Neurocrine Biosciences (NASDAQ:NBIX) Receives Equal Weight Rating from Morgan Stanley

Morgan Stanley reissued their equal weight rating on shares of Neurocrine Biosciences (NASDAQ:NBIX) in a report released on Thursday morning, MarketBeat.com reports. The brokerage currently has a $175.00 price target on the stock, up from their prior price target of $173.00.

Several other analysts have also recently commented on the company. Canaccord Genuity Group raised their target price on Neurocrine Biosciences from $160.00 to $164.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. UBS Group raised their price objective on Neurocrine Biosciences from $188.00 to $195.00 and gave the stock a “buy” rating in a research report on Thursday, October 9th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Neurocrine Biosciences in a research note on Wednesday, October 8th. JPMorgan Chase & Co. increased their price target on shares of Neurocrine Biosciences from $171.00 to $179.00 and gave the stock an “overweight” rating in a research report on Monday, November 3rd. Finally, Needham & Company LLC boosted their price objective on shares of Neurocrine Biosciences from $170.00 to $184.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. Seventeen analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $175.20.

Neurocrine Biosciences Price Performance

NBIX stock opened at $135.57 on Thursday. The firm has a market capitalization of $13.52 billion, a P/E ratio of 32.43, a P/E/G ratio of 0.69 and a beta of 0.28. Neurocrine Biosciences has a 52-week low of $84.23 and a 52-week high of $160.18. The company’s 50 day simple moving average is $146.51 and its 200-day simple moving average is $139.58.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its quarterly earnings data on Tuesday, October 28th. The company reported $2.17 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.59. Neurocrine Biosciences had a net margin of 15.95% and a return on equity of 15.82%. The firm had revenue of $794.90 million during the quarter, compared to analyst estimates of $746.61 million. During the same quarter last year, the business posted $1.81 EPS. The company’s revenue was up 27.8% on a year-over-year basis. Sell-side analysts predict that Neurocrine Biosciences will post 4.28 EPS for the current fiscal year.

Insider Activity at Neurocrine Biosciences

In other Neurocrine Biosciences news, Director William H. Rastetter sold 18,000 shares of the business’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $151.82, for a total value of $2,732,760.00. Following the completion of the sale, the director owned 40,360 shares of the company’s stock, valued at $6,127,455.20. The trade was a 30.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Leslie V. Norwalk sold 5,000 shares of the company’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $152.23, for a total value of $761,150.00. Following the sale, the director owned 7,429 shares of the company’s stock, valued at approximately $1,130,916.67. This trade represents a 40.23% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 43,866 shares of company stock valued at $6,570,237. Insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Neurocrine Biosciences

A number of institutional investors have recently modified their holdings of NBIX. Dodge & Cox boosted its holdings in shares of Neurocrine Biosciences by 0.6% during the 2nd quarter. Dodge & Cox now owns 5,566,814 shares of the company’s stock worth $699,693,000 after buying an additional 32,190 shares during the period. JPMorgan Chase & Co. lifted its position in Neurocrine Biosciences by 11.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,730,152 shares of the company’s stock worth $664,019,000 after acquiring an additional 468,405 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Neurocrine Biosciences by 83.7% during the third quarter. AQR Capital Management LLC now owns 2,773,648 shares of the company’s stock valued at $388,435,000 after acquiring an additional 1,263,633 shares during the period. Deerfield Management Company L.P. grew its position in shares of Neurocrine Biosciences by 1.4% in the third quarter. Deerfield Management Company L.P. now owns 1,184,345 shares of the company’s stock valued at $166,258,000 after purchasing an additional 16,543 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Neurocrine Biosciences by 8.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,159,367 shares of the company’s stock valued at $128,226,000 after purchasing an additional 89,271 shares during the last quarter. Institutional investors own 92.59% of the company’s stock.

About Neurocrine Biosciences

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.