Neurocrine Biosciences (NASDAQ:NBIX) Downgraded to Buy Rating by Wall Street Zen

Neurocrine Biosciences (NASDAQ:NBIX) was downgraded by Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued on Saturday.

Several other equities analysts have also recently issued reports on NBIX. JPMorgan Chase & Co. lowered their price target on Neurocrine Biosciences from $179.00 to $177.00 and set an “overweight” rating on the stock in a research report on Monday, January 12th. HC Wainwright raised their target price on Neurocrine Biosciences from $168.00 to $198.00 and gave the company a “buy” rating in a research note on Wednesday, December 17th. TD Cowen boosted their price target on shares of Neurocrine Biosciences from $175.00 to $200.00 and gave the stock a “buy” rating in a research report on Friday, December 5th. Citigroup upped their price target on shares of Neurocrine Biosciences from $175.00 to $203.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Finally, Truist Financial reduced their price objective on shares of Neurocrine Biosciences from $172.00 to $169.00 and set a “buy” rating for the company in a research report on Thursday, January 8th. Seventeen research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $174.25.

Neurocrine Biosciences Trading Down 1.4%

Shares of NASDAQ NBIX opened at $136.06 on Friday. Neurocrine Biosciences has a 12-month low of $84.23 and a 12-month high of $160.18. The company has a market cap of $13.57 billion, a price-to-earnings ratio of 32.55, a price-to-earnings-growth ratio of 0.73 and a beta of 0.28. The stock’s 50 day simple moving average is $143.13 and its 200 day simple moving average is $140.19.

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

Insider Activity

In other news, Director Leslie V. Norwalk sold 1,190 shares of the firm’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $155.09, for a total transaction of $184,557.10. Following the transaction, the director owned 6,239 shares in the company, valued at approximately $967,606.51. This trade represents a 16.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Kyle Gano sold 36,400 shares of the firm’s stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $132.70, for a total value of $4,830,280.00. Following the transaction, the chief executive officer owned 140,407 shares in the company, valued at approximately $18,632,008.90. This trade represents a 20.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 80,266 shares of company stock valued at $11,400,517. 4.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Neurocrine Biosciences

A number of institutional investors have recently modified their holdings of NBIX. Royal Bank of Canada raised its holdings in Neurocrine Biosciences by 36.7% in the 1st quarter. Royal Bank of Canada now owns 82,810 shares of the company’s stock worth $9,158,000 after acquiring an additional 22,224 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Neurocrine Biosciences by 60.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,783 shares of the company’s stock valued at $1,647,000 after purchasing an additional 5,577 shares during the last quarter. NewEdge Advisors LLC increased its stake in shares of Neurocrine Biosciences by 56.3% in the first quarter. NewEdge Advisors LLC now owns 7,630 shares of the company’s stock worth $844,000 after purchasing an additional 2,747 shares during the period. Empowered Funds LLC acquired a new position in shares of Neurocrine Biosciences during the 1st quarter worth about $1,333,000. Finally, Geneos Wealth Management Inc. boosted its stake in Neurocrine Biosciences by 143.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock valued at $25,000 after purchasing an additional 135 shares during the period. Institutional investors 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.