Royal Bank of Canada Raises Neurocrine Biosciences (NASDAQ:NBIX) Price Target to $145.00

Neurocrine Biosciences (NASDAQ:NBIX) had its target price increased by stock analysts at Royal Bank of Canada from $137.00 to $145.00 in a report released on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price indicates a potential upside of 21.26% from the stock’s current price.

Several other equities analysts also recently issued reports on the stock. JPMorgan Chase & Co. boosted their price target on shares of Neurocrine Biosciences from $183.00 to $184.00 and gave the company an “overweight” rating in a report on Wednesday, March 26th. Bank of America dropped their price target on shares of Neurocrine Biosciences from $184.00 to $179.00 and set a “buy” rating on the stock in a research note on Friday, February 7th. BMO Capital Markets boosted their price objective on Neurocrine Biosciences from $96.00 to $115.00 and gave the stock a “market perform” rating in a research report on Tuesday. Needham & Company LLC lifted their target price on Neurocrine Biosciences from $138.00 to $139.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, StockNews.com cut Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 20th. Three investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, Neurocrine Biosciences presently has a consensus rating of “Moderate Buy” and a consensus price target of $162.00.

Neurocrine Biosciences Trading Up 9.0 %

NASDAQ NBIX traded up $9.83 during trading hours on Tuesday, reaching $119.58. 2,564,756 shares of the company traded hands, compared to its average volume of 1,082,447. The stock has a market capitalization of $11.83 billion, a PE ratio of 36.60, a PEG ratio of 0.77 and a beta of 0.26. The company has a 50 day moving average of $106.03 and a two-hundred day moving average of $121.83. Neurocrine Biosciences has a 12 month low of $84.23 and a 12 month high of $157.98.

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

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

Insider Transactions at Neurocrine Biosciences

In other news, CEO Kyle Gano sold 980 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $118.39, for a total transaction of $116,022.20. Following the transaction, the chief executive officer now owns 137,658 shares in the company, valued at $16,297,330.62. This represents a 0.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Matt Abernethy sold 2,558 shares of Neurocrine Biosciences stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $116.86, for a total transaction of $298,927.88. Following the completion of the sale, the chief financial officer now directly owns 34,775 shares of the company’s stock, valued at approximately $4,063,806.50. The trade was a 6.85 % decrease in their position. 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 three months. 4.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in NBIX. KLP Kapitalforvaltning AS raised its position in shares of Neurocrine Biosciences by 3.7% in the first quarter. KLP Kapitalforvaltning AS now owns 36,100 shares of the company’s stock valued at $3,993,000 after purchasing an additional 1,300 shares during the period. Pier 88 Investment Partners LLC lifted its position in Neurocrine Biosciences by 82.3% during the 1st quarter. Pier 88 Investment Partners LLC now owns 8,550 shares of the company’s stock worth $946,000 after acquiring an additional 3,860 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Neurocrine Biosciences during the first quarter valued at about $1,460,000. HighPoint Advisor Group LLC grew its position in shares of Neurocrine Biosciences by 15.0% in the first quarter. HighPoint Advisor Group LLC now owns 2,812 shares of the company’s stock valued at $302,000 after purchasing an additional 366 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky increased its stake in shares of Neurocrine Biosciences by 24.8% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 70,020 shares of the company’s stock worth $7,745,000 after purchasing an additional 13,900 shares during the period. Institutional investors and hedge funds own 92.59% of the company’s stock.

Neurocrine Biosciences Company Profile

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.