UBS Group Cuts Neurocrine Biosciences (NASDAQ:NBIX) Price Target to $214.00

Neurocrine Biosciences (NASDAQ:NBIX) had its target price reduced by UBS Group from $231.00 to $214.00 in a research report released on Tuesday morning,Benzinga reports. UBS Group currently has a buy rating on the stock.

NBIX has been the subject of a number of other reports. Wells Fargo & Company lifted their target price on shares of Neurocrine Biosciences from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Cantor Fitzgerald increased their price target on shares of Neurocrine Biosciences from $210.00 to $215.00 and gave the stock an “overweight” rating in a research note on Friday, July 31st. Stifel Nicolaus raised their price target on shares of Neurocrine Biosciences from $188.00 to $215.00 and gave the company a “buy” rating in a report on Friday, July 31st. Royal Bank Of Canada reiterated an “outperform” rating and issued a $198.00 price objective on shares of Neurocrine Biosciences in a report on Tuesday, September 8th. Finally, Canaccord Genuity Group increased their target price on shares of Neurocrine Biosciences from $200.00 to $210.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, Neurocrine Biosciences currently has a consensus rating of “Moderate Buy” and a consensus price target of $202.73.

Neurocrine Biosciences Price Performance

Shares of NASDAQ NBIX opened at $140.71 on Tuesday. Neurocrine Biosciences has a one year low of $122.14 and a one year high of $186.12. The business’s 50-day moving average price is $155.90 and its two-hundred day moving average price is $152.77. The company has a market capitalization of $14.30 billion, a P/E ratio of 20.63, a price-to-earnings-growth ratio of 0.66 and a beta of 0.40.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its quarterly earnings results on Friday, July 31st. The company reported $2.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.65 by $1.20. The business had revenue of $959.00 million during the quarter, compared to analyst estimates of $891.16 million. Neurocrine Biosciences had a return on equity of 22.43% and a net margin of 20.91%.The firm’s revenue was up 39.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.65 EPS. On average, equities analysts anticipate that Neurocrine Biosciences will post 7.26 EPS for the current year.

Insider Transactions at Neurocrine Biosciences

In other Neurocrine Biosciences news, insider David Boyer sold 826 shares of the business’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $157.45, for a total transaction of $130,053.70. Following the completion of the transaction, the insider owned 8,722 shares of the company’s stock, valued at $1,373,278.90. The trade was a 8.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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. Also, insider Darin Lippoldt sold 10,000 shares of the company’s stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $179.60, for a total transaction of $1,796,000.00. Following the sale, the insider owned 54,729 shares of the company’s stock, valued at $9,829,328.40. This trade represents a 15.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 33,325 shares of company stock worth $5,910,496. Corporate insiders own 4.60% of the company’s stock.

Institutional Trading of Neurocrine Biosciences

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in shares of Neurocrine Biosciences in the second quarter worth $2,310,886,000. Norges Bank acquired a new position in Neurocrine Biosciences during the 4th quarter valued at $162,664,000. Bank of New York Mellon Corp bought a new stake in Neurocrine Biosciences in the 2nd quarter valued at $117,827,000. Ieq Capital LLC bought a new stake in Neurocrine Biosciences in the 2nd quarter valued at $107,914,000. Finally, Bank of America Corp DE acquired a new stake in Neurocrine Biosciences in the 2nd quarter worth $104,382,000. Institutional investors own 92.59% of the company’s stock.

About Neurocrine Biosciences

Neurocrine Biosciences, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for neurological, neuroendocrine and related disorders. The company is headquartered in San Diego, California, and conducts research through internal programs and collaborations with academic institutions and other pharmaceutical companies.

Neurocrine’s principal commercial product is INGREZZA (valbenazine), a vesicular monoamine transporter 2 inhibitor used to treat tardive dyskinesia and chorea associated with Huntington’s disease.