Neurocrine Biosciences (NASDAQ:NBIX) Stock Gets Price Target Cut from BMO Capital Markets

Neurocrine Biosciences (NASDAQ:NBIX) had its target price decreased by BMO Capital Markets from $164.00 to $150.00 in a report released on Monday,Benzinga reports. BMO Capital Markets currently has a market perform rating on the stock.

A number of other research analysts have also commented on the company. Canaccord Genuity Group increased their price objective on Neurocrine Biosciences from $200.00 to $210.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Morgan Stanley increased their target price on shares of Neurocrine Biosciences from $182.00 to $183.00 and gave the company an “equal weight” rating in a research note on Friday, September 11th. UBS Group lowered their price target on shares of Neurocrine Biosciences from $231.00 to $214.00 and set a “buy” rating on the stock in a report on Tuesday, September 29th. Wedbush upped their target price on shares of Neurocrine Biosciences from $185.00 to $194.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Finally, Weiss Ratings cut Neurocrine Biosciences from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Neurocrine Biosciences has an average rating of “Moderate Buy” and an average price target of $201.14.

Neurocrine Biosciences Price Performance

Shares of NBIX opened at $135.91 on Monday. The stock has a market capitalization of $13.82 billion, a PE ratio of 18.66, a price-to-earnings-growth ratio of 0.63 and a beta of 0.40. Neurocrine Biosciences has a 12-month low of $122.14 and a 12-month high of $186.12. The business’s fifty day moving average price is $150.12 and its 200 day moving average price is $153.51.

Neurocrine Biosciences (NASDAQ:NBIX) last released its earnings results on Friday, July 31st. The company reported $2.85 EPS for the quarter, beating the consensus estimate of $1.65 by $1.20. The business had revenue of $959.00 million during the quarter, compared to analyst estimates of $891.16 million. Neurocrine Biosciences had a net margin of 20.91% and a return on equity of 22.43%. The business’s quarterly revenue was up 39.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.65 earnings per share. As a group, research analysts anticipate that Neurocrine Biosciences will post 7.26 earnings per share for the current fiscal year.

Insider Activity at Neurocrine Biosciences

In other Neurocrine Biosciences news, Director Leslie Norwalk sold 1,250 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $182.01, for a total transaction of $227,512.50. Following the completion of the sale, the director directly owned 1,588 shares in the company, valued at $289,031.88. This trade represents a 44.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Matt Abernethy sold 2,311 shares of the business’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $157.20, for a total transaction of $363,289.20. Following the completion of the sale, the chief financial officer directly owned 42,808 shares of the company’s stock, valued at approximately $6,729,417.60. The trade was a 5.12% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 4,387 shares of company stock valued at $720,855. 4.60% of the stock is owned by corporate insiders.

Institutional Trading of Neurocrine Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE increased its stake in Neurocrine Biosciences by 10.6% during the 1st quarter. Bank of America Corp DE now owns 583,827 shares of the company’s stock worth $76,913,000 after acquiring an additional 55,723 shares during the period. ABN AMRO Bank N.V. acquired a new position in Neurocrine Biosciences in the 2nd quarter valued at $2,510,000. Focus Partners Advisor Solutions LLC bought a new stake in shares of Neurocrine Biosciences during the 2nd quarter valued at $1,927,000. Engineers Gate Manager LP lifted its position in shares of Neurocrine Biosciences by 64.0% during the 2nd quarter. Engineers Gate Manager LP now owns 18,361 shares of the company’s stock valued at $3,094,000 after acquiring an additional 7,163 shares during the period. Finally, SEB Asset Management AB bought a new stake in shares of Neurocrine Biosciences during the 1st quarter valued at $10,483,000. Institutional investors and hedge funds own 92.59% of the company’s stock.

About Neurocrine Biosciences

Neurocrine Biosciences, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for neurological, neuroendocrine and related disorders. The company is headquartered in San Diego, California, and conducts research through internal programs and collaborations with academic institutions and other pharmaceutical companies.

Neurocrine’s principal commercial product is INGREZZA (valbenazine), a vesicular monoamine transporter 2 inhibitor used to treat tardive dyskinesia and chorea associated with Huntington’s disease.