares during the period. PKO Investment Management Joint Stock Co boosted its holdings in shares of Neurocrine Biosciences by 7.7% during the first quarter. PKO Investment Management Joint Stock Co now owns 1,400 shares of the company’s stock worth $184,000 after purchasing an additional 100 shares during the period. Meiji Yasuda Life Insurance Co boosted its holdings in shares of Neurocrine Biosciences by 1.8% during the second quarter. Meiji Yasuda Life Insurance Co now owns 5,628 shares of the company’s stock worth $949,000 after purchasing an additional 100 shares during the period. Finally, SJS Investment Consulting Inc. grew its position in Neurocrine Biosciences by 67.2% during the first quarter. SJS Investment Consulting Inc. now owns 341 shares of the company’s stock valued at $45,000 after purchasing an additional 137 shares in the last quarter. Hedge funds and other institutional investors own 92.59% of the company’s stock.

About Neurocrine Biosciences

Neurocrine Biosciences, Inc is a San Diego-based biopharmaceutical company focused on discovering, developing and commercializing medicines for neurological, neuroendocrine and psychiatric disorders. The company’s research programs target conditions in which treatments may address significant unmet medical needs.

Neurocrine’s leading product is INGREZZA (valbenazine), a vesicular monoamine transporter 2 inhibitor approved in the United States for the treatment of tardive dyskinesia and chorea associated with Huntington’s disease.