Neurocrine Biosciences (NASDAQ:NBIX) Raised to Outperform at Royal Bank of Canada

Neurocrine Biosciences (NASDAQ:NBIX) was upgraded by equities researchers at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a report issued on Monday,Finviz reports. The firm presently has a $137.00 target price on the stock. Royal Bank of Canada’s target price would indicate a potential upside of 50.76% from the stock’s previous close.

A number of other analysts have also recently weighed in on NBIX. UBS Group lowered their price objective on Neurocrine Biosciences from $154.00 to $137.00 and set a “buy” rating for the company in a research report on Friday, April 4th. HC Wainwright reissued a “buy” rating and issued a $185.00 price target on shares of Neurocrine Biosciences in a report on Friday, February 21st. Barclays upped their price objective on shares of Neurocrine Biosciences from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, December 23rd. Morgan Stanley reiterated an “overweight” rating and issued a $150.00 target price (down from $185.00) on shares of Neurocrine Biosciences in a research note on Friday, March 7th. Finally, Canaccord Genuity Group cut their price target on shares of Neurocrine Biosciences from $172.00 to $163.00 and set a “buy” rating on the stock in a research note on Friday, February 7th. Four investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Neurocrine Biosciences has a consensus rating of “Moderate Buy” and an average price target of $163.00.

Neurocrine Biosciences Price Performance

Shares of NASDAQ:NBIX opened at $90.87 on Monday. The business has a 50 day simple moving average of $111.68 and a two-hundred day simple moving average of $123.06. Neurocrine Biosciences has a 1 year low of $84.23 and a 1 year high of $157.98. The firm has a market capitalization of $9.06 billion, a PE ratio of 27.62, a price-to-earnings-growth ratio of 0.77 and a beta of 0.33.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its quarterly earnings results on Thursday, February 6th. The company reported $1.00 EPS for the quarter, missing the consensus estimate of $1.62 by ($0.62). Neurocrine Biosciences had a return on equity of 13.38% and a net margin of 14.49%. Equities research analysts expect that Neurocrine Biosciences will post 4.28 EPS for the current fiscal year.

Neurocrine Biosciences declared that its board has authorized a share repurchase plan on Friday, February 21st that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to buy up to 4.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In related news, Director Kevin Charles Gorman sold 146,105 shares of the business’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $149.46, for a total value of $21,836,853.30. Following the completion of the sale, the director now owns 514,596 shares of the company’s stock, valued at approximately $76,911,518.16. The trade was a 22.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kyle Gano sold 65,000 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $141.50, for a total transaction of $9,197,500.00. Following the transaction, the chief executive officer now directly owns 135,392 shares in the company, valued at approximately $19,157,968. The trade was a 32.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 232,906 shares of company stock worth $33,869,030. Company insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Golden State Wealth Management LLC purchased a new position in shares of Neurocrine Biosciences in the fourth quarter valued at approximately $25,000. Huntington National Bank lifted its holdings in Neurocrine Biosciences by 73.5% in the 4th quarter. Huntington National Bank now owns 229 shares of the company’s stock valued at $31,000 after purchasing an additional 97 shares in the last quarter. Brooklyn Investment Group grew its holdings in shares of Neurocrine Biosciences by 99.1% during the fourth quarter. Brooklyn Investment Group now owns 231 shares of the company’s stock worth $32,000 after buying an additional 115 shares in the last quarter. GeoWealth Management LLC raised its position in shares of 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 buying an additional 102 shares during the last quarter. Finally, Versant Capital Management Inc raised its position in shares of Neurocrine Biosciences by 404.9% in the first quarter. Versant Capital Management Inc now owns 409 shares of the company’s stock valued at $45,000 after buying an additional 328 shares during the last quarter. Institutional investors and hedge funds 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.