JPMorgan Chase & Co. Cuts Neurocrine Biosciences (NASDAQ:NBIX) Price Target to $176.00

Neurocrine Biosciences (NASDAQ:NBIX) had its target price trimmed by JPMorgan Chase & Co. from $177.00 to $176.00 in a research note released on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research firms have also recently commented on NBIX. Piper Sandler boosted their target price on Neurocrine Biosciences from $175.00 to $179.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 29th. UBS Group decreased their price objective on shares of Neurocrine Biosciences from $188.00 to $178.00 and set a “buy” rating on the stock in a research report on Friday, January 23rd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Neurocrine Biosciences in a research report on Thursday, January 22nd. TD Cowen boosted their price target 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. Finally, Needham & Company LLC lowered their price objective on shares of Neurocrine Biosciences from $187.00 to $185.00 and set a “buy” rating on the stock in a research report on Thursday, February 12th. Sixteen research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $175.84.

Neurocrine Biosciences Trading Up 1.3%

Shares of NASDAQ:NBIX opened at $130.10 on Tuesday. The company has a 50 day moving average of $137.94 and a 200 day moving average of $140.27. The stock has a market cap of $13.06 billion, a P/E ratio of 27.92, a P/E/G ratio of 0.67 and a beta of 0.31. Neurocrine Biosciences has a 12 month low of $84.23 and a 12 month high of $160.18.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $1.88 EPS for the quarter, missing the consensus estimate of $2.36 by ($0.48). The firm had revenue of $805.50 million during the quarter, compared to the consensus estimate of $804.21 million. Neurocrine Biosciences had a net margin of 16.73% and a return on equity of 16.48%. The firm’s revenue for the quarter was up 28.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.69 earnings per share. On average, equities analysts forecast that Neurocrine Biosciences will post 4.28 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Kyle Gano sold 36,400 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer directly owned 140,407 shares of the company’s stock, valued at approximately $18,632,008.90. This represents a 20.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Darin Lippoldt sold 4,376 shares of the firm’s stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $159.65, for a total value of $698,628.40. Following the completion of the sale, the insider directly owned 43,405 shares in the company, valued at $6,929,608.25. The trade was a 9.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 61,966 shares of company stock valued at $8,625,166. 4.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Neurocrine Biosciences

Several hedge funds have recently made changes to their positions in the business. Assetmark Inc. increased its position in Neurocrine Biosciences by 10.8% during the 2nd quarter. Assetmark Inc. now owns 21,001 shares of the company’s stock valued at $2,640,000 after buying an additional 2,045 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Neurocrine Biosciences by 87.9% during the second quarter. Arrowstreet Capital Limited Partnership now owns 125,162 shares of the company’s stock valued at $15,732,000 after buying an additional 58,562 shares during the last quarter. Saturn V Capital Management LP acquired a new stake in Neurocrine Biosciences during the 2nd quarter worth about $7,313,000. Capital Fund Management S.A. raised its stake in shares of Neurocrine Biosciences by 15.9% in the second quarter. Capital Fund Management S.A. now owns 203,628 shares of the company’s stock worth $25,594,000 after purchasing an additional 27,987 shares during the last quarter. Finally, Rhenman & Partners Asset Management AB boosted its position in Neurocrine Biosciences by 66.1% in the second 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. 92.59% of the stock is owned by hedge funds and other institutional investors.

Neurocrine Biosciences Company Profile

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.