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

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) had its price objective lifted by BMO Capital Markets from $96.00 to $115.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a "market perform" rating on the stock. BMO Capital Markets' target price suggests a potential downside of 2.96% from the stock's previous close.

Other analysts have also issued reports about the company. Deutsche Bank Aktiengesellschaft initiated coverage on Neurocrine Biosciences in a report on Tuesday, February 11th. They set a "hold" rating and a $138.00 price target on the stock. StockNews.com cut Neurocrine Biosciences from a "strong-buy" rating to a "buy" rating in a research note on Thursday, March 20th. Bank of America reduced their price target on shares of Neurocrine Biosciences from $184.00 to $179.00 and set a "buy" rating for the company in a research report on Friday, February 7th. Guggenheim lifted their price objective on shares of Neurocrine Biosciences from $155.00 to $165.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, Canaccord Genuity Group increased their target price on shares of Neurocrine Biosciences from $158.00 to $160.00 and gave the company a "buy" rating in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, Neurocrine Biosciences currently has an average rating of "Moderate Buy" and a consensus price target of $162.00.

Neurocrine Biosciences Stock Performance

NBIX traded up $0.99 during mid-day trading on Tuesday, reaching $118.51. 130,201 shares of the stock were exchanged, compared to its average volume of 1,486,773. Neurocrine Biosciences has a 1 year low of $84.23 and a 1 year high of $157.98. The stock has a market capitalization of $11.73 billion, a PE ratio of 36.02, a price-to-earnings-growth ratio of 0.77 and a beta of 0.26. The company has a 50 day moving average price of $106.18 and a two-hundred day moving average price of $121.81.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $0.08 earnings per share (EPS) 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 firm had revenue of $572.60 million during the quarter, compared to the consensus estimate of $587.06 million. During the same period in the previous year, the company posted $1.20 earnings per share. The company's revenue for the quarter was up 11.1% on a year-over-year basis. Sell-side analysts expect that Neurocrine Biosciences will post 4.28 EPS for the current fiscal year.

Neurocrine Biosciences announced that its Board of Directors has initiated a stock buyback program on Friday, February 21st that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to buy up to 4.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider Julie Cooke sold 700 shares of the business's stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $118.28, for a total transaction of $82,796.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William H. Rastetter sold 30,000 shares of the company's stock in a transaction that occurred on Monday, May 5th. The shares were 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 of the company's stock, valued at approximately $4,131,508.20. This represents a 44.45 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,907 shares of company stock valued at $4,935,982. 4.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Caprock Group LLC purchased a new position in shares of Neurocrine Biosciences during the fourth quarter valued at about $236,000. Charles Schwab Investment Management Inc. raised its position in shares of Neurocrine Biosciences by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 762,557 shares of the company's stock worth $104,089,000 after acquiring an additional 15,266 shares in the last quarter. Oakworth Capital Inc. purchased a new position in shares of Neurocrine Biosciences in the 4th quarter valued at approximately $379,000. Avantax Advisory Services Inc. boosted its position in shares of Neurocrine Biosciences by 11.4% during the fourth quarter. Avantax Advisory Services Inc. now owns 2,895 shares of the company's stock valued at $395,000 after purchasing an additional 297 shares in the last quarter. Finally, Synergy Asset Management LLC bought a new stake in shares of Neurocrine Biosciences during the fourth quarter valued at approximately $996,000. 92.59% of the stock is currently owned by institutional investors.

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.