Neurocrine Biosciences (NASDAQ:NBIX) Sets New 12-Month High – What’s Next?

Neurocrine Biosciences, Inc. (NASDAQ:NBIX)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $160.50 and last traded at $160.3120, with a volume of 623312 shares traded. The stock had previously closed at $155.80.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on NBIX. Wedbush increased their price objective on Neurocrine Biosciences from $166.00 to $176.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 6th. Wolfe Research started coverage on shares of Neurocrine Biosciences in a report on Tuesday, February 24th. They set an “outperform” rating and a $160.00 price target for the company. Truist Financial increased their target price on shares of Neurocrine Biosciences from $140.00 to $155.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Needham & Company LLC reissued a “buy” rating and set a $185.00 price objective on shares of Neurocrine Biosciences in a research report on Monday, April 6th. Finally, Wells Fargo & Company dropped their target price on Neurocrine Biosciences from $180.00 to $175.00 and set an “overweight” rating on the stock in a research report on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have assigned a Hold 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 $184.15.

Neurocrine Biosciences Stock Up 3.5%

The company has a market cap of $16.22 billion, a P/E ratio of 24.86, a price-to-earnings-growth ratio of 1.23 and a beta of 0.34. The stock’s 50-day moving average price is $132.41 and its 200 day moving average price is $138.09.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its quarterly earnings data on Wednesday, February 11th. The company reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.36 by ($0.48). The firm had revenue of $805.50 million for the quarter, compared to the consensus estimate of $804.21 million. Neurocrine Biosciences had a return on equity of 19.79% and a net margin of 21.55%.Neurocrine Biosciences’s quarterly revenue was up 28.3% on a year-over-year basis. During the same period in the prior year, the company posted $1.69 earnings per share. Analysts expect that Neurocrine Biosciences, Inc. will post 6.57 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Neurocrine Biosciences

Large investors have recently made changes to their positions in the business. USA Financial Formulas bought a new position in Neurocrine Biosciences during the fourth quarter worth $25,000. Geneos Wealth Management Inc. grew its position in Neurocrine Biosciences by 143.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock worth $25,000 after purchasing an additional 135 shares during the last quarter. Golden State Wealth Management LLC lifted its stake in shares of Neurocrine Biosciences by 120.5% in the third quarter. Golden State Wealth Management LLC now owns 183 shares of the company’s stock valued at $26,000 after buying an additional 100 shares during the period. Eastern Bank acquired a new stake in Neurocrine Biosciences during the third quarter worth about $27,000. Finally, DJE Kapital AG acquired a new stake in Neurocrine Biosciences during the fourth quarter worth about $28,000. Institutional investors and hedge funds own 92.59% of the company’s stock.

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.