Neurocrine Biosciences (NASDAQ:NBIX) Price Target Lowered to $140.00 at Truist Financial

Neurocrine Biosciences (NASDAQ:NBIX) had its price objective reduced by Truist Financial from $169.00 to $140.00 in a report issued on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also commented on NBIX. Weiss Ratings reissued a “hold (c+)” rating on shares of Neurocrine Biosciences in a research report on Thursday, January 22nd. JPMorgan Chase & Co. dropped their target price on Neurocrine Biosciences from $179.00 to $177.00 and set an “overweight” rating on the stock in a report on Monday, January 12th. UBS Group reduced their price target on Neurocrine Biosciences from $188.00 to $178.00 and set a “buy” rating on the stock in a research report on Friday, January 23rd. Royal Bank Of Canada lowered their price objective on shares of Neurocrine Biosciences from $180.00 to $177.00 and set an “outperform” rating for the company in a research report on Thursday, February 12th. Finally, Citigroup boosted their target price on shares of Neurocrine Biosciences from $203.00 to $204.00 and gave the stock a “buy” rating in a research report on Thursday, February 12th. Sixteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, Neurocrine Biosciences currently has a consensus rating of “Moderate Buy” and an average target price of $175.84.

Neurocrine Biosciences Trading Up 2.9%

Neurocrine Biosciences stock opened at $127.76 on Tuesday. The stock has a 50-day moving average price of $138.98 and a 200 day moving average price of $140.43. Neurocrine Biosciences has a 52 week low of $84.23 and a 52 week high of $160.18. The stock has a market cap of $12.82 billion, a PE ratio of 27.42, a P/E/G ratio of 0.57 and a beta of 0.31.

Neurocrine Biosciences (NASDAQ:NBIX) last issued its quarterly earnings results 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 net margin of 16.73% and a return on equity of 16.48%. The business had revenue of $805.50 million during the quarter, compared to analyst estimates of $804.21 million. During the same quarter last year, the firm posted $1.69 earnings per share. The company’s revenue was up 28.3% on a year-over-year basis. On average, equities analysts predict that Neurocrine Biosciences will post 4.28 EPS for the current year.

Insiders Place Their Bets

In other news, Director George J. Morrow sold 15,000 shares of the stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $143.37, for a total value of $2,150,550.00. Following the completion of the transaction, the director directly owned 7,068 shares in the company, valued at $1,013,339.16. This trade represents a 67.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Darin Lippoldt sold 4,376 shares of the stock in a transaction on Monday, December 8th. The shares were sold at an average price of $159.65, for a total value of $698,628.40. Following the transaction, the insider directly owned 43,405 shares of the company’s stock, valued at approximately $6,929,608.25. The trade was a 9.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 61,966 shares of company stock worth $8,625,166. 4.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in NBIX. Assetmark Inc. raised its position in Neurocrine Biosciences by 10.8% in the second quarter. Assetmark Inc. now owns 21,001 shares of the company’s stock worth $2,640,000 after purchasing an additional 2,045 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Neurocrine Biosciences by 87.9% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 125,162 shares of the company’s stock valued at $15,732,000 after purchasing an additional 58,562 shares during the period. Saturn V Capital Management LP bought a new stake in shares of Neurocrine Biosciences in the 2nd quarter valued at approximately $7,313,000. Capital Fund Management S.A. raised its holdings in shares of Neurocrine Biosciences by 15.9% in the 2nd quarter. Capital Fund Management S.A. now owns 203,628 shares of the company’s stock worth $25,594,000 after buying an additional 27,987 shares in the last quarter. Finally, Rhenman & Partners Asset Management AB lifted its position in shares of Neurocrine Biosciences by 66.1% during the 2nd quarter. Rhenman & Partners Asset Management AB now owns 149,217 shares of the company’s stock worth $18,755,000 after buying an additional 59,400 shares during the period. Institutional investors and hedge funds 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.