Morgan Stanley Issues Positive Forecast for Neurocrine Biosciences (NASDAQ:NBIX) Stock Price

Neurocrine Biosciences (NASDAQ:NBIX) had its price target boosted by Morgan Stanley from $185.00 to $191.00 in a report released on Friday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other equities analysts have also issued reports on NBIX. Zacks Research lowered Neurocrine Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 4th. TD Cowen increased their target price on Neurocrine Biosciences from $200.00 to $220.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Stifel Nicolaus raised their price target on shares of Neurocrine Biosciences from $188.00 to $215.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Piper Sandler lifted their price target on shares of Neurocrine Biosciences from $210.00 to $215.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 3rd. Finally, Wall Street Zen raised shares of Neurocrine Biosciences from a “hold” rating to a “buy” rating in a report on Saturday, November 7th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $202.59.

Neurocrine Biosciences Stock Performance

Shares of NASDAQ NBIX traded down $2.00 during midday trading on Friday, reaching $167.40. 1,380,843 shares of the company’s stock were exchanged, compared to its average volume of 1,432,286. Neurocrine Biosciences has a 52-week low of $122.14 and a 52-week high of $186.12. The stock has a market capitalization of $16.94 billion, a PE ratio of 24.84, a price-to-earnings-growth ratio of 0.69 and a beta of 0.36. The business’s fifty day moving average price is $148.58 and its two-hundred day moving average price is $148.91.

Neurocrine Biosciences (NASDAQ:NBIX) last released its quarterly earnings results on Monday, November 2nd. The company reported $3.29 EPS for the quarter, topping the consensus estimate of $1.91 by $1.38. Neurocrine Biosciences had a return on equity of 23.39% and a net margin of 18.98%. The business had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the previous year, the firm posted $2.04 earnings per share. The company’s revenue was up 41.3% compared to the same quarter last year. Analysts predict that Neurocrine Biosciences will post 8.41 earnings per share for the current fiscal year.

Insider Activity at Neurocrine Biosciences

In other Neurocrine Biosciences news, CFO Matt Abernethy sold 2,311 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $157.20, for a total transaction of $363,289.20. Following the sale, the chief financial officer owned 42,808 shares in the company, valued at $6,729,417.60. This represents a 5.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through 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, Director George J. Morrow sold 7,200 shares of the company’s stock in a transaction that occurred on Tuesday, November 3rd. The shares were sold at an average price of $166.37, for a total value of $1,197,864.00. Following the sale, the director owned 10,386 shares in the company, valued at $1,727,918.82. The trade was a 40.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 18,137 shares of company stock valued at $2,829,332 over the last three months. 4.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Neurocrine Biosciences

A number of institutional investors have recently made changes to their positions in NBIX. Entrust Financial LLC lifted its stake in Neurocrine Biosciences by 62.9% during the third quarter. Entrust Financial LLC now owns 202 shares of the company’s stock worth $29,000 after purchasing an additional 78 shares during the last quarter. Basecamp Wealth Advisors LLC increased its stake in Neurocrine Biosciences by 582.9% during the first quarter. Basecamp Wealth Advisors LLC now owns 239 shares of the company’s stock valued at $31,000 after purchasing an additional 204 shares during the last quarter. Raleigh Capital Management Inc. increased its stake in Neurocrine Biosciences by 561.8% during the third quarter. Raleigh Capital Management Inc. now owns 225 shares of the company’s stock valued at $32,000 after purchasing an additional 191 shares during the last quarter. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Neurocrine Biosciences during the first quarter worth $33,000. Finally, Jacobi Capital Management LLC acquired a new stake in shares of Neurocrine Biosciences during the third quarter worth $42,000. 92.59% of the stock is currently owned by institutional investors.

About Neurocrine Biosciences

Neurocrine Biosciences is a biopharmaceutical company focused on developing and commercializing treatments for neurological, endocrine and related disorders. Founded in 1992 and headquartered in San Diego, California, the company conducts research and development alongside its commercial operations. Its marketed medicines include INGREZZA (valbenazine), approved in the United States for tardive dyskinesia and chorea associated with Huntington disease, and CRENESSITY (crinecerfont), used with glucocorticoid replacement therapy to treat classic congenital adrenal hyperplasia in adults and children.