Neurocrine Biosciences (NBIX) Stock Rating Reaffirmed by Cantor Fitzgerald
Neurocrine Biosciences (NASDAQ:NBIX)‘s stock had its “buy” rating reiterated by equities researchers at Cantor Fitzgerald in a report issued on Wednesday. They presently have a $121.00 target price on the stock. Cantor Fitzgerald’s price objective indicates a potential upside of 66.99% from the stock’s previous close.
The analysts wrote, “. We reiterate our Overweight rating despite reducing our PT to $121 from $150 on shares of NBIX. Today, Neurocrine announced disappointing topline results from the T-Force GOLD study of valbenazine in Tourette’s syndrome. The study failed to meet its primary endpoint of change on the Scale (YGTSS). Although this outcome may not “prove” a lack of potential for valbe’ in TS, we need to suspend disbelief for ~12mo until the readout of T-Force PLATINUM, a randomized withdrawal designed to gain incremental visibility.””
A number of other analysts have also recently issued reports on the company. Needham & Company LLC set a $104.00 target price on Neurocrine Biosciences and gave the company a “buy” rating in a research report on Wednesday. Oppenheimer set a $140.00 target price on Neurocrine Biosciences and gave the company a “buy” rating in a research report on Tuesday. Canaccord Genuity assumed coverage on Neurocrine Biosciences in a research report on Wednesday, November 21st. They issued a “buy” rating and a $111.00 target price for the company. BidaskClub cut Neurocrine Biosciences from a “hold” rating to a “sell” rating in a research report on Friday, November 16th. Finally, ValuEngine cut Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 15th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and seventeen have issued a buy rating to the stock. Neurocrine Biosciences presently has an average rating of “Buy” and an average target price of $104.62.
Neurocrine Biosciences (NASDAQ:NBIX) last announced its earnings results on Monday, November 5th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.04. The firm had revenue of $151.80 million during the quarter, compared to analysts’ expectations of $151.51 million. Neurocrine Biosciences had a return on equity of 2.54% and a net margin of 2.40%. The business’s revenue was up 149.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.13) EPS. As a group, research analysts forecast that Neurocrine Biosciences will post 0.19 EPS for the current year.
In other Neurocrine Biosciences news, insider Malcolm Lloyd-Smith sold 9,000 shares of the stock in a transaction that occurred on Wednesday, November 7th. The stock was sold at an average price of $110.01, for a total transaction of $990,090.00. Following the completion of the sale, the insider now directly owns 21,018 shares of the company’s stock, valued at approximately $2,312,190.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gary A. Lyons sold 15,000 shares of the stock in a transaction that occurred on Friday, November 2nd. The stock was sold at an average price of $114.41, for a total value of $1,716,150.00. The disclosure for this sale can be found here. Insiders have sold a total of 38,925 shares of company stock valued at $4,204,191 over the last ninety days. 4.30% of the stock is owned by insiders.
A number of institutional investors have recently bought and sold shares of NBIX. Financial Architects Inc raised its stake in shares of Neurocrine Biosciences by 283.7% during the 3rd quarter. Financial Architects Inc now owns 1,385 shares of the company’s stock worth $170,000 after buying an additional 1,024 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Neurocrine Biosciences by 1.6% during the 1st quarter. Principal Financial Group Inc. now owns 78,956 shares of the company’s stock worth $6,547,000 after buying an additional 1,234 shares in the last quarter. Fox Run Management L.L.C. purchased a new position in shares of Neurocrine Biosciences during the 3rd quarter worth approximately $234,000. Cubist Systematic Strategies LLC purchased a new position in shares of Neurocrine Biosciences during the 2nd quarter worth approximately $216,000. Finally, Swiss National Bank raised its stake in shares of Neurocrine Biosciences by 1.8% during the 2nd quarter. Swiss National Bank now owns 156,500 shares of the company’s stock worth $15,375,000 after buying an additional 2,800 shares in the last quarter. 96.96% of the stock is owned by institutional investors.
About Neurocrine Biosciences
Neurocrine Biosciences, Inc discovers and develops pharmaceuticals for the treatment of neurological and endocrine-related diseases and disorders in the United States. The company's lead products include INGREZZA (valbenazine), a vesicular monoamine transporter 2 inhibitor (VMAT2), which is used for the treatment of movement disorders; elagolix, a gonadotropin-releasing hormone (GnRH) antagonist that is in Phase III clinical trial for use in women's health; and opicapone, a catechol-O-methyltransferase inhibitor, which is in Phase III clinical trial that is used for in adjunct therapy and preparations of levodopa/DOPA decarboxylase inhibitors for adult patients with Parkinson's disease.
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