Neurocrine Biosciences (NASDAQ:NBIX) Price Target Raised to $170.00

Neurocrine Biosciences (NASDAQ:NBIX) had its target price increased by equities researchers at Leerink Partners from $160.00 to $170.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Leerink Partners’ price target indicates a potential upside of 29.59% from the stock’s previous close.

NBIX has been the subject of several other reports. HC Wainwright upped their price objective on Neurocrine Biosciences from $192.00 to $215.00 and gave the stock a “buy” rating in a research report on Tuesday, April 7th. Truist Financial dropped their price objective on Neurocrine Biosciences from $169.00 to $140.00 and set a “buy” rating for the company in a research report on Tuesday, February 17th. JPMorgan Chase & Co. upped their price objective on Neurocrine Biosciences from $176.00 to $177.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. BMO Capital Markets dropped their price objective on Neurocrine Biosciences from $147.00 to $140.00 and set a “market perform” rating for the company in a research report on Thursday, February 12th. Finally, UBS Group dropped their price objective on Neurocrine Biosciences from $188.00 to $178.00 and set a “buy” rating for the company in a research report on Friday, January 23rd. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, Neurocrine Biosciences presently has a consensus rating of “Moderate Buy” and an average target price of $180.67.

Neurocrine Biosciences Stock Up 0.7%

Shares of NASDAQ:NBIX traded up $0.96 during trading on Wednesday, reaching $131.18. 46,312 shares of the company traded hands, compared to its average volume of 1,143,749. The company’s 50 day moving average is $129.99 and its two-hundred day moving average is $138.14. The firm has a market capitalization of $13.19 billion, a PE ratio of 28.08, a PEG ratio of 0.69 and a beta of 0.35. Neurocrine Biosciences has a 52 week low of $101.15 and a 52 week high of $160.18.

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 the consensus estimate of $2.36 by ($0.48). Neurocrine Biosciences had a return on equity of 16.48% and a net margin of 16.73%.The business had revenue of $805.50 million for the quarter, compared to the consensus estimate of $804.21 million. During the same quarter in the prior year, the company earned $1.69 earnings per share. Neurocrine Biosciences’s quarterly revenue was up 28.3% compared to the same quarter last year. As a group, research analysts anticipate that Neurocrine Biosciences will post 6.33 EPS for the current year.

Hedge Funds Weigh In On Neurocrine Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of NBIX. USA Financial Formulas acquired a new stake in shares of Neurocrine Biosciences in the fourth quarter valued at about $25,000. Geneos Wealth Management Inc. increased its stake in shares of Neurocrine Biosciences by 143.6% in the first quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock valued at $25,000 after buying an additional 135 shares during the period. Golden State Wealth Management LLC increased its stake in shares of Neurocrine Biosciences by 120.5% in the third quarter. Golden State Wealth Management LLC now owns 183 shares of the company’s stock valued at $26,000 after buying an additional 100 shares during the period. Eastern Bank acquired a new stake in shares of Neurocrine Biosciences in the third quarter valued at about $27,000. Finally, DJE Kapital AG acquired a new stake in shares of Neurocrine Biosciences in the fourth quarter valued at about $28,000. Institutional investors and hedge funds own 92.59% of the company’s stock.

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.