Neurocrine Biosciences (NASDAQ:NBIX) Earns "Overweight" Rating from Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Neurocrine Biosciences (NASDAQ:NBIX - Free Report) in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has a $154.00 price objective on the stock, down from their previous price objective of $160.00.

Other equities analysts also recently issued research reports about the stock. Needham & Company LLC boosted their price target on shares of Neurocrine Biosciences from $138.00 to $139.00 and gave the stock a "buy" rating in a research note on Tuesday, May 6th. Bank of America cut their price target on Neurocrine Biosciences from $184.00 to $179.00 and set a "buy" rating on the stock in a report on Friday, February 7th. StockNews.com lowered shares of Neurocrine Biosciences from a "strong-buy" rating to a "buy" rating in a research note on Thursday, March 20th. UBS Group increased their price objective on shares of Neurocrine Biosciences from $137.00 to $152.00 and gave the company a "buy" rating in a research report on Tuesday, May 6th. Finally, William Blair reaffirmed an "outperform" rating on shares of Neurocrine Biosciences in a research report on Friday, February 7th. Three 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, Neurocrine Biosciences has an average rating of "Moderate Buy" and a consensus price target of $162.00.

Neurocrine Biosciences Stock Performance

Shares of Neurocrine Biosciences stock traded down $1.81 on Tuesday, reaching $115.71. The company had a trading volume of 1,319,681 shares, compared to its average volume of 1,115,471. The firm has a market cap of $11.45 billion, a PE ratio of 35.17, a PEG ratio of 0.77 and a beta of 0.26. The firm's 50 day moving average price is $106.23 and its two-hundred day moving average price is $121.85. Neurocrine Biosciences has a 52-week low of $84.23 and a 52-week high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.62). Neurocrine Biosciences had a return on equity of 13.38% and a net margin of 14.49%. The firm had revenue of $572.60 million for the quarter, compared to analysts' expectations of $587.06 million. During the same quarter in the prior year, the business earned $1.20 earnings per share. The company's quarterly revenue was up 11.1% on a year-over-year basis. As a group, sell-side analysts predict that Neurocrine Biosciences will post 4.28 EPS for the current year.

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

Insider Activity

In other Neurocrine Biosciences news, CEO Kyle Gano sold 980 shares of the business's stock in a transaction on Monday, February 10th. The shares were sold at an average price of $118.39, for a total transaction of $116,022.20. Following the sale, the chief executive officer now directly owns 137,658 shares in the company, valued at approximately $16,297,330.62. The trade was a 0.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William H. Rastetter sold 30,000 shares of the firm's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $110.20, for a total transaction of $3,306,000.00. Following the completion of 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,907 shares of company stock valued at $4,935,982. Company insiders own 4.80% of the company's stock.

Institutional Trading of Neurocrine Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the stock. Dodge & Cox lifted its position 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 buying an additional 1,728,605 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Neurocrine Biosciences in the fourth quarter worth about $115,193,000. Wellington Management Group LLP grew its position in 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 acquiring an additional 739,199 shares in the last quarter. Thrivent Financial for Lutherans grew its stake 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 acquiring an additional 711,970 shares in the last quarter. Finally, Orbimed Advisors LLC raised its position in shares of Neurocrine Biosciences by 210.4% in the 4th 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. 92.59% of the stock is currently 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.