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

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) shares 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 traded.

Other research analysts have also recently issued research reports about the company. Bank of America dropped their price target on Neurocrine Biosciences from $184.00 to $179.00 and set a “buy” rating on the stock in a report on Friday, February 7th. Guggenheim boosted their target price on Neurocrine Biosciences from $155.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday. JPMorgan Chase & Co. lifted their price target on Neurocrine Biosciences from $183.00 to $184.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 26th. Piper Sandler reaffirmed an “overweight” rating and issued a $154.00 price objective (down previously from $160.00) on shares of Neurocrine Biosciences in a research note on Tuesday. Finally, Deutsche Bank Aktiengesellschaft started coverage on Neurocrine Biosciences in a research note on Tuesday, February 11th. They issued a “hold” rating and a $138.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $162.00.

Insider Buying and Selling at Neurocrine Biosciences

In other news, CEO Kyle Gano sold 980 shares of Neurocrine Biosciences stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $118.39, for a total value of $116,022.20. Following the transaction, the chief executive officer now owns 137,658 shares of the company’s stock, valued at $16,297,330.62. This trade represents a 0.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Matt Abernethy sold 2,558 shares of the company’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $116.86, for a total transaction of $298,927.88. Following the sale, the chief financial officer now directly owns 34,775 shares of the company’s stock, valued at approximately $4,063,806.50. This represents a 6.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,907 shares of company stock worth $1,629,982 over the last three months. Corporate insiders own 4.30% of the company’s stock.

Institutional Trading of Neurocrine Biosciences

Several hedge funds have recently added to or reduced their stakes in the business. Golden State Wealth Management LLC acquired a new position in shares of Neurocrine Biosciences during the fourth quarter worth approximately $25,000. Huntington National Bank raised its stake in Neurocrine Biosciences by 73.5% during 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 during the last quarter. Brooklyn Investment Group raised its stake in Neurocrine Biosciences by 99.1% during the 4th quarter. Brooklyn Investment Group now owns 231 shares of the company’s stock valued at $32,000 after purchasing an additional 115 shares during the last quarter. Smallwood Wealth Investment Management LLC bought a new stake in Neurocrine Biosciences in the 1st quarter valued at $34,000. Finally, GeoWealth Management LLC grew its position in Neurocrine Biosciences by 65.4% in the 4th quarter. GeoWealth Management LLC now owns 258 shares of the company’s stock worth $35,000 after purchasing an additional 102 shares during the last quarter. Institutional investors own 92.59% of the company’s stock.

Neurocrine Biosciences Trading Up 8.4 %

The firm’s fifty day moving average price is $106.06 and its 200-day moving average price is $121.81. The company has a market cap of $11.77 billion, a P/E ratio of 36.15, a P/E/G ratio of 0.77 and a beta of 0.26.

Neurocrine Biosciences (NASDAQ:NBIX) last issued 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). Neurocrine Biosciences had a net margin of 14.49% and a return on equity of 13.38%. The firm had revenue of $572.60 million for the quarter, compared to the consensus estimate of $587.06 million. During the same quarter in the prior year, the firm earned $1.20 earnings per share. The company’s revenue was up 11.1% on a year-over-year basis. As a group, research analysts forecast that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current fiscal year.

Neurocrine Biosciences declared that its Board of Directors has approved 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 purchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

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.