BMO Capital Markets Has Lowered Expectations for Neurocrine Biosciences (NASDAQ:NBIX) Stock Price

Neurocrine Biosciences (NASDAQ:NBIX) had its target price dropped by equities researchers at BMO Capital Markets from $164.00 to $150.00 in a research report issued on Monday, Benzinga reports. The firm currently has a “market perform” rating on the stock. BMO Capital Markets’ price target would indicate a potential upside of 6.24% from the stock’s current price.

A number of other analysts have also weighed in on the stock. TD Cowen raised their target price on shares of Neurocrine Biosciences from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Royal Bank Of Canada reiterated an “outperform” rating and set a $198.00 price target on shares of Neurocrine Biosciences in a report on Tuesday, September 8th. Wedbush increased their price target on Neurocrine Biosciences from $185.00 to $194.00 and gave the company an “outperform” rating in a research note on Monday, August 3rd. Piper Sandler raised their price objective on Neurocrine Biosciences from $207.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, July 31st. Finally, Morgan Stanley raised their price objective on Neurocrine Biosciences from $182.00 to $183.00 and gave the company an “equal weight” rating in a report on Friday, September 11th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $201.14.

Neurocrine Biosciences Stock Performance

NASDAQ:NBIX traded down $1.25 during mid-day trading on Monday, reaching $141.19. 268,290 shares of the company’s stock were exchanged, compared to its average volume of 1,214,997. Neurocrine Biosciences has a one year low of $122.14 and a one year high of $186.12. The business’s fifty day simple moving average is $151.74 and its two-hundred day simple moving average is $153.37. The firm has a market capitalization of $14.35 billion, a PE ratio of 20.70, a price-to-earnings-growth ratio of 0.66 and a beta of 0.40.

Neurocrine Biosciences (NASDAQ:NBIX) last released its earnings results on Friday, July 31st. The company reported $2.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.65 by $1.20. The company had revenue of $959.00 million for 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%. Neurocrine Biosciences’s quarterly revenue was up 39.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.65 EPS. As a group, equities research analysts forecast that Neurocrine Biosciences will post 7.26 EPS for the current year.

Insider Activity at Neurocrine Biosciences

In related news, CFO Matt Abernethy sold 2,311 shares of Neurocrine Biosciences stock in a transaction on Monday, September 14th. The shares were sold at an average price of $157.20, for a total value of $363,289.20. Following the completion of the sale, the chief financial officer 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through 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, Director Leslie V. Norwalk sold 1,250 shares of the business’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $182.01, for a total transaction of $227,512.50. Following the sale, the director directly owned 1,588 shares of the company’s stock, valued at approximately $289,031.88. The trade was a 44.05% 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. Insiders sold 4,387 shares of company stock valued at $720,855 in the last three months. Corporate insiders own 4.60% of the company’s stock.

Hedge Funds Weigh In On Neurocrine Biosciences

Several large investors have recently bought and sold shares of NBIX. Basecamp Wealth Advisors LLC raised its holdings in Neurocrine Biosciences by 582.9% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 239 shares of the company’s stock valued at $31,000 after buying an additional 204 shares during the last quarter. Cassaday & Co Wealth Management LLC bought a new stake in Neurocrine Biosciences in the 1st quarter worth $33,000. TrinityBridge Ltd bought a new stake in Neurocrine Biosciences in the 2nd quarter worth $45,000. Transamerica Financial Advisors LLC bought a new stake in Neurocrine Biosciences in the 2nd quarter worth $48,000. Finally, Ascentis Independent Advisors purchased a new position in shares of Neurocrine Biosciences in the first quarter valued at about $40,000. 92.59% of the stock is currently owned by institutional investors.

Neurocrine Biosciences Company Profile

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.