Wedbush Comments on Neurocrine Biosciences, Inc.’s Q2 2024 Earnings (NASDAQ:NBIX)

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) – Equities researchers at Wedbush decreased their Q2 2024 earnings estimates for Neurocrine Biosciences in a report released on Wednesday, May 1st. Wedbush analyst L. Chico now expects that the company will earn $1.18 per share for the quarter, down from their prior forecast of $1.25. Wedbush currently has a “Outperform” rating and a $147.00 target price on the stock. The consensus estimate for Neurocrine Biosciences’ current full-year earnings is $4.78 per share. Wedbush also issued estimates for Neurocrine Biosciences’ FY2025 earnings at $6.19 EPS, FY2026 earnings at $9.79 EPS and FY2028 earnings at $14.28 EPS.

Neurocrine Biosciences (NASDAQ:NBIX) last released its quarterly earnings data on Wednesday, February 7th. The company reported $1.44 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.31. The company had revenue of $515.20 million during the quarter, compared to the consensus estimate of $518.52 million. Neurocrine Biosciences had a net margin of 18.65% and a return on equity of 17.45%. Neurocrine Biosciences’s quarterly revenue was up 25.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.88 EPS.

Other analysts have also recently issued reports about the company. Mizuho upped their target price on Neurocrine Biosciences from $116.00 to $140.00 and gave the company a “neutral” rating in a report on Thursday, February 8th. Citigroup upped their price objective on shares of Neurocrine Biosciences from $140.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, May 3rd. The Goldman Sachs Group lifted their target price on shares of Neurocrine Biosciences from $134.00 to $153.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. Canaccord Genuity Group raised their price target on shares of Neurocrine Biosciences from $154.00 to $164.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Finally, Guggenheim upped their price objective on Neurocrine Biosciences from $164.00 to $170.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Six analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $147.88.

Neurocrine Biosciences Price Performance

NBIX stock opened at $143.19 on Monday. Neurocrine Biosciences has a 1 year low of $89.04 and a 1 year high of $148.37. The firm has a market capitalization of $14.41 billion, a PE ratio of 39.45 and a beta of 0.28. The business has a 50 day simple moving average of $137.63 and a 200-day simple moving average of $129.45.

Insider Transactions at Neurocrine Biosciences

In related news, insider Eric Benevich sold 75,000 shares of the business’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $139.38, for a total transaction of $10,453,500.00. Following the completion of the transaction, the insider now directly owns 40,778 shares of the company’s stock, valued at approximately $5,683,637.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Neurocrine Biosciences news, insider Eric Benevich sold 75,000 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $139.38, for a total transaction of $10,453,500.00. Following the completion of the transaction, the insider now owns 40,778 shares in the company, valued at approximately $5,683,637.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director George J. Morrow sold 40,000 shares of Neurocrine Biosciences stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $139.42, for a total transaction of $5,576,800.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 176,771 shares of company stock valued at $24,360,922. 4.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Neurocrine Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in NBIX. Forsta AP Fonden purchased a new position in shares of Neurocrine Biosciences during the third quarter worth about $2,048,000. New York State Teachers Retirement System increased its position in Neurocrine Biosciences by 0.8% during the third quarter. New York State Teachers Retirement System now owns 96,989 shares of the company’s stock worth $10,911,000 after buying an additional 740 shares during the period. BluePath Capital Management LLC purchased a new stake in Neurocrine Biosciences in the third quarter valued at approximately $35,000. Mackenzie Financial Corp lifted its stake in Neurocrine Biosciences by 3.5% in the third quarter. Mackenzie Financial Corp now owns 95,631 shares of the company’s stock valued at $10,568,000 after buying an additional 3,277 shares during the last quarter. Finally, IFM Investors Pty Ltd boosted its holdings in shares of Neurocrine Biosciences by 2.9% in the third quarter. IFM Investors Pty Ltd now owns 18,233 shares of the company’s stock valued at $2,051,000 after acquiring an additional 511 shares during the period. Institutional investors and hedge funds 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.