Piper Sandler Reiterates Overweight Rating for Neurocrine Biosciences (NASDAQ:NBIX)

Piper Sandler reaffirmed their overweight rating on shares of Neurocrine Biosciences (NASDAQ:NBIX - Free Report) in a report published on Tuesday morning,Benzinga reports. They currently have a $154.00 target price on the stock, down from their prior target price of $160.00.

Other analysts also recently issued research reports about the stock. Canaccord Genuity Group boosted their price objective on shares of Neurocrine Biosciences from $158.00 to $160.00 and gave the stock a "buy" rating in a research report on Tuesday. Royal Bank of Canada upgraded shares of Neurocrine Biosciences from a "sector perform" rating to an "outperform" rating and reduced their price objective for the company from $138.00 to $137.00 in a research report on Monday, April 14th. JPMorgan Chase & Co. boosted their price objective on shares of Neurocrine Biosciences from $183.00 to $184.00 and gave the stock an "overweight" rating in a report on Wednesday, March 26th. 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. Finally, Guggenheim raised their price target on Neurocrine Biosciences from $155.00 to $165.00 and gave the stock 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. According to data from MarketBeat, Neurocrine Biosciences has a consensus rating of "Moderate Buy" and an average target price of $162.00.

Neurocrine Biosciences Price Performance

NBIX traded down $1.81 on Tuesday, reaching $115.71. 1,319,681 shares of the company's stock were exchanged, compared to its average volume of 1,113,726. The stock 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 has a twelve month low of $84.23 and a twelve month high of $157.98. The stock's fifty day moving average price is $106.23 and its 200-day moving average price is $121.80.

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

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

Insider Buying and Selling at Neurocrine Biosciences

In other Neurocrine Biosciences news, insider Julie Cooke sold 700 shares of the business's stock in a transaction on Monday, February 10th. The shares were sold at an average price of $118.28, for a total transaction of $82,796.00. Following the sale, the insider now directly owns 18,831 shares of the company's stock, valued at $2,227,330.68. The trade was a 3.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Kyle Gano sold 980 shares of the firm's stock in a transaction on Monday, February 10th. The stock was sold at an average price of $118.39, for a total value of $116,022.20. Following the completion of the sale, the chief executive officer now directly owns 137,658 shares of the company's stock, valued at approximately $16,297,330.62. This trade represents a 0.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,907 shares of company stock valued at $4,935,982 in the last quarter. Corporate insiders own 4.30% of the company's stock.

Institutional Trading of Neurocrine Biosciences

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

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.