Wedbush Forecasts Strong Price Appreciation for Neurocrine Biosciences (NASDAQ:NBIX) Stock

Neurocrine Biosciences (NASDAQ:NBIX) had its price target lifted by equities researchers at Wedbush from $137.00 to $141.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Wedbush’s price objective would suggest a potential upside of 9.38% from the stock’s current price.

Several other equities analysts have also commented on NBIX. Needham & Company LLC increased their target price on Neurocrine Biosciences from $138.00 to $139.00 and gave the company a “buy” rating in a report on Tuesday, May 6th. Royal Bank Of Canada reissued an “outperform” rating and issued a $145.00 target price on shares of Neurocrine Biosciences in a report on Monday, June 2nd. Canaccord Genuity Group increased their target price on Neurocrine Biosciences from $158.00 to $160.00 and gave the company a “buy” rating in a report on Tuesday, May 6th. UBS Group increased their target price on Neurocrine Biosciences from $152.00 to $174.00 and gave the company a “buy” rating in a report on Wednesday, July 9th. Finally, Truist Financial began coverage on shares of Neurocrine Biosciences in a research note on Monday, July 21st. They issued a “buy” rating and a $163.00 price objective for the company. Four investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $164.00.

Neurocrine Biosciences Trading Up 0.5%

Shares of NBIX stock opened at $128.91 on Thursday. The company has a market cap of $12.76 billion, a P/E ratio of 38.14, a PEG ratio of 1.32 and a beta of 0.24. The firm has a fifty day moving average price of $128.26 and a 200 day moving average price of $121.03. Neurocrine Biosciences has a 12 month low of $84.23 and a 12 month high of $157.40.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its earnings results on Wednesday, July 30th. The company reported $1.06 EPS for the quarter, beating the consensus estimate of $0.98 by $0.08. The firm had revenue of $687.50 million for the quarter, compared to analyst estimates of $653.09 million. Neurocrine Biosciences had a return on equity of 13.22% and a net margin of 13.88%. Neurocrine Biosciences’s revenue for the quarter was up 16.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.63 earnings per share. On average, equities analysts forecast that Neurocrine Biosciences will post 4.28 EPS for the current year.

Insider Buying and Selling at Neurocrine Biosciences

In other news, insider Ingrid Delaet sold 457 shares of the stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $135.00, for a total transaction of $61,695.00. Following the completion of the sale, the insider owned 4,730 shares in the company, valued at approximately $638,550. This represents a 8.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kevin Charles Gorman sold 9,613 shares of the stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $120.38, for a total transaction of $1,157,212.94. Following the transaction, the director directly owned 514,596 shares of the company’s stock, valued at $61,947,066.48. This represents a 1.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 120,251 shares of company stock worth $14,978,602 over the last three months. 4.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. OneDigital Investment Advisors LLC raised its holdings in Neurocrine Biosciences by 2.1% during the fourth quarter. OneDigital Investment Advisors LLC now owns 4,215 shares of the company’s stock worth $575,000 after purchasing an additional 87 shares in the last quarter. IFP Advisors Inc raised its holdings in Neurocrine Biosciences by 4.2% during the second quarter. IFP Advisors Inc now owns 2,172 shares of the company’s stock worth $273,000 after purchasing an additional 88 shares in the last quarter. HighPoint Advisor Group LLC raised its holdings in Neurocrine Biosciences by 4.1% during the fourth quarter. HighPoint Advisor Group LLC now owns 2,446 shares of the company’s stock worth $334,000 after purchasing an additional 96 shares in the last quarter. Linden Thomas Advisory Services LLC raised its holdings in Neurocrine Biosciences by 1.5% during the second quarter. Linden Thomas Advisory Services LLC now owns 6,699 shares of the company’s stock worth $842,000 after purchasing an additional 96 shares in the last quarter. Finally, Huntington National Bank raised its holdings in Neurocrine Biosciences by 73.5% during the fourth quarter. Huntington National Bank now owns 229 shares of the company’s stock worth $31,000 after purchasing an additional 97 shares in the last quarter. 92.59% of the stock is owned by hedge funds and other institutional investors.

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.