Neurocrine Biosciences (NASDAQ:NBIX) Shares Gap Up Following Analyst Upgrade

Neurocrine Biosciences, Inc. (NASDAQ:NBIX)’s share price gapped up prior to trading on Tuesday after Royal Bank of Canada raised their price target on the stock from $137.00 to $145.00. The stock had previously closed at $109.75, but opened at $123.00. Royal Bank of Canada currently has an outperform rating on the stock. Neurocrine Biosciences shares last traded at $123.90, with a volume of 1,129,252 shares changing hands.

NBIX has been the topic of several other research reports. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Neurocrine Biosciences in a report on Tuesday, February 11th. They set a “hold” rating and a $138.00 price objective on the stock. Morgan Stanley reaffirmed an “overweight” rating and issued a $150.00 price target (down previously from $185.00) on shares of Neurocrine Biosciences in a research report on Friday, March 7th. HC Wainwright decreased 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. JPMorgan Chase & Co. raised their target price on Neurocrine Biosciences from $183.00 to $184.00 and gave the company an “overweight” rating in a report on Wednesday, March 26th. Finally, StockNews.com downgraded Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 20th. Three investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $162.00.

Insiders Place Their Bets

In related news, insider Julie Cooke sold 700 shares of the business’s stock in a transaction that occurred on 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 sale, the insider now owns 18,831 shares in the company, valued at $2,227,330.68. The trade was a 3.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William H. Rastetter sold 30,000 shares of the business’s stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $110.20, for a total value of $3,306,000.00. Following the completion of the sale, the director now directly owns 37,491 shares of the company’s stock, valued at approximately $4,131,508.20. This trade represents a 44.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,907 shares of company stock worth $4,935,982 over the last 90 days. Corporate insiders own 4.30% of the company’s stock.

Institutional Trading of Neurocrine Biosciences

A number of institutional investors have recently modified their holdings of the company. Mackenzie Financial Corp lifted its stake in Neurocrine Biosciences by 55.9% in the first quarter. Mackenzie Financial Corp now owns 86,109 shares of the company’s stock worth $9,524,000 after acquiring an additional 30,888 shares during the period. Sheaff Brock Investment Advisors LLC increased its stake in shares of Neurocrine Biosciences by 4.8% in the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 2,619 shares of the company’s stock worth $290,000 after acquiring an additional 120 shares in the last quarter. Bryce Point Capital LLC bought a new stake in shares of Neurocrine Biosciences in the 1st quarter worth approximately $750,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Neurocrine Biosciences by 87.3% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 114,765 shares of the company’s stock worth $12,693,000 after acquiring an additional 53,505 shares during the last quarter. Finally, TD Asset Management Inc raised its position in shares of Neurocrine Biosciences by 21.0% in the 1st quarter. TD Asset Management Inc now owns 123,183 shares of the company’s stock worth $13,624,000 after purchasing an additional 21,400 shares during the last quarter. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Neurocrine Biosciences Trading Up 2.2 %

The stock’s 50 day moving average is $106.12 and its 200-day moving average is $121.80. The company has a market cap of $12.02 billion, a P/E ratio of 36.94, a PEG ratio of 0.77 and a beta of 0.26.

Neurocrine Biosciences (NASDAQ:NBIX) last released its quarterly earnings data on Monday, May 5th. The company reported $0.08 EPS for the quarter, missing the consensus estimate 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%. Neurocrine Biosciences’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.20 earnings per share. As a group, sell-side analysts forecast that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current year.

Neurocrine Biosciences announced that its Board of Directors has approved a stock buyback program on Friday, February 21st that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

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.