Neurocrine Biosciences (NASDAQ:NBIX) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Neurocrine Biosciences (NASDAQ:NBIX - Free Report) had its price target upped by Royal Bank of Canada from $137.00 to $145.00 in a report published on Tuesday,Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other analysts have also commented on NBIX. Wedbush reduced their target price on Neurocrine Biosciences from $157.00 to $147.00 and set an "outperform" rating for the company in a report on Friday, February 7th. Needham & Company LLC lifted their price objective on Neurocrine Biosciences from $138.00 to $139.00 and gave the stock a "buy" rating in a report on Tuesday. Evercore ISI lowered their target price on shares of Neurocrine Biosciences from $190.00 to $185.00 and set an "outperform" rating on the stock in a research note on Thursday, April 24th. Piper Sandler reiterated an "overweight" rating and issued a $154.00 price target (down from $160.00) on shares of Neurocrine Biosciences in a research note on Tuesday. Finally, Canaccord Genuity Group increased their price objective on shares of Neurocrine Biosciences from $158.00 to $160.00 and gave the company a "buy" rating in a research report on Tuesday. Three analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to MarketBeat.com, Neurocrine Biosciences currently has an average rating of "Moderate Buy" and a consensus target price of $162.00.

Neurocrine Biosciences Stock Down 1.5 %

Shares of NASDAQ:NBIX traded down $1.81 on Tuesday, hitting $115.71. 1,319,681 shares of the company traded hands, compared to its average volume of 1,113,726. The company 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 stock has a 50 day simple moving average of $106.23 and a 200-day simple moving average of $121.80. 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 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 return on equity of 13.38% and a net margin of 14.49%. The firm had revenue of $572.60 million during the quarter, compared to analysts' expectations of $587.06 million. During the same period last year, the firm posted $1.20 earnings per share. The firm's quarterly revenue was up 11.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Neurocrine Biosciences will post 4.28 earnings per share for the current year.

Neurocrine Biosciences announced that its Board of Directors has authorized a stock repurchase program on Friday, February 21st that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling

In other news, Director William H. Rastetter sold 30,000 shares of the stock in a transaction on 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 transaction, the director now owns 37,491 shares of the company's stock, valued at approximately $4,131,508.20. This represents a 44.45 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Julie Cooke sold 700 shares of Neurocrine Biosciences stock in a transaction on Monday, February 10th. The shares were sold at an average price of $118.28, for a total value of $82,796.00. Following the completion of the transaction, 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. In the last three months, insiders sold 43,907 shares of company stock valued at $4,935,982. Insiders own 4.30% of the company's stock.

Institutional Trading of Neurocrine Biosciences

Several large investors have recently added to or reduced their stakes in NBIX. Caprock Group LLC acquired a new stake in Neurocrine Biosciences during the 4th quarter worth about $236,000. Charles Schwab Investment Management Inc. raised its position in Neurocrine Biosciences by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 762,557 shares of the company's stock valued at $104,089,000 after acquiring an additional 15,266 shares in the last quarter. Oakworth Capital Inc. acquired a new position in Neurocrine Biosciences in the fourth quarter valued at approximately $379,000. Avantax Advisory Services Inc. boosted its position in Neurocrine Biosciences by 11.4% in the 4th quarter. Avantax Advisory Services Inc. now owns 2,895 shares of the company's stock worth $395,000 after purchasing an additional 297 shares in the last quarter. Finally, Synergy Asset Management LLC acquired a new stake in shares of Neurocrine Biosciences during the 4th quarter worth approximately $996,000. Hedge funds and other institutional investors own 92.59% of the company's stock.

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.