Neurocrine Biosciences (NASDAQ:NBIX) Shares Gap Up Following 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 traded.

NBIX has been the topic of several other reports. UBS Group increased their price target on shares of Neurocrine Biosciences from $137.00 to $152.00 and gave the company a "buy" rating in a research report on Tuesday. William Blair reiterated an "outperform" rating on shares of Neurocrine Biosciences in a report on Friday, February 7th. Piper Sandler reissued an "overweight" rating and issued a $154.00 price target (down from $160.00) on shares of Neurocrine Biosciences in a report on Tuesday. Needham & Company LLC increased their price objective on Neurocrine Biosciences from $138.00 to $139.00 and gave the company a "buy" rating in a research note on Tuesday. Finally, Canaccord Genuity Group boosted their target price on shares of Neurocrine Biosciences from $158.00 to $160.00 and gave the company a "buy" rating in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $162.00.

Insiders Place Their Bets

In related news, 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 directly owns 37,491 shares in the company, valued at approximately $4,131,508.20. This trade represents a 44.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Julie Cooke sold 700 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $118.28, for a total value of $82,796.00. Following the transaction, the insider now directly owns 18,831 shares in the company, valued at approximately $2,227,330.68. This represents a 3.58 % decrease in their position. 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 three months. 4.30% of the stock is owned by insiders.

Institutional Trading of Neurocrine Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the business. Golden State Wealth Management LLC acquired a new position in shares of Neurocrine Biosciences in the 4th quarter valued at about $25,000. Huntington National Bank lifted its holdings in Neurocrine Biosciences by 73.5% in the fourth quarter. Huntington National Bank now owns 229 shares of the company's stock worth $31,000 after acquiring an additional 97 shares during the last quarter. Brooklyn Investment Group boosted its stake in Neurocrine Biosciences by 99.1% in the fourth quarter. Brooklyn Investment Group now owns 231 shares of the company's stock valued at $32,000 after acquiring an additional 115 shares during the period. Smallwood Wealth Investment Management LLC bought a new position in shares of Neurocrine Biosciences during the first quarter valued at approximately $34,000. Finally, GeoWealth Management LLC lifted its holdings in shares of Neurocrine Biosciences by 65.4% in the 4th quarter. GeoWealth Management LLC now owns 258 shares of the company's stock worth $35,000 after purchasing an additional 102 shares during the last quarter. 92.59% of the stock is owned by institutional investors and hedge funds.

Neurocrine Biosciences Stock Performance

The firm has a market cap of $11.45 billion, a P/E ratio of 35.17, a P/E/G ratio of 0.77 and a beta of 0.26. The firm has a fifty day moving average of $106.23 and a 200-day moving average of $121.80.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last announced its quarterly 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). The firm had revenue of $572.60 million for the quarter, compared to analyst estimates of $587.06 million. Neurocrine Biosciences had a net margin of 14.49% and a return on equity of 13.38%. The business's revenue was up 11.1% compared to the same quarter last year. During the same period last year, the firm posted $1.20 EPS. Equities research analysts expect that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current year.

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