Wells Fargo & Company Upgrades Neurocrine Biosciences (NASDAQ:NBIX) to Overweight

Wells Fargo & Company upgraded shares of Neurocrine Biosciences (NASDAQ:NBIX) from an equal weight rating to an overweight rating in a research report report published on Wednesday, Marketbeat Ratings reports. They currently have $170.00 target price on the stock, up from their prior target price of $140.00.

NBIX has been the subject of several other reports. Citigroup reduced their price objective on Neurocrine Biosciences from $141.00 to $140.00 and set a neutral rating for the company in a research note on Thursday, February 8th. JPMorgan Chase & Co. lifted their price target on Neurocrine Biosciences from $148.00 to $158.00 and gave the stock an overweight rating in a research note on Wednesday, March 20th. StockNews.com upgraded Neurocrine Biosciences from a buy rating to a strong-buy rating in a report on Thursday, February 8th. Wedbush reiterated an outperform rating and issued a $147.00 target price on shares of Neurocrine Biosciences in a report on Wednesday, April 17th. Finally, Needham & Company LLC restated a hold rating on shares of Neurocrine Biosciences in a report on Tuesday, April 23rd. Six research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Neurocrine Biosciences currently has a consensus rating of Moderate Buy and a consensus target price of $142.38.

Neurocrine Biosciences Trading Down 1.3 %

NASDAQ:NBIX opened at $135.99 on Wednesday. The company has a 50-day moving average of $136.63 and a 200-day moving average of $127.94. The firm has a market cap of $13.53 billion, a price-to-earnings ratio of 56.19 and a beta of 0.25. Neurocrine Biosciences has a twelve month low of $89.04 and a twelve month high of $148.37.

Neurocrine Biosciences (NASDAQ:NBIX) last released its earnings results on Wednesday, February 7th. The company reported $1.44 EPS for the quarter, beating the consensus estimate of $1.13 by $0.31. The business had revenue of $515.20 million during the quarter, compared to analyst estimates of $518.52 million. Neurocrine Biosciences had a net margin of 13.23% and a return on equity of 12.85%. The business’s quarterly revenue was up 25.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.88 earnings per share. On average, research analysts forecast that Neurocrine Biosciences will post 4.83 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider David W. Boyer sold 456 shares of the stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $141.96, for a total transaction of $64,733.76. Following the transaction, the insider now owns 4,894 shares of the company’s stock, valued at approximately $694,752.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Eric Benevich sold 75,000 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $139.38, for a total transaction of $10,453,500.00. Following the completion of the transaction, the insider now owns 40,778 shares of the company’s stock, valued at $5,683,637.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David W. Boyer sold 456 shares of the business’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $141.96, for a total value of $64,733.76. Following the sale, the insider now owns 4,894 shares in the company, valued at $694,752.24. The disclosure for this sale can be found here. Insiders sold 186,994 shares of company stock valued at $25,806,409 over the last quarter. Insiders own 4.40% of the company’s stock.

Hedge Funds Weigh In On Neurocrine Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of NBIX. Mather Group LLC. bought a new stake in Neurocrine Biosciences during the first quarter worth about $26,000. Lindbrook Capital LLC increased its stake in shares of Neurocrine Biosciences by 85.0% in the 4th quarter. Lindbrook Capital LLC now owns 209 shares of the company’s stock valued at $28,000 after buying an additional 96 shares during the period. EdgeRock Capital LLC acquired a new stake in Neurocrine Biosciences in the fourth quarter worth about $31,000. Benjamin F. Edwards & Company Inc. bought a new position in shares of Neurocrine Biosciences in the 4th quarter valued at about $33,000. Finally, Headinvest LLC bought a new position in Neurocrine Biosciences in the third quarter valued at approximately $28,000. Institutional investors own 92.59% of the company’s stock.

Neurocrine Biosciences Company Profile

Neurocrine Biosciences, Inc discovers, develops, and markets pharmaceuticals for neurological, neuroendocrine, and neuropsychiatric disorders in the United States and internationally. The company's products include INGREZZA for tardive dyskinesia and chorea associated with Huntington's disease; ALKINDI for adrenal insufficiency; Efmody capsules for classic congenital adrenal hyperplasia; Orilissa tablets for endometriosis; and Oriahnn capsules to treat uterine fibroids.