BMO Capital Markets Raises Neurocrine Biosciences (NASDAQ:NBIX) Price Target to $115.00

Neurocrine Biosciences (NASDAQ:NBIX) had its price objective upped by equities researchers at BMO Capital Markets from $96.00 to $115.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “market perform” rating on the stock. BMO Capital Markets’ target price suggests a potential downside of 5.38% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. William Blair restated an “outperform” rating on shares of Neurocrine Biosciences in a report on Friday, February 7th. Morgan Stanley reaffirmed an “overweight” rating and issued a $150.00 price target (down from $185.00) on shares of Neurocrine Biosciences in a research note on Friday, March 7th. Evercore ISI cut their price target on Neurocrine Biosciences from $190.00 to $185.00 and set an “outperform” rating on the stock in a report on Thursday, April 24th. Needham & Company LLC boosted their price objective on Neurocrine Biosciences from $138.00 to $139.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Bank of America cut their target price on Neurocrine Biosciences from $184.00 to $179.00 and set a “buy” rating on the stock in a report on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $162.00.

Neurocrine Biosciences Stock Performance

NASDAQ:NBIX opened at $121.54 on Tuesday. Neurocrine Biosciences has a 52 week low of $84.23 and a 52 week high of $157.98. The firm’s fifty day moving average is $106.12 and its 200-day moving average is $121.80. The firm has a market cap of $12.02 billion, a P/E ratio of 36.94, 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 earnings per share for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.62). The business had revenue of $572.60 million for the quarter, compared to analyst estimates of $587.06 million. Neurocrine Biosciences had a return on equity of 13.38% and a net margin of 14.49%. The business’s revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.20 earnings per share. As a group, sell-side analysts anticipate that Neurocrine Biosciences will post 4.28 earnings per share for the current year.

Neurocrine Biosciences declared that its board has initiated a stock repurchase plan on Friday, February 21st that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Neurocrine Biosciences

In other Neurocrine Biosciences news, insider Julie Cooke sold 700 shares of the company’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $118.28, for a total value of $82,796.00. Following the completion of the transaction, the insider now owns 18,831 shares in the company, valued at $2,227,330.68. This represents a 3.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Rastetter sold 30,000 shares of Neurocrine Biosciences stock in a transaction on Monday, May 5th. The stock was sold at an average price of $110.20, for a total value of $3,306,000.00. Following the sale, the director now owns 37,491 shares in the company, valued at $4,131,508.20. The trade was a 44.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 43,907 shares of company stock valued at $4,935,982. 4.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of NBIX. Tidal Investments LLC lifted its stake in Neurocrine Biosciences by 52.8% in the third quarter. Tidal Investments LLC now owns 15,043 shares of the company’s stock valued at $1,733,000 after purchasing an additional 5,197 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Neurocrine Biosciences by 32.0% in the fourth quarter. GAMMA Investing LLC now owns 2,295 shares of the company’s stock valued at $313,000 after buying an additional 557 shares during the period. First Hawaiian Bank lifted its position in shares of Neurocrine Biosciences by 21.3% during the 4th quarter. First Hawaiian Bank now owns 12,243 shares of the company’s stock valued at $1,671,000 after buying an additional 2,150 shares during the last quarter. Pallas Capital Advisors LLC grew its stake in shares of Neurocrine Biosciences by 19.0% during the 4th quarter. Pallas Capital Advisors LLC now owns 7,673 shares of the company’s stock worth $1,047,000 after acquiring an additional 1,225 shares during the period. Finally, Tealwood Asset Management Inc. increased its holdings in Neurocrine Biosciences by 1.0% in the 4th quarter. Tealwood Asset Management Inc. now owns 11,911 shares of the company’s stock worth $1,626,000 after acquiring an additional 118 shares during the last quarter. 92.59% of the stock is owned by institutional investors.

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.