Neurocrine Biosciences (NASDAQ:NBIX) Downgraded by Zacks Research to “Hold”

Neurocrine Biosciences (NASDAQ:NBIX) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

Several other brokerages have also recently commented on NBIX. JPMorgan Chase & Co. increased their target price on shares of Neurocrine Biosciences from $171.00 to $179.00 and gave the stock an “overweight” rating in a report on Monday, November 3rd. Piper Sandler increased their price objective on shares of Neurocrine Biosciences from $175.00 to $179.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 29th. TD Cowen raised their price objective on Neurocrine Biosciences from $175.00 to $200.00 and gave the company a “buy” rating in a report on Friday, December 5th. UBS Group upped their target price on Neurocrine Biosciences from $188.00 to $195.00 and gave the stock a “buy” rating in a report on Thursday, October 9th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Neurocrine Biosciences in a research report on Wednesday, October 8th. Eighteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Neurocrine Biosciences has a consensus rating of “Moderate Buy” and an average target price of $175.25.

Neurocrine Biosciences Stock Performance

Shares of Neurocrine Biosciences stock opened at $140.95 on Monday. The business’s 50 day simple moving average is $147.06 and its 200 day simple moving average is $139.14. Neurocrine Biosciences has a 52-week low of $84.23 and a 52-week high of $160.18. The firm has a market cap of $14.05 billion, a PE ratio of 33.72, a P/E/G ratio of 0.94 and a beta of 0.27.

Neurocrine Biosciences (NASDAQ:NBIX) last released its quarterly earnings results on Tuesday, October 28th. The company reported $2.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.59. The firm had revenue of $794.90 million during the quarter, compared to the consensus estimate of $746.61 million. Neurocrine Biosciences had a return on equity of 15.82% and a net margin of 15.95%.The business’s revenue was up 27.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.81 EPS. As a group, equities research analysts predict that Neurocrine Biosciences will post 4.28 EPS for the current year.

Insider Activity

In other news, insider Darin Lippoldt sold 4,376 shares of Neurocrine Biosciences stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $159.65, for a total transaction of $698,628.40. Following the completion of the transaction, the insider directly owned 43,405 shares in the company, valued at approximately $6,929,608.25. The trade was a 9.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Leslie V. Norwalk sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $152.23, for a total value of $761,150.00. Following the transaction, the director directly owned 7,429 shares in the company, valued at $1,130,916.67. The trade was a 40.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 43,866 shares of company stock valued at $6,570,237. 4.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Neurocrine Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AlTi Global Inc. raised its position in shares of Neurocrine Biosciences by 1.0% in the third quarter. AlTi Global Inc. now owns 6,828 shares of the company’s stock valued at $959,000 after purchasing an additional 70 shares during the period. Vanguard Personalized Indexing Management LLC grew its stake in Neurocrine Biosciences by 0.7% in the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 11,112 shares of the company’s stock valued at $1,560,000 after buying an additional 77 shares during the last quarter. Diametric Capital LP grew its stake in Neurocrine Biosciences by 2.6% in the 2nd quarter. Diametric Capital LP now owns 3,244 shares of the company’s stock valued at $408,000 after buying an additional 81 shares during the last quarter. Great Lakes Advisors LLC raised its holdings in Neurocrine Biosciences by 2.4% in the 3rd quarter. Great Lakes Advisors LLC now owns 3,605 shares of the company’s stock valued at $506,000 after acquiring an additional 84 shares during the period. Finally, IFP Advisors Inc lifted its position in Neurocrine Biosciences by 4.2% during the second quarter. IFP Advisors Inc now owns 2,172 shares of the company’s stock worth $273,000 after acquiring an additional 88 shares during the last quarter. 92.59% of the stock is owned by institutional investors.

About Neurocrine Biosciences

Neurocrine Biosciences (NASDAQ: NBIX) is a biopharmaceutical company based in San Diego, California, focused on developing treatments for neurological, endocrine and neuropsychiatric disorders. Since its founding in 1992, the company has pursued a research‐driven strategy aimed at addressing unmet medical needs in movement disorders, reproductive health and central nervous system conditions. Neurocrine’s operations encompass drug discovery, clinical development and commercialization activities.

The company’s lead marketed product, Ingrezza™ (valbenazine), is indicated for the treatment of tardive dyskinesia, a movement disorder associated with long-term antipsychotic use.