Brokers Set Expectations for Neurocrine Biosciences, Inc.’s FY2024 Earnings (NASDAQ:NBIX)

Posted by on Oct 5th, 2023

Neurocrine Biosciences, Inc. (NASDAQ:NBIX – Free Report) – William Blair raised their FY2024 earnings per share estimates for Neurocrine Biosciences in a research note issued on Monday, October 2nd. William Blair analyst M. Minter now expects that the company will post earnings per share of $6.57 for the year, up from their prior estimate of $6.55. The consensus estimate for Neurocrine Biosciences’ current full-year earnings is $2.20 per share. William Blair also issued estimates for Neurocrine Biosciences’ Q4 2024 earnings at $1.96 EPS and FY2025 earnings at $10.95 EPS.

Neurocrine Biosciences (NASDAQ:NBIX – Get Free Report) last issued its earnings results on Tuesday, August 1st. The company reported $0.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.18. Neurocrine Biosciences had a net margin of 10.54% and a return on equity of 10.39%. The firm had revenue of $452.70 million for the quarter, compared to analysts’ expectations of $448.29 million.

A number of other equities research analysts have also recently issued reports on NBIX. BMO Capital Markets upped their price target on shares of Neurocrine Biosciences from $100.00 to $111.00 and gave the company a “market perform” rating in a report on Wednesday, September 13th. StockNews.com raised shares of Neurocrine Biosciences from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 22nd. Royal Bank of Canada increased their price objective on shares of Neurocrine Biosciences from $108.00 to $110.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 2nd. SVB Securities upgraded shares of Neurocrine Biosciences from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $115.00 to $125.00 in a research note on Monday, July 24th. Finally, Oppenheimer increased their price objective on shares of Neurocrine Biosciences from $150.00 to $154.00 and gave the stock an “outperform” rating in a research note on Monday, August 21st. Five equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $128.52.

Read Our Latest Research Report on Neurocrine Biosciences

Neurocrine Biosciences Stock Performance

NASDAQ NBIX opened at $110.69 on Wednesday. The firm’s 50 day moving average price is $108.37 and its two-hundred day moving average price is $101.31. Neurocrine Biosciences has a twelve month low of $89.04 and a twelve month high of $129.29. The stock has a market cap of $10.81 billion, a price-to-earnings ratio of 63.64, a PEG ratio of 1.10 and a beta of 0.44.

Hedge Funds Weigh In On Neurocrine Biosciences

Institutional investors have recently added to or reduced their stakes in the company. Alberta Investment Management Corp boosted its position in shares of Neurocrine Biosciences by 10.4% during the second quarter. Alberta Investment Management Corp now owns 82,795 shares of the company’s stock valued at $7,808,000 after buying an additional 7,777 shares during the last quarter. Virginia Retirement Systems ET AL purchased a new position in shares of Neurocrine Biosciences in the 2nd quarter worth approximately $13,581,000. Comerica Bank purchased a new position in Neurocrine Biosciences during the 2nd quarter valued at $17,110,000. Teachers Retirement System of The State of Kentucky boosted its holdings in Neurocrine Biosciences by 6.9% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 49,943 shares of the company’s stock valued at $4,710,000 after acquiring an additional 3,245 shares during the period. Finally, Nuveen Asset Management LLC lifted its holdings in shares of Neurocrine Biosciences by 33.0% in the 2nd quarter. Nuveen Asset Management LLC now owns 324,174 shares of the company’s stock worth $30,570,000 after buying an additional 80,416 shares during the period. Institutional investors own 93.54% of the company’s stock.

Insiders Place Their Bets

In other news, insider Jude Onyia sold 3,198 shares of the stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $107.37, for a total transaction of $343,369.26. Following the completion of the sale, the insider now owns 9,638 shares of the company’s stock, valued at $1,034,832.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CFO Matt Abernethy sold 2,132 shares of the company’s stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $107.39, for a total transaction of $228,955.48. Following the completion of the transaction, the chief financial officer now owns 27,131 shares in the company, valued at $2,913,598.09. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Jude Onyia sold 3,198 shares of the stock in a transaction on Monday, August 21st. The stock was sold at an average price of $107.37, for a total value of $343,369.26. Following the completion of the transaction, the insider now owns 9,638 shares of the company’s stock, valued at approximately $1,034,832.06. The disclosure for this sale can be found here. Insiders sold a total of 31,083 shares of company stock valued at $3,400,811 over the last quarter. 4.60% of the stock is owned by corporate insiders.

Neurocrine Biosciences Company Profile

(Get Free Report)

Neurocrine Biosciences, Inc discovers, develops, and markets pharmaceuticals for neurological, endocrine, and psychiatric disorders. The company's portfolio includes treatments for tardive dyskinesia, Parkinson's disease, endometriosis, and uterine fibroids, as well as clinical programs in various therapeutic areas.

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Earnings History and Estimates for Neurocrine Biosciences (NASDAQ:NBIX)

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