Guggenheim Issues Positive Forecast for Neurocrine Biosciences (NASDAQ:NBIX) Stock Price

Neurocrine Biosciences (NASDAQ:NBIX - Free Report) had its price objective hoisted by Guggenheim from $155.00 to $165.00 in a research note published on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. HC Wainwright dropped their price objective on shares of Neurocrine Biosciences from $185.00 to $168.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. William Blair restated an "outperform" rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. Morgan Stanley reiterated an "overweight" rating and set a $150.00 price target (down previously from $185.00) on shares of Neurocrine Biosciences in a research report on Friday, March 7th. Royal Bank of Canada upgraded Neurocrine Biosciences from a "sector perform" rating to an "outperform" rating and cut their price objective for the company from $138.00 to $137.00 in a research report on Monday, April 14th. Finally, Needham & Company LLC increased their target price on Neurocrine Biosciences from $138.00 to $139.00 and gave the company a "buy" rating in a research report on Tuesday. Three equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company's stock. According to MarketBeat, Neurocrine Biosciences presently has an average rating of "Moderate Buy" and an average target price of $162.00.

Neurocrine Biosciences Stock Performance

Shares of Neurocrine Biosciences stock traded up $0.99 during trading on Tuesday, hitting $118.51. 130,201 shares of the company's stock were exchanged, compared to its average volume of 1,486,773. Neurocrine Biosciences has a 52-week low of $84.23 and a 52-week high of $157.98. The stock has a market capitalization of $11.73 billion, a price-to-earnings ratio of 36.02, a PEG ratio of 0.77 and a beta of 0.26. The business has a 50-day simple moving average of $106.18 and a 200-day simple moving average of $121.81.

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

Neurocrine Biosciences declared that its board has approved a stock repurchase program on Friday, February 21st that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 4.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Insider Activity

In related news, Director Kevin Charles Gorman sold 2,274 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $118.37, for a total value of $269,173.38. Following the completion of the transaction, the director now directly owns 519,074 shares in the company, valued at approximately $61,442,789.38. This represents a 0.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Julie Cooke sold 700 shares of Neurocrine Biosciences stock in a transaction on Monday, February 10th. The shares were 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 owns 18,831 shares in the company, valued at $2,227,330.68. This represents a 3.58 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,907 shares of company stock valued at $4,935,982. 4.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of NBIX. Vanguard Group Inc. boosted its position in shares of Neurocrine Biosciences by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 10,119,641 shares of the company's stock worth $1,381,331,000 after purchasing an additional 122,681 shares during the period. Dodge & Cox increased its stake in Neurocrine Biosciences by 134.2% during the fourth quarter. Dodge & Cox now owns 3,016,425 shares of the company's stock worth $411,742,000 after purchasing an additional 1,728,605 shares during the period. AQR Capital Management LLC lifted its position in shares of Neurocrine Biosciences by 2.9% during the fourth quarter. AQR Capital Management LLC now owns 1,896,891 shares of the company's stock worth $258,926,000 after purchasing an additional 53,610 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Neurocrine Biosciences by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 1,875,062 shares of the company's stock valued at $255,523,000 after purchasing an additional 15,830 shares during the period. Finally, Wellington Management Group LLP grew its holdings in shares of Neurocrine Biosciences by 102.9% in the fourth quarter. Wellington Management Group LLP now owns 1,457,425 shares of the company's stock valued at $198,939,000 after purchasing an additional 739,199 shares in the last quarter. Hedge funds and other institutional investors 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.