Leerink Swann Reaffirms “Outperform” Rating for Neurocrine Biosciences, Inc. (NBIX)
Neurocrine Biosciences, Inc. (NASDAQ:NBIX)‘s stock had its “outperform” rating reaffirmed by Leerink Swann in a research note issued to investors on Tuesday. They currently have a $72.00 price objective on the stock, up from their prior price objective of $67.00. Leerink Swann’s price target indicates a potential upside of 15.59% from the company’s current price.
NBIX has been the topic of a number of other reports. Jefferies Group LLC reissued a “buy” rating and issued a $69.00 price target (up from $66.00) on shares of Neurocrine Biosciences in a report on Tuesday, October 3rd. Robert W. Baird reissued an “outperform” rating and issued a $66.00 price target on shares of Neurocrine Biosciences in a report on Thursday, September 21st. BMO Capital Markets increased their price target on shares of Neurocrine Biosciences from $75.00 to $84.00 and gave the stock an “outperform” rating in a report on Friday, August 4th. BidaskClub raised shares of Neurocrine Biosciences from a “sell” rating to a “hold” rating in a report on Wednesday, June 21st. Finally, Piper Jaffray Companies set a $68.00 price target on shares of Neurocrine Biosciences and gave the stock a “buy” rating in a report on Thursday, August 24th. Two research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $68.81.
Neurocrine Biosciences (NBIX) traded down 0.53% during trading on Tuesday, reaching $61.96. 239,779 shares of the company’s stock traded hands. Neurocrine Biosciences has a 52-week low of $37.35 and a 52-week high of $63.77. The company’s 50 day moving average is $57.77 and its 200-day moving average is $50.93. The stock’s market cap is $5.47 billion.
Neurocrine Biosciences (NASDAQ:NBIX) last announced its quarterly earnings results on Thursday, August 3rd. The company reported ($0.68) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.01). The firm had revenue of $6.34 million for the quarter, compared to analysts’ expectations of $0.61 million. During the same quarter last year, the firm posted ($0.46) earnings per share. On average, analysts anticipate that Neurocrine Biosciences will post ($2.45) earnings per share for the current fiscal year.
In related news, insider Christopher Flint Obrien sold 6,925 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $61.04, for a total value of $422,702.00. Following the transaction, the insider now directly owns 55,898 shares in the company, valued at $3,412,013.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Haig P. Bozigian sold 22,500 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $50.00, for a total transaction of $1,125,000.00. Following the completion of the transaction, the insider now owns 154,601 shares in the company, valued at $7,730,050. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 132,580 shares of company stock worth $7,440,850. 4.80% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of NBIX. The Manufacturers Life Insurance Company grew its position in Neurocrine Biosciences by 7.8% during the second quarter. The Manufacturers Life Insurance Company now owns 2,665 shares of the company’s stock valued at $123,000 after acquiring an additional 193 shares during the last quarter. ARS Investment Partners LLC bought a new position in Neurocrine Biosciences during the second quarter valued at approximately $207,000. Stephens Inc. AR bought a new position in Neurocrine Biosciences during the second quarter valued at approximately $207,000. Ardsley Advisory Partners bought a new position in Neurocrine Biosciences during the second quarter valued at approximately $230,000. Finally, Cubist Systematic Strategies LLC grew its position in Neurocrine Biosciences by 151.5% during the second quarter. Cubist Systematic Strategies LLC now owns 5,301 shares of the company’s stock valued at $244,000 after acquiring an additional 3,193 shares during the last quarter.
Neurocrine Biosciences Company Profile
Neurocrine Biosciences, Inc is engaged in discovering and developing pharmaceuticals, in diseases with unmet medical needs, through its research and development (R&D) platform, focused on neurological and endocrine based diseases and disorders. Its three lead late-stage clinical programs are elagolix, which is a gonadotropin-releasing hormone (GnRH) antagonist for endometriosis and uterine fibroids; INGREZZA (valbenazine), which is a vesicular monoamine transporter 2 (VMAT2) inhibitor, for the treatment of movement disorders, and opicapone, which is a selective catechol-O-methyltransferase inhibitor that is an adjunct therapy to preparations of levodopa/Dihydroxyphenylalanine (DOPA) decarboxylase inhibitors for adult patients with Parkinson’s disease.
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