Needham & Company LLC Forecasts Strong Price Appreciation for Neurocrine Biosciences (NASDAQ:NBIX) Stock

Neurocrine Biosciences (NASDAQ:NBIX - Free Report) had its price objective increased by Needham & Company LLC from $138.00 to $139.00 in a research note published on Tuesday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Other research analysts have also issued research reports about the company. Royal Bank of Canada upgraded Neurocrine Biosciences from a "sector perform" rating to an "outperform" rating and decreased their price objective for the company from $138.00 to $137.00 in a report on Monday, April 14th. Canaccord Genuity Group raised their target price on shares of Neurocrine Biosciences from $158.00 to $160.00 and gave the stock a "buy" rating in a research note on Tuesday, May 6th. Bank of America cut their price target on Neurocrine Biosciences from $184.00 to $179.00 and set a "buy" rating for the company in a report on Friday, February 7th. JPMorgan Chase & Co. upped their target price on Neurocrine Biosciences from $183.00 to $184.00 and gave the company an "overweight" rating in a report on Wednesday, March 26th. Finally, HC Wainwright dropped 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. Three 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.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $162.00.

Neurocrine Biosciences Price Performance

NBIX stock traded down $1.81 during midday trading on Tuesday, hitting $115.71. 1,319,681 shares of the stock traded hands, compared to its average volume of 1,115,471. The stock's fifty day simple moving average is $106.23 and its 200-day simple moving average is $121.85. The firm has a market cap of $11.45 billion, a P/E ratio of 35.17, a PEG ratio of 0.77 and a beta of 0.26. Neurocrine Biosciences has a 1-year low of $84.23 and a 1-year high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released 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). Neurocrine Biosciences had a return on equity of 13.38% and a net margin of 14.49%. The business had revenue of $572.60 million during the quarter, compared to analyst estimates of $587.06 million. During the same period in the previous year, the company posted $1.20 EPS. The business's revenue for the quarter was up 11.1% compared to the same quarter last year. On average, research analysts predict that Neurocrine Biosciences will post 4.28 earnings per share for the current year.

Neurocrine Biosciences declared that its board has approved a stock repurchase plan on Friday, February 21st that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 4.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at Neurocrine Biosciences

In other news, insider Julie Cooke sold 700 shares of the business's stock in a transaction dated 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 sale, the insider now directly owns 18,831 shares of the company's stock, valued at approximately $2,227,330.68. The trade was a 3.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William H. Rastetter sold 30,000 shares of the firm's stock in a transaction that occurred 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 transaction, the director now owns 37,491 shares in the company, valued at $4,131,508.20. This represents a 44.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,907 shares of company stock worth $4,935,982 over the last ninety days. Corporate insiders own 4.80% of the company's stock.

Institutional Investors Weigh In On Neurocrine Biosciences

Several large investors have recently modified their holdings of NBIX. Golden State Wealth Management LLC acquired a new stake in Neurocrine Biosciences during the 4th quarter worth $25,000. Huntington National Bank grew its holdings in shares of Neurocrine Biosciences by 73.5% during the fourth quarter. Huntington National Bank now owns 229 shares of the company's stock worth $31,000 after buying an additional 97 shares during the last quarter. Brooklyn Investment Group increased its position in Neurocrine Biosciences by 99.1% in the 4th quarter. Brooklyn Investment Group now owns 231 shares of the company's stock valued at $32,000 after acquiring an additional 115 shares during the period. Smallwood Wealth Investment Management LLC purchased a new stake in Neurocrine Biosciences during the 1st quarter valued at approximately $34,000. Finally, GeoWealth Management LLC lifted its position in Neurocrine Biosciences by 65.4% during the 4th quarter. GeoWealth Management LLC now owns 258 shares of the company's stock worth $35,000 after acquiring an additional 102 shares during the period. 92.59% of the stock is owned by institutional investors and hedge funds.

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.