Canaccord Genuity Group Boosts Neurocrine Biosciences (NASDAQ:NBIX) Price Target to $160.00

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) had its target price upped by analysts at Canaccord Genuity Group from $158.00 to $160.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price target points to a potential upside of 38.28% from the stock's current price.

A number of other analysts have also weighed in on the stock. Royal Bank of Canada raised shares of Neurocrine Biosciences from a "sector perform" rating to an "outperform" rating and lowered their price objective for the stock from $138.00 to $137.00 in a research note on Monday, April 14th. Bank of America lowered 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. William Blair reissued an "outperform" rating on shares of Neurocrine Biosciences in a report on Friday, February 7th. Evercore ISI reduced their price objective on shares of Neurocrine Biosciences from $190.00 to $185.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Neurocrine Biosciences in a research report on Tuesday, February 11th. They set a "hold" rating and a $138.00 target price on the stock. Three analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. According to data from MarketBeat.com, Neurocrine Biosciences presently has an average rating of "Moderate Buy" and an average target price of $162.00.

Neurocrine Biosciences Price Performance

NBIX stock traded down $1.81 during mid-day trading on Tuesday, reaching $115.71. The company had a trading volume of 1,319,681 shares, compared to its average volume of 1,113,726. The firm has a 50 day moving average of $106.23 and a 200 day moving average of $121.80. Neurocrine Biosciences has a 12 month low of $84.23 and a 12 month high of $157.98. The company has a market capitalization of $11.45 billion, a PE ratio of 35.17, a price-to-earnings-growth ratio of 0.77 and a beta of 0.26.

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

Neurocrine Biosciences declared that its board has initiated a share buyback 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 usually an indication that the company's management believes its stock is undervalued.

Insider Transactions at Neurocrine Biosciences

In other Neurocrine Biosciences news, insider Julie Cooke sold 700 shares of Neurocrine Biosciences stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $118.28, for a total transaction of $82,796.00. Following the completion of the sale, the insider now directly owns 18,831 shares in the company, valued at approximately $2,227,330.68. The trade was a 3.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director William H. Rastetter sold 30,000 shares of the stock in a transaction 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 owns 37,491 shares in the company, valued at $4,131,508.20. The trade was a 44.45 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,907 shares of company stock worth $4,935,982. Company insiders own 4.30% of the company's stock.

Institutional Investors Weigh In On Neurocrine Biosciences

Hedge funds have recently added to or reduced their stakes in the business. CenterBook Partners LP purchased a new stake in shares of Neurocrine Biosciences in the first quarter worth about $402,000. Ontario Teachers Pension Plan Board acquired a new position in Neurocrine Biosciences in the first quarter valued at approximately $1,701,000. Charles Schwab Investment Management Inc. boosted its position in Neurocrine Biosciences by 1.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 775,773 shares of the company's stock worth $85,800,000 after purchasing an additional 13,216 shares in the last quarter. ASR Vermogensbeheer N.V. acquired a new stake in shares of Neurocrine Biosciences during the 1st quarter worth approximately $465,000. Finally, Raiffeisen Bank International AG increased its holdings in shares of Neurocrine Biosciences by 42.6% during the 1st quarter. Raiffeisen Bank International AG now owns 16,258 shares of the company's stock valued at $1,839,000 after purchasing an additional 4,858 shares in the last quarter. 92.59% of the stock is owned by hedge funds and other 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.