Neurocrine Biosciences (NASDAQ:NBIX) Raised to “Overweight” at Piper Sandler

Neurocrine Biosciences (NASDAQ:NBIX) was upgraded by analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a research report issued on Thursday, MarketBeat reports. The brokerage presently has a $159.00 target price on the stock, up from their prior target price of $131.00. Piper Sandler’s target price suggests a potential upside of 25.14% from the company’s previous close.

Other analysts also recently issued research reports about the company. Oppenheimer raised their price objective on Neurocrine Biosciences from $216.00 to $219.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Barclays raised their target price on Neurocrine Biosciences from $169.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Guggenheim boosted their price target on shares of Neurocrine Biosciences from $170.00 to $180.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $155.00 price objective on shares of Neurocrine Biosciences in a report on Thursday, July 25th. Finally, Citigroup lifted their target price on shares of Neurocrine Biosciences from $150.00 to $158.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $163.00.

Neurocrine Biosciences Price Performance

NASDAQ:NBIX opened at $127.06 on Thursday. Neurocrine Biosciences has a one year low of $103.63 and a one year high of $157.98. The company has a fifty day moving average price of $143.93 and a 200 day moving average price of $139.34. The stock has a market cap of $12.79 billion, a P/E ratio of 35.00 and a beta of 0.37.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.52). Neurocrine Biosciences had a net margin of 16.00% and a return on equity of 14.86%. The company had revenue of $590.20 million for the quarter, compared to analyst estimates of $545.98 million. During the same period in the prior year, the company posted $0.95 EPS. The firm’s quarterly revenue was up 30.4% on a year-over-year basis. As a group, equities research analysts anticipate that Neurocrine Biosciences will post 4.22 EPS for the current year.

Insider Buying and Selling

In other Neurocrine Biosciences news, insider Julie Cooke sold 900 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $150.04, for a total value of $135,036.00. Following the transaction, the insider now directly owns 18,202 shares in the company, valued at approximately $2,731,028.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Matt Abernethy sold 14,100 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $150.38, for a total transaction of $2,120,358.00. Following the completion of the sale, the chief financial officer now directly owns 31,528 shares of the company’s stock, valued at $4,741,180.64. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Julie Cooke sold 900 shares of Neurocrine Biosciences stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $150.04, for a total transaction of $135,036.00. Following the sale, the insider now directly owns 18,202 shares of the company’s stock, valued at approximately $2,731,028.08. The disclosure for this sale can be found here. Insiders sold 71,798 shares of company stock worth $10,676,096 in the last quarter. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Vestal Point Capital LP bought a new stake in Neurocrine Biosciences in the fourth quarter valued at about $105,408,000. 1832 Asset Management L.P. increased its stake in shares of Neurocrine Biosciences by 1,370.7% in the 2nd quarter. 1832 Asset Management L.P. now owns 541,200 shares of the company’s stock valued at $74,507,000 after acquiring an additional 504,400 shares during the last quarter. Los Angeles Capital Management LLC raised its position in shares of Neurocrine Biosciences by 66.0% in the 4th quarter. Los Angeles Capital Management LLC now owns 918,391 shares of the company’s stock valued at $121,007,000 after acquiring an additional 364,986 shares during the period. Norges Bank bought a new position in Neurocrine Biosciences during the 4th quarter worth approximately $35,731,000. Finally, AQR Capital Management LLC boosted its stake in Neurocrine Biosciences by 23.0% during the 2nd quarter. AQR Capital Management LLC now owns 1,223,055 shares of the company’s stock worth $166,959,000 after acquiring an additional 228,444 shares during the last quarter. Institutional investors and hedge funds own 92.59% of the company’s stock.

About Neurocrine Biosciences

Neurocrine Biosciences, Inc discovers, develops, and markets pharmaceuticals for neurological, neuroendocrine, and neuropsychiatric disorders in the United States and internationally. The company's products include INGREZZA for tardive dyskinesia and chorea associated with Huntington's disease; ALKINDI for adrenal insufficiency; Efmody capsules for classic congenital adrenal hyperplasia; Orilissa tablets for endometriosis; and Oriahnn capsules to treat uterine fibroids.