Mizuho Upgrades Neurocrine Biosciences (NASDAQ:NBIX) to “Hold”

Neurocrine Biosciences (NASDAQ:NBIX) was upgraded by Mizuho to a “hold” rating in a research report issued on Wednesday, Zacks reports.

Several other research analysts have also recently issued reports on the stock. Zacks Research cut shares of Neurocrine Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 4th. Truist Financial boosted their price target on shares of Neurocrine Biosciences from $200.00 to $213.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Wells Fargo & Company boosted their price objective on shares of Neurocrine Biosciences from $175.00 to $200.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. The Goldman Sachs Group started coverage on Neurocrine Biosciences in a report on Tuesday, June 2nd. They set a “buy” rating and a $213.00 target price for the company. Finally, Stifel Nicolaus increased their target price on Neurocrine Biosciences from $188.00 to $215.00 and gave the company a “buy” rating in a research report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $201.09.

Neurocrine Biosciences Trading Up 1.6%

Shares of NBIX stock opened at $151.83 on Wednesday. Neurocrine Biosciences has a twelve month low of $122.14 and a twelve month high of $186.12. The stock has a fifty day simple moving average of $162.42 and a two-hundred day simple moving average of $152.00. The stock has a market capitalization of $15.43 billion, a price-to-earnings ratio of 22.26, a P/E/G ratio of 0.70 and a beta of 0.38.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its quarterly 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 firm had revenue of $959.00 million for the quarter, compared to analyst estimates of $891.16 million. Neurocrine Biosciences had a return on equity of 22.43% and a net margin of 20.91%.The business’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.65 earnings per share. Research analysts predict that Neurocrine Biosciences will post 7.26 EPS for the current fiscal year.

Insider Activity at Neurocrine Biosciences

In related news, CFO Matt Abernethy sold 2,311 shares of the stock in a transaction that occurred on 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 owned 42,808 shares of the company’s stock, valued at $6,729,417.60. This represents a 5.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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. Also, insider Darin Lippoldt sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $179.60, for a total transaction of $1,796,000.00. Following the completion of the sale, the insider owned 54,729 shares of the company’s stock, valued at approximately $9,829,328.40. This trade represents a 15.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 43,325 shares of company stock valued at $7,611,976 over the last three months. Company insiders own 4.60% of the company’s stock.

Institutional Trading of Neurocrine Biosciences

Institutional investors have recently made changes to their positions in the business. Sequoia Financial Advisors LLC increased its position in Neurocrine Biosciences by 31.0% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 6,351 shares of the company’s stock valued at $1,070,000 after buying an additional 1,502 shares in the last quarter. Tidal Investments LLC grew its stake in shares of Neurocrine Biosciences by 186.7% during the second quarter. Tidal Investments LLC now owns 81,460 shares of the company’s stock worth $13,729,000 after acquiring an additional 53,045 shares during the last quarter. WINTON GROUP Ltd purchased a new stake in shares of Neurocrine Biosciences during the second quarter worth about $270,000. Engineers Gate Manager LP increased its holdings in shares of Neurocrine Biosciences by 64.0% during the second 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 in the last quarter. Finally, RFG Advisory LLC acquired a new position in shares of Neurocrine Biosciences during the second quarter valued at about $1,381,000. 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 psychiatric disorders. The company develops therapies for conditions with significant unmet medical needs, using expertise in neuroscience and endocrine biology.

Its primary commercial product is INGREZZA (valbenazine), a vesicular monoamine transporter 2 inhibitor approved in the United States for the treatment of tardive dyskinesia and chorea associated with Huntington’s disease.