Guggenheim started coverage on shares of Neurocrine Biosciences (NASDAQ:NBIX – Free Report) in a research note published on Tuesday, Marketbeat.com reports. The brokerage issued a buy rating and a $207.00 price target on the stock.
NBIX has been the topic of a number of other reports. Wedbush upped their price target on Neurocrine Biosciences from $185.00 to $194.00 and gave the company an “outperform” rating in a report on Monday, August 3rd. Piper Sandler upped their target price on shares of Neurocrine Biosciences from $207.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, July 31st. Wells Fargo & Company lifted their price target on shares of Neurocrine Biosciences from $175.00 to $200.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Weiss Ratings cut shares of Neurocrine Biosciences from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, September 29th. Finally, Truist Financial raised their target price on shares of Neurocrine Biosciences from $200.00 to $213.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Neurocrine Biosciences currently has an average rating of “Moderate Buy” and a consensus target price of $202.05.
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Neurocrine Biosciences Stock Up 0.9%
Neurocrine Biosciences (NASDAQ:NBIX – Get Free Report) last announced its quarterly earnings data on Friday, July 31st. The company reported $2.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.65 by $1.20. Neurocrine Biosciences had a net margin of 20.91% and a return on equity of 22.43%. The company had revenue of $959.00 million during the quarter, compared to analyst estimates of $891.16 million. During the same period in the previous year, the business earned $1.65 EPS. The firm’s revenue for the quarter was up 39.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Neurocrine Biosciences will post 7.26 earnings per share for the current year.
Insider Buying and Selling at Neurocrine Biosciences
In related news, Director Leslie Norwalk sold 1,250 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $182.01, for a total value of $227,512.50. Following the transaction, the director owned 1,588 shares of the company’s stock, valued at approximately $289,031.88. This trade represents a 44.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Darin Lippoldt sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $179.60, for a total transaction of $1,796,000.00. Following the sale, the insider owned 54,729 shares of the company’s stock, valued at $9,829,328.40. This trade represents a 15.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 27,187 shares of company stock worth $4,814,516. 4.60% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE raised its stake in Neurocrine Biosciences by 10.6% during the 1st quarter. Bank of America Corp DE now owns 583,827 shares of the company’s stock worth $76,913,000 after acquiring an additional 55,723 shares during the period. ABN AMRO Bank N.V. bought a new position in shares of Neurocrine Biosciences in the second quarter worth approximately $2,510,000. Focus Partners Advisor Solutions LLC bought a new position in shares of Neurocrine Biosciences in the second quarter worth approximately $1,927,000. Summit Global Investments purchased a new stake in shares of Neurocrine Biosciences in the second quarter worth $4,959,000. Finally, SEB Asset Management AB purchased a new stake in shares of Neurocrine Biosciences in the first quarter worth $10,483,000. Hedge funds and other institutional investors own 92.59% of the company’s stock.
Neurocrine Biosciences Company Profile
Neurocrine Biosciences, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for neurological, neuroendocrine and related disorders. The company is headquartered in San Diego, California, and conducts research through internal programs and collaborations with academic institutions and other pharmaceutical companies.
Neurocrine’s principal commercial product is INGREZZA (valbenazine), a vesicular monoamine transporter 2 inhibitor used to treat tardive dyskinesia and chorea associated with Huntington’s disease.
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