Neurocrine Biosciences, Inc. (NBIX) Receives “Buy” Rating from Needham & Company LLC
Neurocrine Biosciences, Inc. (NASDAQ:NBIX)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a research report issued on Thursday. They currently have a $86.00 price objective on the stock. Needham & Company LLC’s target price points to a potential upside of 38.46% from the company’s previous close.
The analysts wrote, “Neurocrine reported 3Q17 financial results yesterday. Ingrezza 3Q17 sales were $45.8M, well above our $20.0M and consensus $11M ests. Mgmt noted growth in TRX from 745 in 2Q17 to 5100 in 3Q17. We are raising our near-term and long-term sales ests significantly. Our 4Q17 Ingrezza sales estimate is $55.0M (was $15.0M). Mgmt highlighted possible challenges in 4Q17, including new competitor Austedo and essentially a reduction in price w/ introduction of 80mg capsule. Nevertheless, we believe our ests may still be conservative. Our new $86 price target (was $58) is 25x our $4.72 2020 EPS est, disc 15% annually.””
A number of other equities research analysts have also recently weighed in on NBIX. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $70.00 price objective on shares of Neurocrine Biosciences in a research note on Wednesday, July 5th. BMO Capital Markets lifted their price objective on Neurocrine Biosciences from $75.00 to $84.00 and gave the company an “outperform” rating in a research note on Friday, August 4th. Cowen and Company reaffirmed an “outperform” rating and issued a $65.00 price objective (up from $60.00) on shares of Neurocrine Biosciences in a research note on Wednesday, August 9th. BidaskClub raised Neurocrine Biosciences from a “hold” rating to a “buy” rating in a research note on Wednesday, August 9th. Finally, Piper Jaffray Companies set a $68.00 price objective on Neurocrine Biosciences and gave the company a “buy” rating in a research note on Thursday, August 24th. One analyst has rated the stock with a hold rating and eighteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $77.75.
Neurocrine Biosciences (NASDAQ:NBIX) last issued its quarterly earnings data on Wednesday, November 1st. The company reported ($0.13) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.49) by $0.36. The firm had revenue of $60.77 million during the quarter, compared to analyst estimates of $29.38 million. During the same period in the previous year, the firm posted ($0.43) earnings per share.
In other news, insider Dimitri E. Grigoriadis sold 15,354 shares of the business’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $55.00, for a total value of $844,470.00. Following the completion of the sale, the insider now directly owns 123,045 shares of the company’s stock, valued at approximately $6,767,475. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christopher Flint Obrien sold 6,925 shares of the business’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $61.04, for a total value of $422,702.00. Following the completion of the sale, the insider now directly owns 55,898 shares of the company’s stock, valued at $3,412,013.92. The disclosure for this sale can be found here. Insiders sold a total of 123,846 shares of company stock valued at $7,004,150 over the last three months. Company insiders own 4.80% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company lifted its holdings in shares of Neurocrine Biosciences by 7.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,665 shares of the company’s stock valued at $123,000 after purchasing an additional 193 shares during the last quarter. ARS Investment Partners LLC purchased a new stake in shares of Neurocrine Biosciences in the 2nd quarter valued at about $207,000. Stephens Inc. AR purchased a new stake in shares of Neurocrine Biosciences in the 2nd quarter valued at about $207,000. Crossmark Global Holdings Inc. purchased a new stake in shares of Neurocrine Biosciences in the 3rd quarter valued at about $286,000. Finally, Quantitative Systematic Strategies LLC purchased a new stake in shares of Neurocrine Biosciences in the 3rd quarter valued at about $305,000.
About Neurocrine Biosciences
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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