Neurocrine Biosciences (NASDAQ:NBIX) Stock Rating Upgraded by Wall Street Zen

Neurocrine Biosciences (NASDAQ:NBIX) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday, Wall Street Zen reports.

Several other research firms have also recently weighed in on NBIX. Wells Fargo & Company increased their price target on Neurocrine Biosciences from $175.00 to $200.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Piper Sandler lifted their price objective on Neurocrine Biosciences from $210.00 to $215.00 and gave the stock an “overweight” rating in a report on Tuesday, November 3rd. Zacks Research cut Neurocrine Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 4th. Weiss Ratings raised Neurocrine Biosciences from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, October 14th. Finally, Stifel Nicolaus increased their target price on Neurocrine Biosciences from $188.00 to $215.00 and gave the company a “buy” rating in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $202.32.

Neurocrine Biosciences Price Performance

NBIX stock opened at $164.63 on Friday. Neurocrine Biosciences has a 1-year low of $122.14 and a 1-year high of $186.12. The business has a fifty day moving average price of $147.22 and a 200-day moving average price of $148.05. The stock has a market capitalization of $16.66 billion, a P/E ratio of 24.43, a P/E/G ratio of 0.67 and a beta of 0.36.

Neurocrine Biosciences (NASDAQ:NBIX) last issued its earnings results on Monday, November 2nd. The company reported $3.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.91 by $1.38. Neurocrine Biosciences had a return on equity of 23.39% and a net margin of 18.98%. The business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the previous year, the firm earned $2.04 EPS. Neurocrine Biosciences’s revenue was up 41.3% on a year-over-year basis. As a group, analysts anticipate that Neurocrine Biosciences will post 8.41 earnings per share for the current year.

Insider Transactions at Neurocrine Biosciences

In other news, insider David Boyer sold 826 shares of the firm’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $157.45, for a total transaction of $130,053.70. Following the sale, the insider directly owned 8,722 shares in the company, valued at $1,373,278.90. This trade represents a 8.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Matt Abernethy sold 2,311 shares of Neurocrine Biosciences stock in a transaction on Monday, September 14th. The shares were sold at an average price of $157.20, for a total transaction of $363,289.20. Following the transaction, the chief financial officer owned 42,808 shares in the company, valued at approximately $6,729,417.60. This trade represents a 5.12% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 18,137 shares of company stock valued at $2,829,332 over the last three months. Corporate insiders own 4.60% of the company’s stock.

Hedge Funds Weigh In On Neurocrine Biosciences

Large investors have recently made changes to their positions in the business. Aberdeen Group plc grew its holdings in shares of Neurocrine Biosciences by 5,055.5% in the third quarter. Aberdeen Group plc now owns 1,183,444 shares of the company’s stock valued at $167,860,000 after purchasing an additional 1,160,489 shares in the last quarter. Allworth Financial LP increased its position in Neurocrine Biosciences by 1.0% in the third quarter. Allworth Financial LP now owns 15,000 shares of the company’s stock worth $2,128,000 after purchasing an additional 147 shares during the last quarter. Russell Investments Group Ltd. increased its position in Neurocrine Biosciences by 17.1% in the third quarter. Russell Investments Group Ltd. now owns 385,351 shares of the company’s stock worth $54,391,000 after purchasing an additional 56,286 shares during the last quarter. Fifth Third Bancorp increased its position in Neurocrine Biosciences by 6.6% in the third quarter. Fifth Third Bancorp now owns 32,218 shares of the company’s stock worth $4,570,000 after purchasing an additional 2,001 shares during the last quarter. Finally, New Mexico Educational Retirement Board raised its stake in Neurocrine Biosciences by 6.6% during the third quarter. New Mexico Educational Retirement Board now owns 21,000 shares of the company’s stock valued at $2,979,000 after purchasing an additional 1,300 shares in the last quarter. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

About Neurocrine Biosciences

Neurocrine Biosciences is a biopharmaceutical company focused on developing and commercializing treatments for neurological, endocrine and related disorders. Founded in 1992 and headquartered in San Diego, California, the company conducts research and development alongside its commercial operations.

Its marketed medicines include INGREZZA (valbenazine), approved in the United States for tardive dyskinesia and chorea associated with Huntington disease, and CRENESSITY (crinecerfont), used with glucocorticoid replacement therapy to treat classic congenital adrenal hyperplasia in adults and children.

Neurocrine primarily serves the U.S.