Neurocrine Biosciences (NASDAQ:NBIX) Shares Gap Up After Analyst Upgrade

Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Get Free Report)'s share price gapped up prior to trading on Tuesday after Royal Bank of Canada raised their price target on the stock from $137.00 to $145.00. The stock had previously closed at $109.75, but opened at $123.00. Royal Bank of Canada currently has an outperform rating on the stock. Neurocrine Biosciences shares last traded at $123.90, with a volume of 1,129,252 shares.

Several other research analysts also recently weighed in on the stock. HC Wainwright cut their price target on Neurocrine Biosciences from $185.00 to $168.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Canaccord Genuity Group lifted their target price on Neurocrine Biosciences from $158.00 to $160.00 and gave the company a "buy" rating in a research note on Tuesday, May 6th. Piper Sandler reaffirmed an "overweight" rating and set a $154.00 price objective (down from $160.00) on shares of Neurocrine Biosciences in a report on Tuesday, May 6th. Bank of America reduced their price objective on shares of Neurocrine Biosciences from $184.00 to $179.00 and set a "buy" rating on the stock in a research report on Friday, February 7th. Finally, BMO Capital Markets upped their target price on shares of Neurocrine Biosciences from $96.00 to $115.00 and gave the stock a "market perform" rating in a research report on Tuesday, May 6th. Three investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $162.00.

Insiders Place Their Bets

In related news, Director William H. Rastetter sold 30,000 shares of the firm's stock in a transaction dated 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 sale, the director now owns 37,491 shares of the company's stock, valued at $4,131,508.20. This trade represents a 44.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Julie Cooke sold 700 shares of the firm'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 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 disclosure for this sale can be found here. Insiders have sold 43,907 shares of company stock worth $4,935,982 in the last ninety days. 4.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Neurocrine Biosciences

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

Neurocrine Biosciences Trading Down 1.5 %

The firm's 50-day simple moving average is $106.23 and its two-hundred day simple moving average is $121.85. The company has a market cap of $11.45 billion, a PE ratio of 35.17, a P/E/G ratio of 0.77 and a beta of 0.26.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $587.06 million. During the same period in the previous year, the company earned $1.20 earnings per share. Neurocrine Biosciences's revenue was up 11.1% on a year-over-year basis. As a group, analysts predict that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current year.

Neurocrine Biosciences announced that its board has approved a share buyback program on Friday, February 21st that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to buy up to 4.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

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.