Royal Bank Of Canada Forecasts Strong Price Appreciation for Neurocrine Biosciences (NASDAQ:NBIX) Stock

Neurocrine Biosciences (NASDAQ:NBIX) had its target price upped by research analysts at Royal Bank Of Canada from $156.00 to $160.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target would suggest a potential upside of 15.91% from the stock’s previous close.

A number of other analysts have also weighed in on the stock. Wedbush restated an “outperform” rating on shares of Neurocrine Biosciences in a research note on Monday, September 22nd. Truist Financial assumed coverage on shares of Neurocrine Biosciences in a research note on Monday, July 21st. They issued a “buy” rating and a $163.00 price target on the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of Neurocrine Biosciences in a research note on Wednesday, October 8th. Morgan Stanley increased their price target on shares of Neurocrine Biosciences from $163.00 to $168.00 and gave the company an “overweight” rating in a research note on Monday, October 20th. Finally, Citigroup assumed coverage on shares of Neurocrine Biosciences in a research note on Tuesday, October 21st. They issued a “buy” rating and a $175.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $168.47.

Neurocrine Biosciences Stock Performance

NBIX stock opened at $138.04 on Wednesday. The company’s 50 day moving average price is $140.69 and its 200 day moving average price is $129.18. Neurocrine Biosciences has a fifty-two week low of $84.23 and a fifty-two week high of $154.61. The firm has a market capitalization of $13.69 billion, a price-to-earnings ratio of 33.02, a PEG ratio of 0.94 and a beta of 0.21.

Neurocrine Biosciences (NASDAQ:NBIX) last released its earnings results on Tuesday, October 28th. The company reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.46. Neurocrine Biosciences had a net margin of 15.95% and a return on equity of 15.82%. The firm had revenue of $794.90 million for the quarter, compared to analyst estimates of $746.61 million. During the same period in the prior year, the firm earned $1.81 earnings per share. The business’s quarterly revenue was up 27.8% compared to the same quarter last year. Equities analysts forecast that Neurocrine Biosciences will post 4.28 EPS for the current fiscal year.

Insider Buying and Selling at Neurocrine Biosciences

In related news, Director Kevin Charles Gorman sold 106,322 shares of the stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $126.41, for a total transaction of $13,440,164.02. Following the completion of the sale, the director directly owned 514,596 shares of the company’s stock, valued at $65,050,080.36. This trade represents a 17.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Neurocrine Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the business. Y Intercept Hong Kong Ltd acquired a new stake in Neurocrine Biosciences in the first quarter valued at $1,460,000. Financiere des Professionnels Fonds d investissement inc. acquired a new position in shares of Neurocrine Biosciences during the 2nd quarter worth $696,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of Neurocrine Biosciences by 229.1% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 19,107 shares of the company’s stock worth $2,467,000 after buying an additional 13,301 shares during the last quarter. Golden State Wealth Management LLC raised its stake in shares of Neurocrine Biosciences by 116.9% during the 1st quarter. Golden State Wealth Management LLC now owns 397 shares of the company’s stock worth $44,000 after buying an additional 214 shares during the last quarter. Finally, Integrated Wealth Concepts LLC raised its stake in shares of Neurocrine Biosciences by 167.2% during the 1st quarter. Integrated Wealth Concepts LLC now owns 7,233 shares of the company’s stock worth $800,000 after buying an additional 4,526 shares during the last quarter. 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.