Neurocrine Biosciences (NASDAQ:NBIX) Shares Gap Up After Analyst Upgrade

Neurocrine Biosciences, Inc. (NASDAQ:NBIX)’s share price gapped up prior to trading on Tuesday after UBS Group raised their price target on the stock from $137.00 to $152.00. The stock had previously closed at $109.75, but opened at $123.00. UBS Group currently has a buy rating on the stock. Neurocrine Biosciences shares last traded at $123.90, with a volume of 1,129,252 shares.

Other equities analysts have also issued research reports about the stock. JPMorgan Chase & Co. raised their price objective on shares of Neurocrine Biosciences from $183.00 to $184.00 and gave the company an “overweight” rating in a research report on Wednesday, March 26th. Evercore ISI cut their price target on shares of Neurocrine Biosciences from $190.00 to $185.00 and set an “outperform” rating on the stock in a report on Thursday, April 24th. Royal Bank of Canada raised shares of Neurocrine Biosciences from a “sector perform” rating to an “outperform” rating and reduced their price objective for the company from $138.00 to $137.00 in a research note on Monday, April 14th. Morgan Stanley restated an “overweight” rating and set a $150.00 target price (down from $185.00) on shares of Neurocrine Biosciences in a report on Friday, March 7th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Neurocrine Biosciences in a research note on Tuesday, February 11th. They set a “hold” rating and a $138.00 price target for the company. Three research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $161.90.

Insider Buying and Selling

In related news, CFO Matt Abernethy sold 2,558 shares of the firm’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $116.86, for a total transaction of $298,927.88. Following the completion of the transaction, the chief financial officer now owns 34,775 shares in the company, valued at $4,063,806.50. This trade represents a 6.85 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kevin Charles Gorman sold 2,274 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $118.37, for a total value of $269,173.38. Following the completion of the sale, the director now owns 519,074 shares in the company, valued at $61,442,789.38. This trade represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 13,907 shares of company stock valued at $1,629,982 over the last quarter. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Neurocrine Biosciences

A number of large investors have recently bought and sold shares of the business. Wilmington Savings Fund Society FSB acquired a new position in Neurocrine Biosciences in the third quarter worth $384,000. Tidal Investments LLC raised its stake in shares of Neurocrine Biosciences by 52.8% in the third quarter. Tidal Investments LLC now owns 15,043 shares of the company’s stock worth $1,733,000 after acquiring an additional 5,197 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Neurocrine Biosciences by 32.0% during the fourth quarter. GAMMA Investing LLC now owns 2,295 shares of the company’s stock worth $313,000 after purchasing an additional 557 shares in the last quarter. Everence Capital Management Inc. bought a new stake in shares of Neurocrine Biosciences during the fourth quarter valued at approximately $476,000. Finally, First Hawaiian Bank increased its holdings in shares of Neurocrine Biosciences by 21.3% in the fourth quarter. First Hawaiian Bank now owns 12,243 shares of the company’s stock valued at $1,671,000 after purchasing an additional 2,150 shares in the last quarter. 92.59% of the stock is currently owned by institutional investors.

Neurocrine Biosciences Trading Up 13.9 %

The firm has a fifty day simple moving average of $106.03 and a 200-day simple moving average of $121.83. The stock has a market cap of $12.37 billion, a price-to-earnings ratio of 38.00, a P/E/G ratio of 0.77 and a beta of 0.26.

Neurocrine Biosciences (NASDAQ:NBIX) last issued its quarterly earnings results on Monday, May 5th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.62). Neurocrine Biosciences had a return on equity of 13.38% and a net margin of 14.49%. The business had revenue of $572.60 million for the quarter, compared to analyst estimates of $587.06 million. During the same quarter in the prior year, the firm earned $1.20 EPS. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, equities analysts predict that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current fiscal year.

Neurocrine Biosciences announced that its Board of Directors has initiated a stock repurchase program on Friday, February 21st that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to purchase up to 4.2% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

About Neurocrine Biosciences

Neurocrine Biosciences, Inc discovers, develops, and markets pharmaceuticals for neurological, neuroendocrine, and neuropsychiatric disorders in the United States and internationally. The company’s products include INGREZZA for tardive dyskinesia and chorea associated with Huntington’s disease; ALKINDI for adrenal insufficiency; Efmody capsules for classic congenital adrenal hyperplasia; Orilissa tablets for endometriosis; and Oriahnn capsules to treat uterine fibroids.