Neurocrine Biosciences (NASDAQ:NBIX) Cut to “Buy” at Wall Street Zen

Wall Street Zen downgraded shares of Neurocrine Biosciences (NASDAQ:NBIX) from a strong-buy rating to a buy rating in a report issued on Monday.

Several other brokerages also recently commented on NBIX. Wedbush increased their price objective on Neurocrine Biosciences from $149.00 to $151.00 and gave the stock an “outperform” rating in a research note on Thursday, February 12th. Morgan Stanley reiterated an “equal weight” rating and set a $175.00 price target (up previously from $173.00) on shares of Neurocrine Biosciences in a report on Thursday, January 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Neurocrine Biosciences in a research note on Thursday, January 22nd. UBS Group cut their price objective on shares of Neurocrine Biosciences from $188.00 to $178.00 and set a “buy” rating on the stock in a report on Friday, January 23rd. Finally, BMO Capital Markets lowered their target price on shares of Neurocrine Biosciences from $147.00 to $140.00 and set a “market perform” rating for the company in a report on Thursday, February 12th. Sixteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $175.84.

Neurocrine Biosciences Trading Up 0.5%

NBIX opened at $128.38 on Monday. Neurocrine Biosciences has a 1-year low of $84.23 and a 1-year high of $160.18. The company has a market cap of $12.88 billion, a price-to-earnings ratio of 27.55, a PEG ratio of 0.65 and a beta of 0.31. The company’s fifty day moving average price is $138.43 and its two-hundred day moving average price is $140.34.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its earnings results on Wednesday, February 11th. The company reported $1.88 EPS for the quarter, missing the consensus estimate of $2.36 by ($0.48). Neurocrine Biosciences had a return on equity of 16.48% and a net margin of 16.73%.The business had revenue of $805.50 million for the quarter, compared to the consensus estimate of $804.21 million. During the same period in the previous year, the firm earned $1.69 earnings per share. The company’s revenue was up 28.3% on a year-over-year basis. As a group, equities analysts forecast that Neurocrine Biosciences will post 4.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Neurocrine Biosciences news, CEO Kyle Gano sold 36,400 shares of Neurocrine Biosciences stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $132.70, for a total value of $4,830,280.00. Following the sale, the chief executive officer owned 140,407 shares of the company’s stock, valued at approximately $18,632,008.90. The trade was a 20.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Leslie V. Norwalk sold 1,190 shares of the business’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $155.09, for a total transaction of $184,557.10. Following the completion of the transaction, the director owned 6,239 shares in the company, valued at approximately $967,606.51. The trade was a 16.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 61,966 shares of company stock valued at $8,625,166. 4.80% of the stock is currently owned by company insiders.

Institutional Trading of Neurocrine Biosciences

A number of large investors have recently bought and sold shares of NBIX. Assetmark Inc. increased its stake in shares of Neurocrine Biosciences by 10.8% in the second quarter. Assetmark Inc. now owns 21,001 shares of the company’s stock worth $2,640,000 after buying an additional 2,045 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Neurocrine Biosciences by 87.9% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 125,162 shares of the company’s stock worth $15,732,000 after acquiring an additional 58,562 shares during the last quarter. Saturn V Capital Management LP purchased a new position in shares of Neurocrine Biosciences in the second quarter valued at about $7,313,000. Capital Fund Management S.A. raised its stake in shares of Neurocrine Biosciences by 15.9% during the second quarter. Capital Fund Management S.A. now owns 203,628 shares of the company’s stock valued at $25,594,000 after acquiring an additional 27,987 shares during the last quarter. Finally, Rhenman & Partners Asset Management AB raised its stake in shares of Neurocrine Biosciences by 66.1% during the second quarter. Rhenman & Partners Asset Management AB now owns 149,217 shares of the company’s stock valued at $18,755,000 after acquiring an additional 59,400 shares during the last quarter. 92.59% of the stock is owned by hedge funds and other 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.