Neurocrine Biosciences (NASDAQ:NBIX) Given New $145.00 Price Target at Royal Bank of Canada

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

Several other brokerages have also recently weighed in on NBIX. Piper Sandler restated an "overweight" rating and issued a $154.00 price target (down previously from $160.00) on shares of Neurocrine Biosciences in a research report on Tuesday, May 6th. Bank of America reduced their price objective on shares of Neurocrine Biosciences from $184.00 to $179.00 and set a "buy" rating on the stock in a research report on Friday, February 7th. Morgan Stanley restated 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. StockNews.com downgraded Neurocrine Biosciences from a "strong-buy" rating to a "buy" rating in a report on Thursday, March 20th. Finally, HC Wainwright dropped their price objective on Neurocrine Biosciences from $185.00 to $168.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Three research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently 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, hitting $115.71. 1,319,681 shares of the company traded hands, compared to its average volume of 1,115,471. Neurocrine Biosciences has a 52 week low of $84.23 and a 52 week high of $157.98. The business has a 50-day simple moving average of $106.23 and a 200 day simple moving average of $121.85. The stock has a market capitalization of $11.45 billion, a P/E ratio of 35.17, a price-to-earnings-growth ratio of 0.77 and a beta of 0.26.

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

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

Insider Activity

In other news, insider Julie Cooke sold 700 shares of the firm's stock in a transaction dated Monday, February 10th. The stock was 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 directly owns 18,831 shares in the company, valued at $2,227,330.68. This trade represents a 3.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kevin Charles Gorman sold 2,274 shares of the company's stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $118.37, for a total value of $269,173.38. Following the completion of the sale, the director now owns 519,074 shares in the company, valued at approximately $61,442,789.38. This represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 43,907 shares of company stock worth $4,935,982. Insiders own 4.80% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NBIX. Golden State Wealth Management LLC purchased a new position in shares of Neurocrine Biosciences during the 4th quarter valued at about $25,000. Huntington National Bank grew its holdings in Neurocrine Biosciences by 73.5% during 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 period. Brooklyn Investment Group raised its position in Neurocrine Biosciences by 99.1% during 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 in the last quarter. Smallwood Wealth Investment Management LLC acquired a new position in Neurocrine Biosciences in the first quarter valued at approximately $34,000. Finally, GeoWealth Management LLC lifted its holdings in Neurocrine Biosciences by 65.4% in the fourth quarter. GeoWealth Management LLC now owns 258 shares of the company's stock valued at $35,000 after acquiring an additional 102 shares during the period. 92.59% of the stock is currently owned by institutional investors and hedge funds.

Neurocrine Biosciences Company Profile

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.