Neurocrine Biosciences (NASDAQ:NBIX) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Neurocrine Biosciences (NASDAQ:NBIX) from a strong sell rating to a hold rating in a report issued on Friday, Zacks.com reports.

According to Zacks, “Neurocrine Biosciences is a neuroscience-based company focused on the discovery and development of novel therapeutics for neuropsychiatric, neuroinflammatory and neurodegenerative diseases and disorders. The company’s neuroscience, endocrine and immunology disciplines provide a unique biological understanding of the molecular interaction between central nervous, immune and endocrine systems for the development of therapeutic interventions for anxiety, depression, insomnia, stroke, malignant brain tumors, multiple sclerosis, obesity and diabetes. “

Several other brokerages also recently issued reports on NBIX. Credit Suisse Group began coverage on shares of Regeneron Pharmaceuticals in a report on Monday, May 20th. They set a neutral rating and a $336.00 price target for the company. BidaskClub downgraded shares of Extraction Oil & Gas from a hold rating to a sell rating in a report on Saturday, May 4th. Barclays set a GBX 6,800 ($88.85) price target on shares of AstraZeneca and gave the stock a buy rating in a report on Friday, March 29th. JPMorgan Chase & Co. downgraded shares of Ciena from a neutral rating to an underweight rating in a report on Monday, April 22nd. Finally, Guggenheim began coverage on shares of resTORbio in a report on Tuesday, June 4th. They set a buy rating and a $28.00 price target for the company. Six analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Neurocrine Biosciences has an average rating of Buy and an average price target of $102.16.

Shares of NBIX opened at $85.70 on Friday. Neurocrine Biosciences has a one year low of $64.72 and a one year high of $126.98. The firm has a market capitalization of $7.82 billion, a P/E ratio of 389.55 and a beta of 1.35. The company has a current ratio of 8.79, a quick ratio of 8.61 and a debt-to-equity ratio of 0.96. The company’s 50 day moving average price is $83.64.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its quarterly earnings results on Monday, April 29th. The company reported ($1.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.05) by ($0.07). The company had revenue of $138.40 million for the quarter, compared to analyst estimates of $136.77 million. Neurocrine Biosciences had a negative return on equity of 9.14% and a negative net margin of 7.56%. The firm’s quarterly revenue was up 94.7% on a year-over-year basis. During the same quarter last year, the company posted ($0.47) earnings per share. Equities analysts expect that Neurocrine Biosciences will post -0.04 earnings per share for the current year.

In other Neurocrine Biosciences news, insider Haig P. Bozigian sold 66,667 shares of the company’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $80.13, for a total transaction of $5,342,026.71. Following the sale, the insider now owns 164,415 shares of the company’s stock, valued at $13,174,573.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Haig P. Bozigian sold 2,100 shares of the company’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $87.82, for a total transaction of $184,422.00. Following the sale, the insider now directly owns 144,076 shares in the company, valued at approximately $12,652,754.32. The disclosure for this sale can be found here. Insiders have sold 169,320 shares of company stock worth $13,632,265 in the last ninety days. Insiders own 4.30% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Pictet Asset Management Ltd. boosted its position in Neurocrine Biosciences by 4.2% during the first quarter. Pictet Asset Management Ltd. now owns 979,208 shares of the company’s stock valued at $86,268,000 after acquiring an additional 39,729 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Neurocrine Biosciences by 4.2% during the 4th quarter. Geode Capital Management LLC now owns 907,292 shares of the company’s stock worth $64,789,000 after purchasing an additional 36,508 shares in the last quarter. Norges Bank bought a new position in shares of Neurocrine Biosciences during the 4th quarter worth about $61,171,000. Two Sigma Investments LP boosted its position in shares of Neurocrine Biosciences by 18.2% during the 4th quarter. Two Sigma Investments LP now owns 752,220 shares of the company’s stock worth $53,716,000 after purchasing an additional 116,019 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its position in shares of Neurocrine Biosciences by 94.5% during the 4th quarter. Thrivent Financial for Lutherans now owns 691,851 shares of the company’s stock worth $49,405,000 after purchasing an additional 336,101 shares in the last quarter. 95.86% of the stock is currently owned by institutional investors and hedge funds.

Neurocrine Biosciences Company Profile

Neurocrine Biosciences, Inc discovers and develops pharmaceuticals for the treatment of neurological and endocrine-related diseases and disorders in the United States. The company offers INGREZZA (valbenazine), a vesicular monoamine transporter 2 inhibitor (VMAT2), which is used for the treatment of movement disorders; ORILISSA, a gonadotropin-releasing hormone (GnRH) antagonist for use in women's health.

Further Reading: Sell-Side Analysts

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Analyst Recommendations for Neurocrine Biosciences (NASDAQ:NBIX)

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