Wedbush Reaffirms Outperform Rating for Neurocrine Biosciences (NASDAQ:NBIX)

Neurocrine Biosciences (NASDAQ:NBIX)‘s stock had its “outperform” rating restated by stock analysts at Wedbush in a report released on Monday,RTT News reports.

NBIX has been the topic of a number of other reports. JPMorgan Chase & Co. raised their price target on shares of Neurocrine Biosciences from $140.00 to $145.00 and gave the company a “neutral” rating in a research report on Thursday, July 31st. Stifel Nicolaus raised their price target on shares of Neurocrine Biosciences from $166.00 to $174.00 and gave the company a “buy” rating in a research report on Thursday, July 31st. Morgan Stanley lifted their price objective on shares of Neurocrine Biosciences from $158.00 to $163.00 and gave the stock an “overweight” rating in a research report on Friday, September 5th. Truist Financial initiated coverage on shares of Neurocrine Biosciences in a research report on Monday, July 21st. They issued a “buy” rating and a $163.00 price objective on the stock. Finally, Wall Street Zen raised shares of Neurocrine Biosciences from a “hold” rating to a “strong-buy” rating in a research report on Saturday, August 2nd. Seventeen analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $161.89.

Neurocrine Biosciences Price Performance

NBIX opened at $146.40 on Monday. The company’s 50-day moving average is $135.80 and its 200 day moving average is $122.60. Neurocrine Biosciences has a fifty-two week low of $84.23 and a fifty-two week high of $154.61. The firm has a market capitalization of $14.52 billion, a P/E ratio of 43.31, a PEG ratio of 1.06 and a beta of 0.28.

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

Insiders Place Their Bets

In other Neurocrine Biosciences news, Director Kevin Charles Gorman sold 106,322 shares of the company’s stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $126.41, for a total value of $13,440,164.02. Following the completion of the transaction, the director directly owned 514,596 shares in the company, valued at approximately $65,050,080.36. This represents a 17.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jude Onyia sold 59,819 shares of the company’s stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $130.46, for a total transaction of $7,803,986.74. Following the completion of the sale, the insider directly owned 18,289 shares in the company, valued at $2,385,982.94. This represents a 76.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 186,960 shares of company stock worth $23,955,553. 4.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Neurocrine Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the business. GF Fund Management CO. LTD. purchased a new stake in Neurocrine Biosciences during the 4th quarter valued at about $290,000. Toronto Dominion Bank grew its position in Neurocrine Biosciences by 3.9% during the 4th quarter. Toronto Dominion Bank now owns 13,183 shares of the company’s stock valued at $1,799,000 after purchasing an additional 499 shares during the last quarter. Forum Financial Management LP purchased a new stake in Neurocrine Biosciences during the 4th quarter valued at about $254,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Neurocrine Biosciences during the 4th quarter valued at about $9,286,000. Finally, Siemens Fonds Invest GmbH purchased a new stake in Neurocrine Biosciences during the 4th quarter valued at about $850,000. 92.59% of the stock is owned by hedge funds and other institutional investors.

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.