Intrinsic value of Neurocrine Biosciences - NBIX

Previous Close

$61.14

  Intrinsic Value

$0.95

stock screener

  Rating & Target

str. sell

-98%

  Value-price divergence*

0%

Previous close

$61.14

 
Intrinsic value

$0.95

 
Up/down potential

-98%

 
Rating

str. sell

 
Value-price divergence*

0%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of NBIX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -25.00
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  15
  15
  16
  16
  17
  17
  18
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
Variable operating expenses, $m
 
  88
  90
  92
  95
  97
  101
  104
  108
  112
  116
  121
  126
  131
  136
  142
  148
  155
  162
  169
  177
  185
  194
  203
  213
  223
  234
  245
  257
  269
  282
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  162
  88
  90
  92
  95
  97
  101
  104
  108
  112
  116
  121
  126
  131
  136
  142
  148
  155
  162
  169
  177
  185
  194
  203
  213
  223
  234
  245
  257
  269
  282
Operating income, $m
  -147
  -72
  -74
  -76
  -78
  -80
  -83
  -86
  -89
  -92
  -96
  -100
  -104
  -108
  -113
  -117
  -123
  -128
  -134
  -140
  -146
  -153
  -160
  -168
  -176
  -184
  -193
  -202
  -212
  -222
  -233
EBITDA, $m
  -146
  -71
  -73
  -75
  -77
  -79
  -82
  -85
  -88
  -91
  -95
  -98
  -102
  -107
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -151
  -158
  -166
  -173
  -182
  -190
  -200
  -209
  -219
  -230
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
Earnings before tax, $m
  -141
  -72
  -74
  -76
  -78
  -81
  -83
  -86
  -89
  -93
  -96
  -100
  -104
  -109
  -113
  -118
  -124
  -129
  -135
  -141
  -148
  -155
  -162
  -170
  -178
  -187
  -196
  -205
  -215
  -226
  -237
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -141
  -72
  -74
  -76
  -78
  -81
  -83
  -86
  -89
  -93
  -96
  -100
  -104
  -109
  -113
  -118
  -124
  -129
  -135
  -141
  -148
  -155
  -162
  -170
  -178
  -187
  -196
  -205
  -215
  -226
  -237

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  307
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  365
  59
  60
  62
  64
  66
  68
  70
  73
  75
  78
  81
  85
  88
  92
  96
  100
  104
  109
  114
  119
  125
  131
  137
  143
  150
  157
  165
  173
  181
  190
Adjusted assets (=assets-cash), $m
  58
  59
  60
  62
  64
  66
  68
  70
  73
  75
  78
  81
  85
  88
  92
  96
  100
  104
  109
  114
  119
  125
  131
  137
  143
  150
  157
  165
  173
  181
  190
Revenue / Adjusted assets
  0.259
  0.254
  0.267
  0.258
  0.266
  0.258
  0.265
  0.257
  0.260
  0.253
  0.256
  0.259
  0.259
  0.261
  0.261
  0.260
  0.260
  0.260
  0.257
  0.263
  0.261
  0.256
  0.260
  0.255
  0.259
  0.260
  0.261
  0.261
  0.260
  0.260
  0.258
Average production assets, $m
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
Working capital, $m
  280
  -28
  -28
  -29
  -30
  -31
  -32
  -33
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -81
  -84
  -89
Total debt, $m
  0
  1
  2
  3
  5
  7
  8
  10
  13
  15
  17
  20
  23
  26
  29
  33
  36
  40
  44
  48
  53
  58
  63
  68
  74
  79
  86
  92
  99
  106
  114
Total liabilities, $m
  50
  51
  52
  53
  55
  57
  58
  60
  63
  65
  67
  70
  73
  76
  79
  83
  86
  90
  94
  98
  103
  108
  113
  118
  124
  129
  136
  142
  149
  156
  164
Total equity, $m
  315
  8
  8
  9
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
Total liabilities and equity, $m
  365
  59
  60
  62
  64
  66
  67
  70
  73
  75
  78
  81
  85
  88
  92
  96
  100
  104
  109
  114
  119
  125
  131
  137
  144
  150
  158
  165
  173
  181
  190
Debt-to-equity ratio
  0.000
  0.110
  0.250
  0.400
  0.560
  0.730
  0.900
  1.080
  1.250
  1.430
  1.610
  1.790
  1.960
  2.130
  2.300
  2.460
  2.620
  2.780
  2.930
  3.070
  3.210
  3.340
  3.470
  3.600
  3.720
  3.830
  3.940
  4.050
  4.150
  4.250
  4.340
Adjusted equity ratio
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -141
  -72
  -74
  -76
  -78
  -81
  -83
  -86
  -89
  -93
  -96
  -100
  -104
  -109
  -113
  -118
  -124
  -129
  -135
  -141
  -148
  -155
  -162
  -170
  -178
  -187
  -196
  -205
  -215
  -226
  -237
Depreciation, amort., depletion, $m
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
Funds from operations, $m
  -101
  -71
  -73
  -75
  -77
  -80
  -82
  -85
  -88
  -92
  -95
  -99
  -103
  -107
  -112
  -117
  -122
  -128
  -133
  -140
  -146
  -153
  -160
  -168
  -176
  -184
  -193
  -203
  -212
  -223
  -234
Change in working capital, $m
  5
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
Cash from operations, $m
  -106
  -71
  -73
  -74
  -76
  -79
  -81
  -84
  -87
  -90
  -94
  -98
  -102
  -106
  -110
  -115
  -120
  -126
  -131
  -137
  -144
  -150
  -157
  -165
  -173
  -181
  -190
  -199
  -209
  -219
  -230
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
New CAPEX, $m
  -4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from investing activities, $m
  113
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
Free cash flow, $m
  7
  -72
  -74
  -75
  -78
  -80
  -82
  -85
  -88
  -92
  -95
  -99
  -103
  -107
  -112
  -117
  -122
  -127
  -133
  -139
  -146
  -153
  -160
  -167
  -175
  -184
  -193
  -202
  -212
  -222
  -233
Issuance/(repayment) of debt, $m
  0
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
Issuance/(repurchase) of shares, $m
  2
  73
  74
  76
  78
  81
  84
  87
  90
  93
  97
  101
  105
  109
  114
  119
  124
  130
  136
  142
  149
  156
  163
  171
  179
  188
  197
  206
  216
  227
  238
Cash from financing (excl. dividends), $m  
  2
  74
  75
  77
  80
  83
  86
  89
  92
  95
  99
  104
  108
  112
  117
  122
  128
  134
  140
  146
  154
  161
  168
  176
  185
  194
  203
  213
  223
  234
  246
Total cash flow (excl. dividends), $m
  9
  2
  2
  2
  2
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
Retained Cash Flow (-), $m
  109
  -73
  -74
  -76
  -78
  -81
  -84
  -87
  -90
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -130
  -136
  -142
  -149
  -156
  -163
  -171
  -179
  -188
  -197
  -206
  -216
  -227
  -238
Prev. year cash balance distribution, $m
 
  307
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  236
  -72
  -74
  -76
  -78
  -81
  -83
  -86
  -89
  -93
  -96
  -100
  -104
  -109
  -113
  -118
  -124
  -129
  -135
  -141
  -148
  -155
  -162
  -170
  -178
  -187
  -196
  -205
  -215
  -225
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  226
  -66
  -64
  -63
  -61
  -59
  -56
  -54
  -51
  -49
  -46
  -43
  -40
  -36
  -33
  -30
  -27
  -24
  -21
  -18
  -15
  -13
  -11
  -9
  -7
  -5
  -4
  -3
  -2
  -2
Current shareholders' claim on cash, %
  100
  52.4
  27.4
  14.3
  7.5
  3.9
  2.0
  1.1
  0.5
  0.3
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Neurocrine Biosciences, Inc. is engaged in discovering and developing pharmaceuticals, in diseases with unmet medical needs, through its research and development (R&D) platform, focused on neurological and endocrine based diseases and disorders. Its three lead late-stage clinical programs are elagolix, which is a gonadotropin-releasing hormone (GnRH) antagonist for endometriosis and uterine fibroids; INGREZZA (valbenazine), which is a vesicular monoamine transporter 2 (VMAT2) inhibitor, for the treatment of movement disorders, and opicapone, which is a selective catechol-O-methyltransferase inhibitor that is an adjunct therapy to preparations of levodopa/Dihydroxyphenylalanine (DOPA) decarboxylase inhibitors for adult patients with Parkinson's disease. Its product pipeline also includes NBI-640756, which targets tremor and NBI-74788, which targets classic congenital adrenal hyperplasia. Its R&D focus is on addressing diseases and disorders of the central nervous and endocrine systems.

FINANCIAL RATIOS  of  Neurocrine Biosciences (NBIX)

Valuation Ratios
P/E Ratio -37.7
Price to Sales 354.1
Price to Book 16.9
Price to Tangible Book
Price to Cash Flow -50.1
Price to Free Cash Flow -48.3
Growth Rates
Sales Growth Rate -25%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate 32%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -33.6%
Ret/ On Assets - 3 Yr. Avg. -29.7%
Return On Total Capital -38.2%
Ret/ On T. Cap. - 3 Yr. Avg. -34.5%
Return On Equity -38.2%
Return On Equity - 3 Yr. Avg. -34.5%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -933.3%
EBITDA Margin - 3 Yr. Avg. -457.8%
Operating Margin -980%
Oper. Margin - 3 Yr. Avg. -483.3%
Pre-Tax Margin -940%
Pre-Tax Margin - 3 Yr. Avg. -461.7%
Net Profit Margin -940%
Net Profit Margin - 3 Yr. Avg. -461.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

NBIX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NBIX stock intrinsic value calculation we used $15 million for the last fiscal year's total revenue generated by Neurocrine Biosciences. The default revenue input number comes from 2016 income statement of Neurocrine Biosciences. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our NBIX stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for NBIX is calculated based on our internal credit rating of Neurocrine Biosciences, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Neurocrine Biosciences.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of NBIX stock the variable cost ratio is equal to 573.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for NBIX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Neurocrine Biosciences.

Corporate tax rate of 27% is the nominal tax rate for Neurocrine Biosciences. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the NBIX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for NBIX are equal to 30%.

Life of production assets of 4.5 years is the average useful life of capital assets used in Neurocrine Biosciences operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for NBIX is equal to -180%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $315 million for Neurocrine Biosciences - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 86.315 million for Neurocrine Biosciences is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Neurocrine Biosciences at the current share price and the inputted number of shares is $5.3 billion.

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COMPANY NEWS

▶ How Is Neurocrine Biosciences Positioned Now?   [Oct-16-17 01:23PM  Market Realist]
▶ NBIX: Strong Start to INGREZZA® Launch   [Aug-04-17 01:00PM  Zacks Small Cap Research]
▶ Neurocrine reports 2Q loss   [Aug-03-17 05:41PM  Associated Press]
▶ Neurocrine Biosciences: Ingrezza, Collaborations, Ratings   [Jul-03-17 09:01AM  Market Realist]
▶ Top Losers in the Healthcare Sector: May 2226, 2017   [May-31-17 12:01PM  Market Realist]
▶ Biotech Musical Chairs: Who Leads Next   [06:00AM  Investopedia]
▶ Biotech And Pharma Industry And Stock News   [08:43AM  Investor's Business Daily]
▶ Did Neurocrine Just Leave The Door Open For Teva In Tourette's?   [May-24-17 04:21PM  Investor's Business Daily]
▶ Industry News And Stocks To Watch   [02:30PM  Investor's Business Daily]
▶ Biotech Movers: Inovio, Neurocrine, Alnylam   [09:29AM  TheStreet.com]
▶ Nuerocrine's Tourette's syndrome drug trial fails   [May-23-17 04:15PM  CNBC Videos]
▶ What Drug Approval Means for Neurocrine Biosciences   [May-19-17 02:10PM  GuruFocus.com]
▶ NBIX: INGREZZA Launch Commences   [May-11-17 04:00PM  Zacks Small Cap Research]
▶ Neurocrine reports 1Q loss   [May-09-17 05:24PM  Associated Press]
▶ The 3 Best Pharmaceutical Stocks to Buy in 2017   [Apr-29-17 03:31PM  Motley Fool]
▶ Should You Make a Bet on the Healthcare Stocks?   [Apr-18-17 06:12PM  Zacks]
▶ Company News for April 13, 2017   [11:17AM  Zacks]
▶ Neurocrine Avoids Suicide Warning In Teva-Rivaling Drug; Stock Pops   [Apr-12-17 04:54PM  Investor's Business Daily]
▶ HP Hits 2-Year High On Upgrade; GrubHub, Neurocrine Touted   [04:11PM  Investor's Business Daily]
▶ NBIX: INGREZZA Approved by the FDA   [03:00PM  Zacks Small Cap Research]
▶ Story Stocks from Briefing.com   [09:11AM  Briefing.com]
Financial statements of NBIX
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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