Neurocrine Biosciences (NASDAQ:NBIX) Rating Increased to Overweight at Wells Fargo & Company

Neurocrine Biosciences (NASDAQ:NBIX) was upgraded by analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The brokerage presently has a $170.00 price target on the stock, up from their prior price target of $140.00. Wells Fargo & Company‘s target price indicates a potential upside of 23.40% from the company’s previous close.

Several other equities analysts have also recently issued reports on the company. JPMorgan Chase & Co. boosted their price target on Neurocrine Biosciences from $148.00 to $158.00 and gave the company an “overweight” rating in a research report on Wednesday, March 20th. Mizuho boosted their price target on Neurocrine Biosciences from $116.00 to $140.00 and gave the company a “neutral” rating in a research report on Thursday, February 8th. Cantor Fitzgerald restated an “overweight” rating and issued a $155.00 price target on shares of Neurocrine Biosciences in a research report on Wednesday, April 10th. Wedbush restated an “outperform” rating and issued a $147.00 price target on shares of Neurocrine Biosciences in a research report on Wednesday, April 17th. Finally, Citigroup dropped their price target on Neurocrine Biosciences from $141.00 to $140.00 and set a “neutral” rating on the stock in a research report on Thursday, February 8th. Six investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $142.38.

Neurocrine Biosciences Stock Performance

NBIX opened at $137.76 on Wednesday. The business’s 50-day simple moving average is $136.56 and its 200-day simple moving average is $127.69. Neurocrine Biosciences has a one year low of $89.04 and a one year high of $148.37. The stock has a market capitalization of $13.71 billion, a P/E ratio of 56.93 and a beta of 0.25.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its earnings results on Wednesday, February 7th. The company reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.31. Neurocrine Biosciences had a return on equity of 12.85% and a net margin of 13.23%. The business had revenue of $515.20 million for the quarter, compared to analysts’ expectations of $518.52 million. During the same quarter in the previous year, the firm earned $0.88 earnings per share. The business’s revenue was up 25.0% compared to the same quarter last year. On average, equities research analysts forecast that Neurocrine Biosciences will post 4.84 EPS for the current fiscal year.

Insider Transactions at Neurocrine Biosciences

In related news, insider David W. Boyer sold 456 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $141.96, for a total value of $64,733.76. Following the sale, the insider now owns 4,894 shares of the company’s stock, valued at approximately $694,752.24. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, insider Eiry Roberts sold 1,457 shares of the company’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $140.79, for a total value of $205,131.03. Following the sale, the insider now owns 20,832 shares of the company’s stock, valued at approximately $2,932,937.28. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider David W. Boyer sold 456 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $141.96, for a total value of $64,733.76. Following the completion of the sale, the insider now directly owns 4,894 shares in the company, valued at approximately $694,752.24. The disclosure for this sale can be found here. Insiders have sold 186,994 shares of company stock valued at $25,806,409 in the last quarter. 4.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of NBIX. Vestal Point Capital LP acquired a new position in Neurocrine Biosciences in the 4th quarter valued at $105,408,000. Los Angeles Capital Management LLC raised its holdings in 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 last quarter. Assenagon Asset Management S.A. raised its holdings in Neurocrine Biosciences by 120.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 584,539 shares of the company’s stock valued at $65,761,000 after acquiring an additional 319,564 shares during the last quarter. Westfield Capital Management Co. LP increased its holdings in shares of Neurocrine Biosciences by 73.0% during the 3rd quarter. Westfield Capital Management Co. LP now owns 649,292 shares of the company’s stock worth $73,045,000 after buying an additional 273,952 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Neurocrine Biosciences during the 4th quarter worth $35,731,000. 92.59% of the stock is currently owned by institutional investors and hedge funds.

Neurocrine Biosciences Company Profile

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.