Guggenheim Cuts Neurocrine Biosciences (NASDAQ:NBIX) Price Target to $163.00

Neurocrine Biosciences (NASDAQ:NBIX) had its price target reduced by Guggenheim from $165.00 to $163.00 in a research note published on Monday,Benzinga reports. They currently have a buy rating on the stock.

NBIX has been the subject of several other research reports. Morgan Stanley raised their target price on Neurocrine Biosciences from $170.00 to $185.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 4th. Piper Sandler restated an “overweight” rating and set a $160.00 price target on shares of Neurocrine Biosciences in a report on Monday, December 23rd. HC Wainwright lowered their price objective on shares of Neurocrine Biosciences from $190.00 to $185.00 and set a “buy” rating for the company in a research note on Friday, February 7th. Barclays increased their target price on shares of Neurocrine Biosciences from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, December 23rd. Finally, UBS Group lifted their price target on shares of Neurocrine Biosciences from $162.00 to $176.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. Five research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $166.90.

Neurocrine Biosciences Stock Performance

Shares of NASDAQ NBIX opened at $117.18 on Monday. The company has a market capitalization of $11.86 billion, a P/E ratio of 35.62 and a beta of 0.33. Neurocrine Biosciences has a 52-week low of $110.95 and a 52-week high of $157.98. The company’s 50 day moving average price is $138.49 and its 200-day moving average price is $131.02.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its earnings results on Thursday, February 6th. The company reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.62). Neurocrine Biosciences had a return on equity of 13.45% and a net margin of 14.49%. Analysts forecast that Neurocrine Biosciences will post 6.53 earnings per share for the current year.

Insider Buying and Selling at Neurocrine Biosciences

In other Neurocrine Biosciences news, Director Kevin Charles Gorman sold 146,105 shares of the company’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $149.46, for a total value of $21,836,853.30. Following the completion of the transaction, the director now owns 514,596 shares in the company, valued at $76,911,518.16. This represents a 22.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Julie Cooke sold 700 shares of the firm’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $118.28, for a total value of $82,796.00. Following the sale, the insider now directly owns 18,831 shares of the company’s stock, valued at approximately $2,227,330.68. This represents a 3.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 226,647 shares of company stock worth $33,186,271. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NBIX. Raymond James Financial Inc. purchased a new stake in shares of Neurocrine Biosciences during the 4th quarter worth approximately $115,193,000. Wellington Management Group LLP grew its holdings in Neurocrine Biosciences by 102.9% during the fourth quarter. Wellington Management Group LLP now owns 1,457,425 shares of the company’s stock valued at $198,939,000 after purchasing an additional 739,199 shares during the period. Thrivent Financial for Lutherans increased its position in Neurocrine Biosciences by 2,759.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 737,772 shares of the company’s stock worth $100,705,000 after buying an additional 711,970 shares during the last quarter. State Street Corp raised its stake in shares of Neurocrine Biosciences by 11.7% in the third quarter. State Street Corp now owns 5,148,293 shares of the company’s stock valued at $593,186,000 after buying an additional 539,936 shares during the period. Finally, Jennison Associates LLC lifted its position in shares of Neurocrine Biosciences by 145.1% during the 4th quarter. Jennison Associates LLC now owns 820,694 shares of the company’s stock valued at $112,025,000 after buying an additional 485,894 shares during the last quarter. 92.59% of the stock is currently 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.