Why Neurocrine Biosciences Stock Sank Today
Despite better-than-expected profitability in the fourth quarter, which it reported late last week, Neurocrine Biosciences (NASDAQ: NBIX) hasn't been wowing analysts lately. On Monday, no less than three of them lowered their price targets on the biotech's shares, leaving them with a more than 3% loss in price on the day. That compared unfavorably to the 0.7% rise of the S&P 500 index.Triple price target cuts are not the ideal way for a stock to begin a trading week. Yet that was the dynamic with Neurocrine, with prognosticators at H.C. Wainwright, Guggenheim, and UBS (NYSE: UBS) all getting simultaneously less bullish on the company's future.Of the trio, the most drastic cutter was UBS's Ashwani Verma, who reduced his level on Neurocrine to $154 per share from his preceding $176. Continue reading
Despite better-than-expected profitability in the fourth quarter, which it reported late last week, Neurocrine Biosciences (NASDAQ: NBIX) hasn't been wowing analysts lately. On Monday, no less than three of them lowered their price targets on the biotech's shares, leaving them with a more than 3% loss in price on the day. That compared unfavorably to the 0.7% rise of the S&P 500 index.
Triple price target cuts are not the ideal way for a stock to begin a trading week. Yet that was the dynamic with Neurocrine, with prognosticators at H.C. Wainwright, Guggenheim, and UBS (NYSE: UBS) all getting simultaneously less bullish on the company's future.
Of the trio, the most drastic cutter was UBS's Ashwani Verma, who reduced his level on Neurocrine to $154 per share from his preceding $176.
