Needham & Company LLC Issues Positive Forecast for Neurocrine Biosciences (NASDAQ:NBIX) Stock Price

Neurocrine Biosciences (NASDAQ:NBIX) had its price objective hoisted by equities research analysts at Needham & Company LLC from $161.00 to $170.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 16.12% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. UBS Group upped their target price on Neurocrine Biosciences from $152.00 to $174.00 and gave the company a “buy” rating in a research report on Wednesday, July 9th. Stifel Nicolaus boosted their price target on Neurocrine Biosciences from $166.00 to $174.00 and gave the company a “buy” rating in a report on Thursday, July 31st. The Goldman Sachs Group started coverage on Neurocrine Biosciences in a report on Thursday, July 10th. They issued a “buy” rating and a $182.00 price target for the company. Piper Sandler boosted their price target on Neurocrine Biosciences from $154.00 to $175.00 and gave the company an “overweight” rating in a report on Thursday, July 31st. Finally, JPMorgan Chase & Co. boosted their price target on Neurocrine Biosciences from $140.00 to $145.00 and gave the company a “neutral” rating in a report on Thursday, July 31st. Seventeen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $161.89.

Neurocrine Biosciences Stock Down 0.2%

Shares of NASDAQ NBIX opened at $146.40 on Monday. The business’s 50 day moving average price is $135.80 and its 200 day moving average price is $122.60. The firm has a market cap of $14.52 billion, a P/E ratio of 43.31, a P/E/G ratio of 1.06 and a beta of 0.28. Neurocrine Biosciences has a 52 week low of $84.23 and a 52 week high of $154.61.

Neurocrine Biosciences (NASDAQ:NBIX) last issued its earnings results on Wednesday, July 30th. The company reported $1.06 EPS for the quarter, beating analysts’ consensus estimates 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% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.63 earnings per share. As a group, research analysts expect that Neurocrine Biosciences will post 4.28 earnings per share for the current year.

Insider Transactions at Neurocrine Biosciences

In other Neurocrine Biosciences news, insider Jude Onyia sold 59,819 shares of the firm’s stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $130.46, for a total value of $7,803,986.74. Following the completion of the sale, the insider directly owned 18,289 shares of the company’s stock, valued at $2,385,982.94. This trade represents a 76.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ingrid Delaet sold 457 shares of the firm’s stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $135.00, for a total value of $61,695.00. Following the completion of the sale, the insider directly owned 4,730 shares of the company’s stock, valued at $638,550. This trade represents a 8.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 186,960 shares of company stock valued at $23,955,553. Corporate insiders own 4.30% of the company’s stock.

Institutional Trading of Neurocrine Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of NBIX. Dodge & Cox boosted its holdings in Neurocrine Biosciences by 83.5% during the 1st quarter. Dodge & Cox now owns 5,534,624 shares of the company’s stock valued at $612,129,000 after acquiring an additional 2,518,199 shares during the period. JPMorgan Chase & Co. boosted its holdings in Neurocrine Biosciences by 59.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 4,261,747 shares of the company’s stock valued at $535,659,000 after acquiring an additional 1,590,749 shares during the period. Norges Bank purchased a new position in Neurocrine Biosciences during the 2nd quarter valued at about $122,278,000. Los Angeles Capital Management LLC boosted its holdings in Neurocrine Biosciences by 19,454.9% during the 2nd quarter. Los Angeles Capital Management LLC now owns 744,650 shares of the company’s stock valued at $93,595,000 after acquiring an additional 740,842 shares during the period. Finally, Wellington Management Group LLP boosted its holdings in Neurocrine Biosciences by 44.0% during the 1st quarter. Wellington Management Group LLP now owns 2,097,981 shares of the company’s stock valued at $232,037,000 after acquiring an additional 640,556 shares during the period. 92.59% of the stock is owned by institutional investors and hedge funds.

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.