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

Neurocrine Biosciences (NASDAQ:NBIX) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a note issued to investors 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 have also issued reports on NBIX. Credit Suisse Group began coverage on Regeneron Pharmaceuticals in a research note on Monday, May 20th. They issued a “neutral” rating and a $336.00 price target on the stock. Barclays set a GBX 6,800 ($88.85) price target on AstraZeneca and gave the company a “buy” rating in a research note on Friday, March 29th. JPMorgan Chase & Co. lowered Ciena from a “neutral” rating to an “underweight” rating in a research note on Monday, April 22nd. ValuEngine raised ZTE CORP/ADR from a “hold” rating to a “buy” rating in a research note on Monday, April 15th. Finally, Evercore ISI began coverage on Homology Medicines in a research note on Thursday, April 11th. They issued an “outperform” rating and a $29.00 price target on the stock. Six analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $102.16.

Shares of NBIX opened at $85.70 on Friday. Neurocrine Biosciences has a 52-week low of $64.72 and a 52-week high of $126.98. The company has a debt-to-equity ratio of 0.96, a quick ratio of 8.61 and a current ratio of 8.79. The firm has a 50 day simple moving average of $83.64. The firm has a market capitalization of $7.85 billion, a price-to-earnings ratio of 389.55 and a beta of 1.34.

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

In other news, insider Haig P. Bozigian sold 66,667 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $80.13, for a total transaction of $5,342,026.71. Following the transaction, the insider now directly 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 available through the SEC website. Also, insider Haig P. Bozigian sold 34,547 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $75.51, for a total value of $2,608,643.97. The disclosure for this sale can be found here. Insiders have sold 169,320 shares of company stock worth $13,632,265 over the last ninety days. 4.30% of the stock is owned by insiders.

Several large investors have recently modified their holdings of NBIX. Norges Bank bought a new stake in Neurocrine Biosciences during the fourth quarter worth $61,171,000. Orbimed Advisors LLC grew its holdings in Neurocrine Biosciences by 258.6% during the fourth quarter. Orbimed Advisors LLC now owns 494,200 shares of the company’s stock worth $35,291,000 after buying an additional 356,400 shares in the last quarter. Thrivent Financial for Lutherans grew its holdings in Neurocrine Biosciences by 94.5% during the fourth quarter. Thrivent Financial for Lutherans now owns 691,851 shares of the company’s stock worth $49,405,000 after buying an additional 336,101 shares in the last quarter. Marshall Wace North America L.P. grew its holdings in Neurocrine Biosciences by 83.5% during the first quarter. Marshall Wace North America L.P. now owns 580,904 shares of the company’s stock worth $51,178,000 after buying an additional 264,402 shares in the last quarter. Finally, Rockefeller Capital Management L.P. grew its holdings in Neurocrine Biosciences by 6,021.8% during the first quarter. Rockefeller Capital Management L.P. now owns 224,977 shares of the company’s stock worth $19,821,000 after buying an additional 221,302 shares in the last quarter. 95.86% of the stock is currently owned by institutional investors.

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.

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