Neurocrine Biosciences (NASDAQ:NBIX) Now Covered by Wolfe Research

Wolfe Research began coverage on shares of Neurocrine Biosciences (NASDAQ:NBIX) in a research report released on Tuesday, MarketBeat reports. The firm issued an outperform rating and a $160.00 price objective on the stock.

Other research analysts also recently issued reports about the stock. Piper Sandler upped their price target on shares of Neurocrine Biosciences from $175.00 to $179.00 and gave the stock an “overweight” rating in a report on Wednesday, October 29th. Morgan Stanley reissued an “equal weight” rating and set a $175.00 price target (up from $173.00) on shares of Neurocrine Biosciences in a research note on Thursday, January 8th. TD Cowen boosted their price target on Neurocrine Biosciences from $175.00 to $200.00 and gave the stock a “buy” rating in a report on Friday, December 5th. Wedbush upped their price objective on Neurocrine Biosciences from $149.00 to $151.00 and gave the company an “outperform” rating in a research note on Thursday, February 12th. Finally, JPMorgan Chase & Co. cut their target price on shares of Neurocrine Biosciences from $177.00 to $176.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 17th. Seventeen analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $175.05.

Neurocrine Biosciences Trading Up 2.0%

Shares of NASDAQ NBIX opened at $130.96 on Tuesday. The company has a market cap of $13.14 billion, a price-to-earnings ratio of 28.10, a PEG ratio of 0.67 and a beta of 0.31. Neurocrine Biosciences has a 12 month low of $84.23 and a 12 month high of $160.18. The stock has a 50-day moving average price of $136.59 and a two-hundred day moving average price of $140.51.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.36 by ($0.48). The company had revenue of $805.50 million for the quarter, compared to the consensus estimate of $804.21 million. Neurocrine Biosciences had a net margin of 16.73% and a return on equity of 16.48%. The company’s revenue for the quarter was up 28.3% compared to the same quarter last year. During the same period last year, the firm posted $1.69 earnings per share. On average, sell-side analysts predict that Neurocrine Biosciences will post 4.28 earnings per share for the current year.

Insider Activity at Neurocrine Biosciences

In other news, CEO Kyle Gano sold 36,400 shares of Neurocrine Biosciences stock in a transaction dated Friday, January 16th. The stock was sold at an average price of $132.70, for a total value of $4,830,280.00. Following the completion of the transaction, the chief executive officer directly owned 140,407 shares of the company’s stock, valued at approximately $18,632,008.90. This trade represents a 20.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Leslie V. Norwalk sold 5,000 shares of the company’s stock in a transaction dated Monday, December 15th. The shares were 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 in the company, valued at approximately $1,130,916.67. The trade was a 40.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 46,966 shares of company stock worth $6,474,616 over the last quarter. Company insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Neurocrine Biosciences

A number of hedge funds have recently added to or reduced their stakes in NBIX. Royal Bank of Canada grew its position in shares of Neurocrine Biosciences by 36.7% during the 1st quarter. Royal Bank of Canada now owns 82,810 shares of the company’s stock worth $9,158,000 after buying an additional 22,224 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Neurocrine Biosciences by 60.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,783 shares of the company’s stock valued at $1,647,000 after acquiring an additional 5,577 shares during the period. NewEdge Advisors LLC boosted its stake in Neurocrine Biosciences by 56.3% during the first quarter. NewEdge Advisors LLC now owns 7,630 shares of the company’s stock worth $844,000 after acquiring an additional 2,747 shares in the last quarter. Empowered Funds LLC acquired a new stake in Neurocrine Biosciences in the first quarter worth $1,333,000. Finally, Geneos Wealth Management Inc. increased its stake in Neurocrine Biosciences by 143.6% in the first quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock valued at $25,000 after purchasing an additional 135 shares in the last quarter. 92.59% of the stock is currently owned by institutional investors.

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.