Neurocrine Biosciences’ (NBIX) Overweight Rating Reiterated at Piper Sandler

Piper Sandler restated their overweight rating on shares of Neurocrine Biosciences (NASDAQ:NBIX) in a research note released on Tuesday morning,Benzinga reports. Piper Sandler currently has a $154.00 price target on the stock, down from their prior price target of $160.00.

NBIX has been the topic of a number of other research reports. HC Wainwright dropped their price objective on shares of Neurocrine Biosciences from $185.00 to $168.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. Canaccord Genuity Group lifted their price target on Neurocrine Biosciences from $158.00 to $160.00 and gave the company a “buy” rating in a report on Tuesday. StockNews.com downgraded Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 20th. Morgan Stanley restated 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. Finally, BMO Capital Markets increased their price target on Neurocrine Biosciences from $96.00 to $115.00 and gave the stock a “market perform” rating in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Neurocrine Biosciences has an average rating of “Moderate Buy” and an average price target of $162.00.

Neurocrine Biosciences Stock Down 3.4 %

NBIX opened at $117.52 on Tuesday. The company’s 50-day moving average price is $106.18 and its 200 day moving average price is $121.81. Neurocrine Biosciences has a fifty-two week low of $84.23 and a fifty-two week high of $157.98. The firm has a market cap of $11.63 billion, a price-to-earnings ratio of 35.72, a price-to-earnings-growth ratio of 0.77 and a beta of 0.26.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its quarterly earnings results 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). The company 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 company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period last year, the business posted $1.20 EPS. Research analysts anticipate that Neurocrine Biosciences will post 4.28 earnings per share for the current year.

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

Insiders Place Their Bets

In related news, Director William H. Rastetter sold 30,000 shares of the company’s stock in a transaction that occurred on 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 owns 37,491 shares in the company, valued at approximately $4,131,508.20. This represents a 44.45 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kevin Charles Gorman sold 2,274 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $118.37, for a total transaction of $269,173.38. Following the completion of the transaction, the director now directly owns 519,074 shares of the company’s stock, valued at $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 have sold 43,907 shares of company stock worth $4,935,982. Company insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Neurocrine Biosciences

Several hedge funds have recently bought and sold shares of the business. Jefferies Financial Group Inc. acquired a new position in shares of Neurocrine Biosciences in the 1st quarter valued at about $498,000. Lindenwold Advisors INC purchased a new position in Neurocrine Biosciences during the first quarter valued at approximately $239,000. Tredje AP fonden increased its stake in Neurocrine Biosciences by 295.9% in the 1st quarter. Tredje AP fonden now owns 37,068 shares of the company’s stock valued at $4,100,000 after buying an additional 27,704 shares during the period. Vestcor Inc lifted its position in Neurocrine Biosciences by 7.9% in the 1st quarter. Vestcor Inc now owns 21,431 shares of the company’s stock worth $2,370,000 after buying an additional 1,565 shares in the last quarter. Finally, XTX Topco Ltd boosted its stake in shares of Neurocrine Biosciences by 184.8% during the 1st quarter. XTX Topco Ltd now owns 19,554 shares of the company’s stock valued at $2,163,000 after buying an additional 12,688 shares during the period. 92.59% of the stock is owned by hedge funds and other 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.