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

Neurocrine Biosciences (NASDAQ:NBIX) had its price objective upped by analysts at Canaccord Genuity Group from $158.00 to $160.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 45.79% from the stock’s current price.

NBIX has been the topic of a number of other research reports. HC Wainwright decreased their price objective on Neurocrine Biosciences from $185.00 to $168.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. JPMorgan Chase & Co. boosted their price target on shares of Neurocrine Biosciences from $183.00 to $184.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 26th. Royal Bank of Canada upgraded shares of Neurocrine Biosciences from a “sector perform” rating to an “outperform” rating and cut their price objective for the company from $138.00 to $137.00 in a report on Monday, April 14th. Wedbush dropped their price target on Neurocrine Biosciences from $157.00 to $147.00 and set an “outperform” rating for the company in a research report on Friday, February 7th. Finally, Evercore ISI cut their price target on Neurocrine Biosciences from $190.00 to $185.00 and set an “outperform” rating for the company in a report on Thursday, April 24th. Three research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $161.05.

Neurocrine Biosciences Price Performance

Shares of NASDAQ:NBIX opened at $109.75 on Tuesday. The business’s 50 day moving average price is $106.03 and its 200-day moving average price is $121.83. 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 $10.86 billion, a price-to-earnings ratio of 33.36, a price-to-earnings-growth ratio of 0.77 and a beta of 0.26.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its quarterly earnings data 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 net margin of 14.49% and a return on equity of 13.38%. During the same quarter in the previous year, the company earned $1.20 EPS. Neurocrine Biosciences’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, sell-side analysts expect that Neurocrine Biosciences will post 4.28 earnings per share for the current year.

Neurocrine Biosciences declared that its board has approved a stock repurchase program on Friday, February 21st that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 4.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other Neurocrine Biosciences news, Director Kevin Charles Gorman sold 5,844 shares of the company’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $116.69, for a total transaction of $681,936.36. Following the sale, the director now owns 521,618 shares in the company, valued at $60,867,604.42. This represents a 1.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Julie Cooke sold 700 shares of Neurocrine Biosciences stock in a transaction dated 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 of the company’s stock, valued at $2,227,330.68. The trade was a 3.58 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,907 shares of company stock valued at $1,629,982. 4.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in NBIX. Golden State Wealth Management LLC acquired a new position in Neurocrine Biosciences in the fourth quarter valued at $25,000. Huntington National Bank increased its position 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 worth $32,000 after buying an additional 115 shares during the period. Smallwood Wealth Investment Management LLC purchased a new stake in Neurocrine Biosciences in the first quarter valued at approximately $34,000. Finally, GeoWealth Management LLC grew its position in shares of Neurocrine Biosciences by 65.4% during the fourth quarter. GeoWealth Management LLC now owns 258 shares of the company’s stock worth $35,000 after acquiring an additional 102 shares during the last quarter. 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.