Brokerages Set Neurocrine Biosciences, Inc. (NASDAQ:NBIX) Price Target at $180.45

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) has been assigned a consensus rating of “Moderate Buy” from the twenty-two research firms that are currently covering the stock, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $184.15.

NBIX has been the topic of a number of analyst reports. Leerink Partners raised their price objective on shares of Neurocrine Biosciences from $160.00 to $170.00 and gave the company an “outperform” rating in a report on Wednesday, April 22nd. Citigroup raised their price objective on shares of Neurocrine Biosciences from $242.00 to $246.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Morgan Stanley raised their price objective on shares of Neurocrine Biosciences from $185.00 to $191.00 and gave the company an “equal weight” rating in a report on Wednesday, May 6th. HC Wainwright raised their price objective on shares of Neurocrine Biosciences from $192.00 to $215.00 and gave the company a “buy” rating in a report on Tuesday, April 7th. Finally, Piper Sandler raised their price objective on shares of Neurocrine Biosciences from $190.00 to $207.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th.

Institutional Investors Weigh In On Neurocrine Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of NBIX. AQR Capital Management LLC raised its stake in Neurocrine Biosciences by 83.7% during the 3rd quarter. AQR Capital Management LLC now owns 2,773,648 shares of the company’s stock worth $388,435,000 after acquiring an additional 1,263,633 shares in the last quarter. Norges Bank acquired a new stake in Neurocrine Biosciences during the 4th quarter worth $162,664,000. UBS Group AG raised its stake in Neurocrine Biosciences by 169.8% during the 4th quarter. UBS Group AG now owns 983,528 shares of the company’s stock worth $139,494,000 after acquiring an additional 618,956 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Neurocrine Biosciences by 11.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,730,152 shares of the company’s stock worth $664,019,000 after acquiring an additional 468,405 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new stake in Neurocrine Biosciences during the 4th quarter worth $65,162,000. 92.59% of the stock is currently owned by institutional investors and hedge funds.

Neurocrine Biosciences Trading Down 1.1%

Shares of NBIX opened at $150.59 on Tuesday. Neurocrine Biosciences has a twelve month low of $116.00 and a twelve month high of $160.18. The firm’s fifty day simple moving average is $131.94 and its 200-day simple moving average is $137.99. The firm has a market capitalization of $15.14 billion, a price-to-earnings ratio of 23.20, a PEG ratio of 1.25 and a beta of 0.34.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its quarterly earnings data on Wednesday, February 11th. The company reported $1.88 earnings per share for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.48). Neurocrine Biosciences had a net margin of 21.55% and a return on equity of 19.79%. The firm had revenue of $805.50 million during the quarter, compared to analyst estimates of $804.21 million. During the same quarter in the previous year, the business posted $1.69 earnings per share. Neurocrine Biosciences’s revenue for the quarter was up 28.3% compared to the same quarter last year. On average, analysts predict that Neurocrine Biosciences will post 6.57 earnings per share for the current fiscal year.

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.