Morgan Stanley Forecasts Strong Price Appreciation for Neurocrine Biosciences (NASDAQ:NBIX) Stock

Neurocrine Biosciences (NASDAQ:NBIX) had its target price hoisted by Morgan Stanley from $173.00 to $185.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s target price points to a potential upside of 43.53% from the company’s current price.

NBIX has been the topic of a number of other reports. Truist Financial lowered their target price on shares of Neurocrine Biosciences from $169.00 to $140.00 and set a “buy” rating on the stock in a report on Tuesday, February 17th. Needham & Company LLC restated a “buy” rating and set a $185.00 target price on shares of Neurocrine Biosciences in a report on Monday, April 6th. Wedbush boosted their target price on shares of Neurocrine Biosciences from $151.00 to $166.00 and gave the stock an “outperform” rating in a report on Tuesday, April 7th. UBS Group decreased their price objective on shares of Neurocrine Biosciences from $188.00 to $178.00 and set a “buy” rating on the stock in a report on Friday, January 23rd. Finally, HC Wainwright upped their price objective on shares of Neurocrine Biosciences from $192.00 to $215.00 and gave the company a “buy” rating in a report on Tuesday, April 7th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $181.20.

Neurocrine Biosciences Trading Down 2.1%

Shares of NBIX opened at $128.89 on Friday. The company has a market cap of $12.94 billion, a price-to-earnings ratio of 27.66, a PEG ratio of 0.67 and a beta of 0.35. Neurocrine Biosciences has a 1-year low of $88.35 and a 1-year high of $160.18. The company’s fifty day simple moving average is $131.16 and its 200 day simple moving average is $138.64.

Neurocrine Biosciences (NASDAQ:NBIX) last issued its earnings results on Wednesday, February 11th. The company reported $1.88 earnings per share for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.48). The firm had revenue of $805.50 million for the quarter, compared to analyst estimates of $804.21 million. Neurocrine Biosciences had a return on equity of 16.48% and a net margin of 16.73%.Neurocrine Biosciences’s quarterly revenue was up 28.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.69 earnings per share. As a group, research analysts forecast that Neurocrine Biosciences will post 4.28 earnings per share for the current year.

Insider Activity at Neurocrine Biosciences

In other Neurocrine Biosciences news, CEO Kyle Gano sold 36,400 shares of the company’s stock in a transaction on 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 directly owned 140,407 shares in the company, valued at $18,632,008.90. The trade was a 20.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 4.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Neurocrine Biosciences

Several large investors have recently added to or reduced their stakes in NBIX. USA Financial Formulas purchased a new stake in Neurocrine Biosciences in the 4th quarter worth about $25,000. Geneos Wealth Management Inc. grew its holdings 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 buying an additional 135 shares in the last quarter. Golden State Wealth Management LLC grew its holdings in Neurocrine Biosciences by 120.5% during the 3rd 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 in the last quarter. Eastern Bank purchased a new position in Neurocrine Biosciences during the 3rd quarter valued at about $27,000. Finally, DJE Kapital AG purchased a new position in Neurocrine Biosciences during the 4th quarter valued at about $28,000. Hedge funds and other 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.