JPMorgan Chase & Co. Cuts Neurocrine Biosciences (NASDAQ:NBIX) Price Target to $177.00

Neurocrine Biosciences (NASDAQ:NBIX) had its price target decreased by JPMorgan Chase & Co. from $179.00 to $177.00 in a research report sent to investors on Monday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

NBIX has been the subject of several other research reports. Stifel Nicolaus boosted their price objective on shares of Neurocrine Biosciences from $183.00 to $188.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Piper Sandler boosted their target price on Neurocrine Biosciences from $175.00 to $179.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 29th. UBS Group upped their price target on Neurocrine Biosciences from $188.00 to $195.00 and gave the company a “buy” rating in a research note on Thursday, October 9th. Zacks Research cut Neurocrine Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Finally, Wall Street Zen lowered Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 10th. Seventeen investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $175.10.

Neurocrine Biosciences Stock Up 2.3%

Shares of NASDAQ NBIX opened at $135.33 on Monday. Neurocrine Biosciences has a 12-month low of $84.23 and a 12-month high of $160.18. The firm’s 50-day simple moving average is $145.58 and its 200 day simple moving average is $139.88. The company has a market cap of $13.49 billion, a price-to-earnings ratio of 32.38, a price-to-earnings-growth ratio of 0.64 and a beta of 0.28.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its earnings results on Tuesday, October 28th. The company reported $2.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.59. Neurocrine Biosciences had a net margin of 15.95% and a return on equity of 15.82%. The company had revenue of $794.90 million during the quarter, compared to the consensus estimate of $746.61 million. During the same period in the previous year, the firm posted $1.81 earnings per share. The company’s revenue was up 27.8% on a year-over-year basis. On average, equities analysts expect that Neurocrine Biosciences will post 4.28 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Kyle Gano sold 300 shares of the stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $141.97, for a total value of $42,591.00. Following the sale, the chief executive officer directly owned 140,407 shares in the company, valued at $19,933,581.79. This trade represents a 0.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director George J. Morrow sold 15,000 shares of Neurocrine Biosciences stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $143.37, for a total transaction of $2,150,550.00. Following the transaction, the director directly owned 7,068 shares in the company, valued at $1,013,339.16. The trade was a 67.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 43,866 shares of company stock valued at $6,570,237 in the last ninety days. 4.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Neurocrine Biosciences

Several hedge funds have recently bought and sold shares of NBIX. USA Financial Formulas acquired a new position in shares of Neurocrine Biosciences in the 4th quarter valued at $25,000. Geneos Wealth Management Inc. lifted its holdings in Neurocrine Biosciences by 143.6% during the first quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock worth $25,000 after acquiring an additional 135 shares in the last quarter. Golden State Wealth Management LLC lifted its holdings in Neurocrine Biosciences by 120.5% during the third quarter. Golden State Wealth Management LLC now owns 183 shares of the company’s stock worth $26,000 after acquiring an additional 100 shares in the last quarter. Eastern Bank acquired a new position in Neurocrine Biosciences in the third quarter valued at about $27,000. Finally, Quent Capital LLC bought a new stake in shares of Neurocrine Biosciences in the third quarter worth about $32,000. 92.59% of the stock is currently owned by institutional investors and hedge funds.

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.