Neurocrine Biosciences (NASDAQ:NBIX) Price Target Raised to $224.00

Neurocrine Biosciences (NASDAQ:NBIX) had its price target lifted by Guggenheim from $207.00 to $224.00 in a report published on Wednesday,Benzinga reports. Guggenheim currently has a buy rating on the stock.

A number of other equities research analysts have also issued reports on the company. Citigroup increased their price target on Neurocrine Biosciences from $249.00 to $253.00 and gave the company a “buy” rating in a research report on Thursday, September 3rd. Truist Financial boosted their price objective on Neurocrine Biosciences from $200.00 to $213.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Piper Sandler upped their target price on shares of Neurocrine Biosciences from $210.00 to $215.00 and gave the stock an “overweight” rating in a research note on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and issued a $204.00 target price on shares of Neurocrine Biosciences in a report on Friday, October 16th. Finally, Cantor Fitzgerald lifted 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. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $202.32.

Neurocrine Biosciences Stock Performance

Shares of Neurocrine Biosciences stock traded up $4.87 during trading hours on Wednesday, reaching $164.63. 1,507,459 shares of the company were exchanged, compared to its average volume of 1,232,670. Neurocrine Biosciences has a 1 year low of $122.14 and a 1 year high of $186.12. The stock’s fifty day moving average is $147.22 and its 200 day moving average is $148.05. The firm has a market cap of $16.73 billion, a PE ratio of 24.43, a PEG ratio of 0.64 and a beta of 0.36.

Neurocrine Biosciences (NASDAQ:NBIX) last released its earnings results on Monday, November 2nd. The company reported $3.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.91 by $1.38. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.04 billion. Neurocrine Biosciences had a return on equity of 24.11% and a net margin of 18.98%. Neurocrine Biosciences’s revenue was up 41.3% compared to the same quarter last year. During the same period last year, the business posted $2.04 earnings per share. Research analysts expect that Neurocrine Biosciences will post 7.66 earnings per share for the current year.

Insider Transactions at Neurocrine Biosciences

In related news, Director George Morrow sold 7,200 shares of the company’s stock in a transaction that occurred on Tuesday, November 3rd. The stock was sold at an average price of $166.37, for a total value of $1,197,864.00. Following the completion of the transaction, the director directly owned 10,386 shares of the company’s stock, valued at $1,727,918.82. This represents a 40.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Matt Abernethy sold 2,311 shares of the stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $157.20, for a total transaction of $363,289.20. Following the completion of the transaction, the chief financial officer owned 42,808 shares in the company, valued at $6,729,417.60. This represents a 5.12% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 18,137 shares of company stock valued at $2,829,332. Corporate insiders own 4.60% of the company’s stock.

Institutional Investors Weigh In On Neurocrine Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Entrust Financial LLC lifted its holdings in shares of Neurocrine Biosciences by 62.9% in the 3rd quarter. Entrust Financial LLC now owns 202 shares of the company’s stock valued at $29,000 after purchasing an additional 78 shares during the last quarter. Raleigh Capital Management Inc. grew its stake in Neurocrine Biosciences by 561.8% during the 3rd quarter. Raleigh Capital Management Inc. now owns 225 shares of the company’s stock worth $32,000 after buying an additional 191 shares during the last quarter. Basecamp Wealth Advisors LLC grew its stake in Neurocrine Biosciences by 582.9% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 239 shares of the company’s stock worth $31,000 after buying an additional 204 shares during the last quarter. Cassaday & Co Wealth Management LLC acquired a new position in Neurocrine Biosciences during the first quarter worth approximately $33,000. Finally, TrinityBridge Ltd acquired a new position in Neurocrine Biosciences during the second quarter worth approximately $45,000. 92.59% of the stock is currently owned by institutional investors and hedge funds.

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.