Wedbush Issues Pessimistic Forecast for Neurocrine Biosciences (NASDAQ:NBIX) Stock Price

Neurocrine Biosciences (NASDAQ:NBIX) had its price target reduced by stock analysts at Wedbush from $157.00 to $147.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s price objective would suggest a potential upside of 21.32% from the company’s previous close.

Several other research firms have also issued reports on NBIX. StockNews.com lowered shares of Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 1st. Morgan Stanley increased their price target on Neurocrine Biosciences from $170.00 to $185.00 and gave the stock an “overweight” rating in a research report on Tuesday. Barclays raised their price target on shares of Neurocrine Biosciences from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, December 23rd. Needham & Company LLC reaffirmed a “hold” rating on shares of Neurocrine Biosciences in a research note on Friday. Finally, BMO Capital Markets cut their price objective on Neurocrine Biosciences from $128.00 to $114.00 and set a “market perform” rating on the stock in a report on Thursday, October 17th. Five analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Neurocrine Biosciences has a consensus rating of “Moderate Buy” and a consensus price target of $167.10.

Neurocrine Biosciences Price Performance

NBIX traded down $29.35 on Friday, reaching $121.16. The company’s stock had a trading volume of 4,924,524 shares, compared to its average volume of 1,133,061. The stock has a market cap of $12.27 billion, a price-to-earnings ratio of 32.49 and a beta of 0.33. Neurocrine Biosciences has a 1 year low of $110.95 and a 1 year high of $157.98. The business’s 50 day moving average is $138.89 and its 200 day moving average is $131.77.

Neurocrine Biosciences (NASDAQ:NBIX) last released its quarterly earnings results on Thursday, February 6th. The company reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.62). Neurocrine Biosciences had a return on equity of 15.68% and a net margin of 17.21%. As a group, research analysts forecast that Neurocrine Biosciences will post 3.92 earnings per share for the current fiscal year.

Insider Transactions at Neurocrine Biosciences

In other news, CEO Kyle Gano sold 65,000 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $141.50, for a total transaction of $9,197,500.00. Following the completion of the transaction, the chief executive officer now directly owns 135,392 shares in the company, valued at approximately $19,157,968. This represents a 32.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Ingrid Delaet sold 1,091 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $135.00, for a total transaction of $147,285.00. Following the completion of the transaction, the insider now directly owns 2,507 shares in the company, valued at $338,445. The trade was a 30.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 222,693 shares of company stock worth $32,718,279 over the last three months. 4.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Neurocrine Biosciences

Several institutional investors have recently added to or reduced their stakes in NBIX. Raymond James Financial Inc. purchased a new stake in shares of Neurocrine Biosciences during the fourth quarter worth approximately $115,193,000. State Street Corp raised its stake in shares of Neurocrine Biosciences by 11.7% during the 3rd quarter. State Street Corp now owns 5,148,293 shares of the company’s stock worth $593,186,000 after buying an additional 539,936 shares during the last quarter. Jennison Associates LLC boosted its position in shares of Neurocrine Biosciences by 145.1% in the 4th quarter. Jennison Associates LLC now owns 820,694 shares of the company’s stock worth $112,025,000 after buying an additional 485,894 shares in the last quarter. Los Angeles Capital Management LLC raised its position in Neurocrine Biosciences by 639.6% during the third quarter. Los Angeles Capital Management LLC now owns 420,748 shares of the company’s stock worth $48,479,000 after acquiring an additional 363,863 shares during the last quarter. Finally, Impax Asset Management Group plc increased its stake in shares of Neurocrine Biosciences by 207.8% during the 4th quarter. Impax Asset Management Group plc now owns 261,599 shares of the company’s stock worth $35,708,000 after purchasing an additional 176,599 shares in the last quarter. Institutional investors and hedge funds own 92.59% of the company’s stock.

About Neurocrine Biosciences

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.