Neurocrine Biosciences (NASDAQ:NBIX) Given Outperform Rating at Royal Bank of Canada

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report)'s stock had its "outperform" rating reiterated by research analysts at Royal Bank of Canada in a note issued to investors on Monday,Benzinga reports. They currently have a $145.00 price objective on the stock. Royal Bank of Canada's target price points to a potential upside of 15.94% from the company's current price.

Several other equities research analysts have also weighed in on NBIX. Canaccord Genuity Group raised their target price on Neurocrine Biosciences from $158.00 to $160.00 and gave the stock a "buy" rating in a research report on Tuesday, May 6th. Morgan Stanley reissued an "overweight" rating and set a $150.00 target price (down previously from $185.00) on shares of Neurocrine Biosciences in a research report on Friday, March 7th. William Blair reissued an "outperform" rating on shares of Neurocrine Biosciences in a research report on Friday, February 7th. Guggenheim raised their target price on Neurocrine Biosciences from $155.00 to $165.00 and gave the stock a "buy" rating in a research report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. raised their target price on Neurocrine Biosciences from $183.00 to $184.00 and gave the stock an "overweight" rating in a research report on Wednesday, March 26th. Three research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $162.00.

Neurocrine Biosciences Stock Performance

NASDAQ NBIX traded up $0.55 during trading hours on Monday, reaching $125.07. The stock had a trading volume of 295,621 shares, compared to its average volume of 1,438,874. Neurocrine Biosciences has a 52-week low of $84.23 and a 52-week high of $157.98. The stock has a market cap of $12.38 billion, a P/E ratio of 38.01, a price-to-earnings-growth ratio of 0.77 and a beta of 0.26. The stock has a fifty day moving average of $109.75 and a 200 day moving average of $121.85.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued 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 company had revenue of $572.60 million during the quarter, compared to analysts' expectations of $587.06 million. During the same quarter in the previous year, the company earned $1.20 earnings per share. The firm's quarterly revenue was up 11.1% compared to the same quarter last year. On average, equities research analysts forecast that Neurocrine Biosciences will post 4.28 EPS for the current year.

Neurocrine Biosciences declared that its Board of Directors has authorized a share buyback program on Friday, February 21st that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase up to 4.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company's board of directors believes its stock is undervalued.

Insider Transactions at Neurocrine Biosciences

In other Neurocrine Biosciences news, Director William H. Rastetter sold 30,000 shares of Neurocrine Biosciences stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $110.20, for a total value of $3,306,000.00. Following the completion of the sale, the director now directly owns 37,491 shares of the company's stock, valued at approximately $4,131,508.20. The trade was a 44.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kevin Charles Gorman sold 9,613 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $120.38, for a total transaction of $1,157,212.94. Following the sale, the director now directly owns 514,596 shares of the company's stock, valued at $61,947,066.48. This represents a 1.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.80% of the company's stock.

Institutional Trading of Neurocrine Biosciences

Several institutional investors have recently made changes to their positions in the stock. Inspire Investing LLC grew its stake in shares of Neurocrine Biosciences by 45.6% during the 1st quarter. Inspire Investing LLC now owns 2,750 shares of the company's stock valued at $304,000 after buying an additional 861 shares during the period. Acadian Asset Management LLC grew its stake in shares of Neurocrine Biosciences by 14.3% during the 1st quarter. Acadian Asset Management LLC now owns 3,054 shares of the company's stock valued at $337,000 after buying an additional 383 shares during the period. Geneos Wealth Management Inc. lifted its holdings in shares of Neurocrine Biosciences by 143.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 229 shares of the company's stock valued at $25,000 after acquiring an additional 135 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Neurocrine Biosciences by 8.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,159,367 shares of the company's stock valued at $128,226,000 after acquiring an additional 89,271 shares in the last quarter. Finally, Woodline Partners LP acquired a new position in shares of Neurocrine Biosciences during the 1st quarter valued at $14,698,000. 92.59% of the stock is owned by hedge funds and other institutional investors.

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.