Neurocrine Biosciences (NASDAQ:NBIX) Price Target Raised to $160.00

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

Several other brokerages have also recently commented on NBIX. Deutsche Bank Aktiengesellschaft started coverage on shares of Neurocrine Biosciences in a research report on Tuesday, February 11th. They issued a "hold" rating and a $138.00 price target on the stock. HC Wainwright reduced their target price 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. Royal Bank of Canada raised Neurocrine Biosciences from a "sector perform" rating to an "outperform" rating and dropped their price target for the company from $138.00 to $137.00 in a report on Monday, April 14th. Bank of America reduced their price objective on Neurocrine Biosciences from $184.00 to $179.00 and set a "buy" rating for the company in a research note on Friday, February 7th. Finally, UBS Group reduced their target price on Neurocrine Biosciences from $154.00 to $137.00 and set a "buy" rating for the company in a report on Friday, April 4th. Three equities research 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, the company presently has an average rating of "Moderate Buy" and an average target price of $162.00.

Neurocrine Biosciences Stock Performance

Shares of NBIX stock traded down $1.81 during midday trading on Tuesday, reaching $115.71. 1,319,681 shares of the company were exchanged, compared to its average volume of 1,115,471. The company's 50 day moving average price is $106.23 and its two-hundred day moving average price is $121.85. The company 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 12 month low of $84.23 and a 12 month high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued its quarterly earnings results 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 net margin of 14.49% and a return on equity of 13.38%. The firm had revenue of $572.60 million for the quarter, compared to the consensus estimate of $587.06 million. During the same period in the previous year, the business posted $1.20 earnings per share. The business's revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, sell-side analysts predict that Neurocrine Biosciences will post 4.28 earnings per share for the current year.

Neurocrine Biosciences declared that its board has authorized a share repurchase plan on Friday, February 21st that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 4.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company's management believes its shares are undervalued.

Insider Activity at Neurocrine Biosciences

In other Neurocrine Biosciences news, insider Julie Cooke sold 700 shares of the company's stock in a transaction dated 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 $2,227,330.68. This represents a 3.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Rastetter sold 30,000 shares of Neurocrine Biosciences stock in a transaction dated 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 completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 43,907 shares of company stock valued at $4,935,982. Insiders own 4.80% of the company's stock.

Institutional Trading of Neurocrine Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NBIX. Dodge & Cox boosted its position in shares of Neurocrine Biosciences by 134.2% in the fourth quarter. Dodge & Cox now owns 3,016,425 shares of the company's stock valued at $411,742,000 after acquiring an additional 1,728,605 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Neurocrine Biosciences in the fourth quarter valued at about $115,193,000. Wellington Management Group LLP grew its position in Neurocrine Biosciences by 102.9% during the fourth quarter. Wellington Management Group LLP now owns 1,457,425 shares of the company's stock worth $198,939,000 after buying an additional 739,199 shares in the last quarter. Thrivent Financial for Lutherans increased its position in shares of Neurocrine Biosciences by 2,759.4% during the fourth quarter. Thrivent Financial for Lutherans now owns 737,772 shares of the company's stock valued at $100,705,000 after purchasing an additional 711,970 shares during the period. Finally, Orbimed Advisors LLC raised its stake in shares of Neurocrine Biosciences by 210.4% in the fourth quarter. Orbimed Advisors LLC now owns 938,120 shares of the company's stock valued at $128,053,000 after purchasing an additional 635,900 shares in the last quarter. Institutional investors and hedge funds own 92.59% of the company's stock.

About Neurocrine Biosciences

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.