Neurocrine Biosciences’ (NBIX) Outperform Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Neurocrine Biosciences (NASDAQ:NBIX) in a research report report published on Monday,Benzinga reports. Royal Bank of Canada currently has a $145.00 price target on the stock.

Other analysts have also issued reports about the stock. HC Wainwright lowered their price objective on shares of Neurocrine Biosciences from $185.00 to $168.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. JPMorgan Chase & Co. lifted their target price 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. BMO Capital Markets lifted their target price on shares of Neurocrine Biosciences from $96.00 to $115.00 and gave the company a “market perform” rating in a report on Tuesday, May 6th. Piper Sandler reiterated an “overweight” rating and set a $154.00 target price (down from $160.00) on shares of Neurocrine Biosciences in a report on Tuesday, May 6th. Finally, Wall Street Zen lowered shares of Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 20th. Three analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, Neurocrine Biosciences has a consensus rating of “Moderate Buy” and a consensus price target of $162.00.

Neurocrine Biosciences Price Performance

Shares of NBIX opened at $124.56 on Monday. Neurocrine Biosciences has a one year low of $84.23 and a one year high of $157.98. The company has a 50-day simple moving average of $109.30 and a two-hundred day simple moving average of $121.81. The firm has a market capitalization of $12.33 billion, a PE ratio of 37.86, a price-to-earnings-growth ratio of 0.77 and a beta of 0.26.

Neurocrine Biosciences (NASDAQ:NBIX) last issued its quarterly earnings data 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 company had revenue of $572.60 million during the quarter, compared to analysts’ expectations of $587.06 million. During the same quarter last year, the business earned $1.20 earnings per share. The business’s quarterly revenue was up 11.1% on a year-over-year basis. Analysts expect that Neurocrine Biosciences will post 4.28 EPS for the current fiscal year.

Neurocrine Biosciences announced that its board has approved a share repurchase program on Friday, February 21st that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy up to 4.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other Neurocrine Biosciences news, Director Kevin Charles Gorman sold 9,613 shares of Neurocrine Biosciences stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $120.38, for a total value of $1,157,212.94. Following the completion of the sale, the director now owns 514,596 shares of the company’s stock, valued at approximately $61,947,066.48. The trade was a 1.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William H. Rastetter sold 30,000 shares of Neurocrine Biosciences stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $110.20, for a total transaction of $3,306,000.00. Following the completion of the sale, the director now directly owns 37,491 shares of the company’s stock, valued at approximately $4,131,508.20. This trade represents a 44.45% decrease in their position. The disclosure for this sale can be found here. 4.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Neurocrine Biosciences

A number of hedge funds have recently modified their holdings of NBIX. Golden State Wealth Management LLC bought a new stake in shares of Neurocrine Biosciences during the 4th quarter valued at $25,000. Geneos Wealth Management Inc. grew its position in shares of Neurocrine Biosciences by 143.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock valued at $25,000 after acquiring an additional 135 shares during the period. Huntington National Bank grew its position in shares of Neurocrine Biosciences by 73.5% during the 4th quarter. Huntington National Bank now owns 229 shares of the company’s stock valued at $31,000 after acquiring an additional 97 shares during the period. WPG Advisers LLC bought a new stake in shares of Neurocrine Biosciences during the 1st quarter valued at $32,000. Finally, Smallwood Wealth Investment Management LLC bought a new stake in shares of Neurocrine Biosciences during the 1st quarter valued at $34,000. Institutional investors own 92.59% of the company’s stock.

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.