Canaccord Genuity Group Issues Positive Forecast for Neurocrine Biosciences (NASDAQ:NBIX) Stock Price

Neurocrine Biosciences (NASDAQ:NBIX) had its target price raised by research analysts at Canaccord Genuity Group from $158.00 to $160.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 31.65% from the company’s previous close.

Other analysts have also issued reports about the stock. William Blair reiterated an “outperform” rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. Evercore ISI decreased their target price on shares of Neurocrine Biosciences from $190.00 to $185.00 and set an “outperform” rating for the company in a research note on Thursday, April 24th. Needham & Company LLC upgraded Neurocrine Biosciences from a “hold” rating to a “buy” rating and set a $138.00 price target on the stock in a research note on Tuesday, April 15th. HC Wainwright reduced their price objective on Neurocrine Biosciences from $185.00 to $168.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. Finally, Morgan Stanley reissued an “overweight” rating and issued a $150.00 target price (down from $185.00) on shares of Neurocrine Biosciences in a research report on Friday, March 7th. Three analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, Neurocrine Biosciences currently has an average rating of “Moderate Buy” and an average target price of $162.00.

Neurocrine Biosciences Stock Up 2.2 %

NASDAQ:NBIX opened at $121.54 on Tuesday. The stock has a market cap of $12.02 billion, a price-to-earnings ratio of 36.94, a PEG ratio of 0.77 and a beta of 0.26. The company’s 50 day moving average price is $106.12 and its 200-day moving average price is $121.80. Neurocrine Biosciences has a 52 week low of $84.23 and a 52 week high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX) 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). The business had revenue of $572.60 million during the quarter, compared to the consensus estimate of $587.06 million. Neurocrine Biosciences had a return on equity of 13.38% and a net margin of 14.49%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.20 EPS. 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 has approved a share buyback plan on Friday, February 21st that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 4.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

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

Institutional Investors Weigh In On Neurocrine Biosciences

Several large investors have recently added to or reduced their stakes in the stock. Golden State Wealth Management LLC purchased a new position in shares of Neurocrine Biosciences in the 4th quarter worth approximately $25,000. Huntington National Bank boosted its stake 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 buying an additional 97 shares during the period. Brooklyn Investment Group increased 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 during the last quarter. GeoWealth Management LLC raised its stake 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 acquiring an additional 102 shares during the period. Finally, Smallwood Wealth Investment Management LLC bought a new stake in shares of Neurocrine Biosciences in the 1st quarter worth about $34,000. 92.59% of the stock is owned by institutional investors.

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.