Piper Sandler Upgrades Neurocrine Biosciences (NASDAQ:NBIX) to “Overweight”

Neurocrine Biosciences (NASDAQ:NBIX) was upgraded by analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a research note issued to investors on Thursday, Marketbeat Ratings reports. The firm presently has a $159.00 price objective on the stock, up from their previous price objective of $131.00. Piper Sandler’s price target would suggest a potential upside of 25.14% from the stock’s current price.

A number of other analysts have also recently weighed in on NBIX. StockNews.com upgraded shares of Neurocrine Biosciences from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 4th. Royal Bank of Canada increased their target price on shares of Neurocrine Biosciences from $136.00 to $143.00 and gave the stock a “sector perform” rating in a research note on Friday, August 2nd. Canaccord Genuity Group boosted their price target on Neurocrine Biosciences from $154.00 to $164.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Citigroup upped their price objective on Neurocrine Biosciences from $150.00 to $158.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Finally, Oppenheimer lifted their target price on Neurocrine Biosciences from $216.00 to $219.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Five analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Neurocrine Biosciences has an average rating of “Moderate Buy” and an average target price of $163.00.

Neurocrine Biosciences Trading Down 1.1 %

Shares of NASDAQ:NBIX opened at $127.06 on Thursday. The firm has a 50 day simple moving average of $143.93 and a 200-day simple moving average of $139.34. Neurocrine Biosciences has a twelve month low of $103.63 and a twelve month high of $157.98. The company has a market capitalization of $12.79 billion, a PE ratio of 35.00 and a beta of 0.37.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its earnings results on Thursday, August 1st. The company reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.52). Neurocrine Biosciences had a net margin of 16.00% and a return on equity of 14.86%. The firm had revenue of $590.20 million during the quarter, compared to analyst estimates of $545.98 million. During the same period last year, the company earned $0.95 earnings per share. The firm’s revenue for the quarter was up 30.4% compared to the same quarter last year. As a group, equities research analysts predict that Neurocrine Biosciences will post 4.22 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Julie Cooke sold 10,000 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $140.19, for a total value of $1,401,900.00. Following the sale, the insider now directly owns 18,202 shares in the company, valued at $2,551,738.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director William H. Rastetter sold 14,250 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $146.69, for a total value of $2,090,332.50. Following the completion of the transaction, the director now owns 37,491 shares of the company’s stock, valued at approximately $5,499,554.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Julie Cooke sold 10,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $140.19, for a total transaction of $1,401,900.00. Following the sale, the insider now directly owns 18,202 shares in the company, valued at $2,551,738.38. The disclosure for this sale can be found here. Over the last quarter, insiders sold 71,798 shares of company stock worth $10,676,096. Insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Neurocrine Biosciences

Several institutional investors and hedge funds have recently modified their holdings of NBIX. RFP Financial Group LLC raised its holdings in Neurocrine Biosciences by 346.5% in the 1st quarter. RFP Financial Group LLC now owns 192 shares of the company’s stock valued at $26,000 after acquiring an additional 149 shares during the last quarter. Mather Group LLC. acquired a new position in Neurocrine Biosciences in the first quarter valued at $26,000. Ashton Thomas Private Wealth LLC purchased a new position in Neurocrine Biosciences during the second quarter worth about $28,000. Innealta Capital LLC acquired a new stake in Neurocrine Biosciences in the 2nd quarter worth about $30,000. Finally, EdgeRock Capital LLC purchased a new stake in Neurocrine Biosciences in the 4th quarter valued at about $31,000. Hedge funds and other institutional investors own 92.59% of the company’s stock.

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.