Neurocrine Biosciences' (NBIX) "Outperform" Rating Reiterated at Royal Bank Of Canada

Key Points

• Royal Bank of Canada reiterated its “outperform” rating on Neurocrine Biosciences and set a $198 price target, implying 26.87% upside from the prior close.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $201.05; 20 of 24 analysts rate the stock Strong Buy or Buy.
• Neurocrine reported stronger-than-expected quarterly results, including $2.85 in earnings per share versus $1.65 expected and $959 million in revenue, up 39.5% year over year.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report)'s stock had its "outperform" rating reiterated by investment analysts at Royal Bank Of Canada in a report issued on Tuesday, Benzinga reports. They presently have a $198.00 target price on the stock. Royal Bank Of Canada's price target suggests a potential upside of 26.87% from the stock's previous close.

NBIX has been the subject of a number of other reports. The Goldman Sachs Group assumed coverage on shares of Neurocrine Biosciences in a research note on Tuesday, June 2nd. They set a "buy" rating and a $213.00 price objective for the company. Zacks Research downgraded shares of Neurocrine Biosciences from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 4th. Wall Street Zen cut shares of Neurocrine Biosciences from a "buy" rating to a "hold" rating in a report on Sunday, August 9th. Canaccord Genuity Group raised their price target on shares of Neurocrine Biosciences from $200.00 to $210.00 and gave the company a "buy" rating in a research report on Monday, August 3rd. Finally, TD Cowen boosted their price objective on shares of Neurocrine Biosciences from $200.00 to $220.00 and gave the stock a "buy" rating in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Neurocrine Biosciences currently has an average rating of "Moderate Buy" and a consensus price target of $201.05.

Neurocrine Biosciences Stock Up 0.3%

Shares of NASDAQ:NBIX traded up $0.42 on Tuesday, hitting $156.06. The company had a trading volume of 162,142 shares, compared to its average volume of 1,194,480. The firm's 50-day simple moving average is $165.70 and its two-hundred day simple moving average is $150.66. The firm has a market capitalization of $15.86 billion, a price-to-earnings ratio of 22.91, a P/E/G ratio of 0.73 and a beta of 0.38. Neurocrine Biosciences has a 1 year low of $122.14 and a 1 year high of $186.12.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued its quarterly earnings results on Friday, July 31st. The company reported $2.85 earnings per share for the quarter, topping the consensus estimate of $1.65 by $1.20. The company had revenue of $959.00 million for the quarter, compared to analysts' expectations of $891.16 million. Neurocrine Biosciences had a return on equity of 22.43% and a net margin of 20.91%.The firm's revenue for the quarter was up 39.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.65 earnings per share. Equities research analysts anticipate that Neurocrine Biosciences will post 7.25 EPS for the current year.

Insider Activity

In related news, Director Leslie V. Norwalk sold 1,250 shares of Neurocrine Biosciences stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $182.01, for a total transaction of $227,512.50. Following the transaction, the director owned 1,588 shares in the company, valued at approximately $289,031.88. The trade was a 44.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Darin Lippoldt sold 10,000 shares of the company's stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $179.60, for a total value of $1,796,000.00. Following the completion of the transaction, the insider directly owned 54,729 shares of the company's stock, valued at approximately $9,829,328.40. This trade represents a 15.45% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 40,188 shares of company stock worth $7,118,633 in the last three months. Company insiders own 4.60% of the company's stock.

Hedge Funds Weigh In On Neurocrine Biosciences

Several institutional investors have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. lifted its holdings in shares of Neurocrine Biosciences by 143.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 229 shares of the company's stock worth $25,000 after acquiring an additional 135 shares during the last quarter. DJE Kapital AG bought a new stake in Neurocrine Biosciences in the fourth quarter worth about $28,000. Basecamp Wealth Advisors LLC boosted its position in shares of Neurocrine Biosciences by 582.9% during the first quarter. Basecamp Wealth Advisors LLC now owns 239 shares of the company's stock valued at $31,000 after buying an additional 204 shares during the period. Cassaday & Co Wealth Management LLC purchased a new position in shares of Neurocrine Biosciences during the first quarter valued at approximately $33,000. Finally, Meeder Asset Management Inc. grew its stake in shares of Neurocrine Biosciences by 651.6% during the fourth quarter. Meeder Asset Management Inc. now owns 233 shares of the company's stock valued at $33,000 after buying an additional 202 shares during the last quarter. Hedge funds and other institutional investors own 92.59% of the company's stock.

Neurocrine Biosciences Company Profile

Neurocrine Biosciences NASDAQ: NBIX is a biopharmaceutical company based in San Diego, California, focused on developing treatments for neurological, endocrine and neuropsychiatric disorders. Since its founding in 1992, the company has pursued a research‐driven strategy aimed at addressing unmet medical needs in movement disorders, reproductive health and central nervous system conditions. Neurocrine's operations encompass drug discovery, clinical development and commercialization activities.

The company's lead marketed product, Ingrezza™ (valbenazine), is indicated for the treatment of tardive dyskinesia, a movement disorder associated with long-term antipsychotic use.

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