Canaccord Genuity Initiates Coverage on Neurocrine Biosciences (NBIX)

Canaccord Genuity initiated coverage on shares of Neurocrine Biosciences (NASDAQ:NBIX) in a report issued on Wednesday, Marketbeat.com reports. The brokerage set a “buy” rating and a $111.00 price target on the stock. Canaccord Genuity’s price objective suggests a potential upside of 23.10% from the company’s current price.

A number of other analysts have also issued reports on NBIX. Robert W. Baird restated an “outperform” rating and issued a $122.00 price target (up previously from $100.00) on shares of Neurocrine Biosciences in a research note on Wednesday, July 25th. BidaskClub upgraded shares of Neurocrine Biosciences from a “hold” rating to a “buy” rating in a research note on Friday, July 27th. Jefferies Financial Group lifted their price target on shares of Neurocrine Biosciences to $124.00 and gave the stock a “buy” rating in a research note on Monday, July 30th. Barclays lifted their price target on shares of Neurocrine Biosciences from $100.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 1st. Finally, HC Wainwright restated a “buy” rating and issued a $162.00 price target on shares of Neurocrine Biosciences in a research note on Wednesday, August 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $124.88.

Shares of NASDAQ:NBIX opened at $90.17 on Wednesday. The firm has a market capitalization of $8.02 billion, a P/E ratio of -55.66, a P/E/G ratio of 22.64 and a beta of 0.94. Neurocrine Biosciences has a 12-month low of $67.32 and a 12-month high of $126.98.

Neurocrine Biosciences (NASDAQ:NBIX) last issued its quarterly earnings results on Monday, November 5th. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.04. The business had revenue of $151.80 million during the quarter, compared to analyst estimates of $151.51 million. Neurocrine Biosciences had a net margin of 2.40% and a return on equity of 2.54%. The business’s revenue was up 149.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.13) earnings per share. On average, analysts expect that Neurocrine Biosciences will post 0.19 EPS for the current year.

In other Neurocrine Biosciences news, Director Richard F. Pops sold 4,123 shares of the business’s stock in a transaction on Monday, November 12th. The shares were sold at an average price of $103.30, for a total transaction of $425,905.90. Following the completion of the sale, the director now owns 33,636 shares in the company, valued at $3,474,598.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Gary A. Lyons sold 15,000 shares of the business’s stock in a transaction on Friday, November 2nd. The shares were sold at an average price of $114.41, for a total transaction of $1,716,150.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 33,623 shares of company stock valued at $3,721,361. 4.30% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Financial Architects Inc boosted its holdings in shares of Neurocrine Biosciences by 283.7% during the third quarter. Financial Architects Inc now owns 1,385 shares of the company’s stock valued at $170,000 after acquiring an additional 1,024 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Neurocrine Biosciences by 1.6% during the first quarter. Principal Financial Group Inc. now owns 78,956 shares of the company’s stock valued at $6,547,000 after acquiring an additional 1,234 shares during the period. Fox Run Management L.L.C. acquired a new position in shares of Neurocrine Biosciences during the third quarter valued at $234,000. Cubist Systematic Strategies LLC acquired a new position in shares of Neurocrine Biosciences during the second quarter valued at $216,000. Finally, Swiss National Bank boosted its holdings in shares of Neurocrine Biosciences by 1.8% during the second quarter. Swiss National Bank now owns 156,500 shares of the company’s stock valued at $15,375,000 after acquiring an additional 2,800 shares during the period. Hedge funds and other institutional investors own 98.88% of the company’s stock.

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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