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 reports. Wells Fargo & Company currently has $170.00 target price on the stock, up from their previous target price of $140.00.

A number of other research firms have also issued reports on NBIX. Wedbush reissued an outperform rating and issued a $147.00 target price on shares of Neurocrine Biosciences in a report on Wednesday, April 17th. StockNews.com upgraded shares of Neurocrine Biosciences from a buy rating to a strong-buy rating in a research report on Thursday, February 8th. The Goldman Sachs Group lifted their target price on shares of Neurocrine Biosciences from $134.00 to $153.00 and gave the company a buy rating in a report on Thursday, January 25th. Cantor Fitzgerald reissued an overweight rating and set a $155.00 price target on shares of Neurocrine Biosciences in a report on Wednesday, April 10th. Finally, Mizuho lifted their price objective on Neurocrine Biosciences from $116.00 to $140.00 and gave the company a neutral rating in a report on Thursday, February 8th. Six analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $142.38.

Neurocrine Biosciences Trading Down 1.3 %

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

Neurocrine Biosciences (NASDAQ:NBIX) last issued its quarterly earnings data on Wednesday, February 7th. The company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.31. Neurocrine Biosciences had a net margin of 13.23% and a return on equity of 12.85%. The company had revenue of $515.20 million for the quarter, compared to the consensus estimate of $518.52 million. During the same period last year, the firm posted $0.88 EPS. Neurocrine Biosciences’s revenue for the quarter was up 25.0% on a year-over-year basis. As a group, equities research analysts predict that Neurocrine Biosciences will post 4.83 EPS for the current fiscal year.

Insider Transactions at Neurocrine Biosciences

In related news, CEO Kevin Charles Gorman sold 2,707 shares of the company’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $140.69, for a total value of $380,847.83. Following the sale, the chief executive officer now owns 502,188 shares of the company’s stock, valued at approximately $70,652,829.72. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Neurocrine Biosciences news, insider Eric Benevich sold 75,000 shares of the firm’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 sale, the insider now directly owns 40,778 shares of the company’s stock, valued at approximately $5,683,637.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kevin Charles Gorman sold 2,707 shares of the business’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $140.69, for a total transaction of $380,847.83. Following the completion of the transaction, the chief executive officer now directly owns 502,188 shares of the company’s stock, valued at approximately $70,652,829.72. The disclosure for this sale can be found here. Insiders sold a total of 186,994 shares of company stock valued at $25,806,409 in the last ninety days. Corporate insiders own 4.40% of the company’s stock.

Institutional Trading of Neurocrine Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the company. Mather Group LLC. purchased a new stake in shares of Neurocrine Biosciences in the first quarter valued at $26,000. Headinvest LLC purchased a new stake in Neurocrine Biosciences in the 3rd quarter valued at about $28,000. Lindbrook Capital LLC grew its holdings in 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 position in shares of Neurocrine Biosciences during the 4th quarter valued at about $31,000. Finally, Benjamin F. Edwards & Company Inc. purchased a new position in shares of Neurocrine Biosciences during the 4th quarter worth about $33,000. 92.59% of the stock is owned by hedge funds and other institutional investors.

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.