The Goldman Sachs Group Initiates Coverage on Neurocrine Biosciences (NASDAQ:NBIX)

Equities research analysts at The Goldman Sachs Group began coverage on shares of Neurocrine Biosciences (NASDAQ:NBIX) in a report released on Thursday, MarketBeat Ratings reports. The firm set a “buy” rating and a $182.00 price target on the stock. The Goldman Sachs Group’s price target indicates a potential upside of 36.37% from the company’s previous close.

NBIX has been the subject of several other reports. Needham & Company LLC boosted their target price on Neurocrine Biosciences from $138.00 to $139.00 and gave the stock a “buy” rating in a research report on Tuesday, May 6th. Wall Street Zen cut shares of Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 20th. JPMorgan Chase & Co. increased their target price on shares of Neurocrine Biosciences from $183.00 to $184.00 and gave the stock an “overweight” rating in a report on Wednesday, March 26th. Wedbush restated an “outperform” rating on shares of Neurocrine Biosciences in a research report on Tuesday, May 6th. Finally, HC Wainwright reduced their target price on Neurocrine Biosciences from $185.00 to $168.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. Three investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $163.91.

Neurocrine Biosciences Trading Down 1.1%

Neurocrine Biosciences stock opened at $133.46 on Thursday. The company has a market cap of $13.21 billion, a PE ratio of 45.24, a PEG ratio of 1.38 and a beta of 0.24. Neurocrine Biosciences has a 1 year low of $84.23 and a 1 year high of $157.98. The company’s 50-day moving average is $124.19 and its two-hundred day moving average is $121.63.

Neurocrine Biosciences (NASDAQ:NBIX) last released its earnings results on Monday, May 5th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.62). Neurocrine Biosciences had a return on equity of 11.81% and a net margin of 12.68%. The business had revenue of $572.60 million for the quarter, compared to analyst estimates of $587.06 million. During the same period in the prior year, the firm posted $1.20 EPS. Neurocrine Biosciences’s revenue was up 11.1% on a year-over-year basis. Research analysts forecast that Neurocrine Biosciences will post 4.28 EPS for the current year.

Insider Buying and Selling

In related news, Director William H. Rastetter sold 30,000 shares of the stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $110.20, for a total transaction of $3,306,000.00. Following the completion of the transaction, the director directly owned 37,491 shares of the company’s stock, valued at approximately $4,131,508.20. This represents a 44.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jude Onyia sold 59,819 shares of the company’s stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $130.46, for a total value of $7,803,986.74. Following the sale, the insider owned 18,289 shares in the company, valued at approximately $2,385,982.94. This represents a 76.58% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 120,251 shares of company stock worth $14,978,602 in the last three months. Insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Avantax Advisory Services Inc. lifted its stake in Neurocrine Biosciences by 11.4% in the 4th quarter. Avantax Advisory Services Inc. now owns 2,895 shares of the company’s stock valued at $395,000 after purchasing an additional 297 shares during the last quarter. Corient Private Wealth LLC raised its stake in Neurocrine Biosciences by 64.0% in the fourth quarter. Corient Private Wealth LLC now owns 7,927 shares of the company’s stock valued at $1,082,000 after buying an additional 3,094 shares during the period. B. Metzler seel. Sohn & Co. AG lifted its position in shares of Neurocrine Biosciences by 5.1% in the fourth quarter. B. Metzler seel. Sohn & Co. AG now owns 5,044 shares of the company’s stock valued at $689,000 after buying an additional 245 shares during the last quarter. Golden State Wealth Management LLC boosted its stake in shares of Neurocrine Biosciences by 116.9% during the 1st quarter. Golden State Wealth Management LLC now owns 397 shares of the company’s stock worth $44,000 after acquiring an additional 214 shares during the period. Finally, Fifth Third Bancorp increased its holdings in shares of Neurocrine Biosciences by 31.7% during the 1st quarter. Fifth Third Bancorp now owns 1,056 shares of the company’s stock worth $117,000 after acquiring an additional 254 shares during the last quarter. Institutional investors own 92.59% of the company’s stock.

About Neurocrine Biosciences

Neurocrine Biosciences, Inc discovers, develops, and markets pharmaceuticals for neurological, neuroendocrine, and neuropsychiatric disorders in the United States and internationally. The company’s products include INGREZZA for tardive dyskinesia and chorea associated with Huntington’s disease; ALKINDI for adrenal insufficiency; Efmody capsules for classic congenital adrenal hyperplasia; Orilissa tablets for endometriosis; and Oriahnn capsules to treat uterine fibroids.