Neurocrine Biosciences (NASDAQ:NBIX) Price Target Raised to $184.00

Neurocrine Biosciences (NASDAQ:NBIX) had its price target lifted by JPMorgan Chase & Co. from $183.00 to $184.00 in a report published on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Other research analysts have also issued reports about the stock. Barclays increased their target price on shares of Neurocrine Biosciences from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, December 23rd. Royal Bank of Canada reduced their price objective on Neurocrine Biosciences from $154.00 to $148.00 and set a “sector perform” rating for the company in a research note on Friday, February 7th. Canaccord Genuity Group cut their target price on Neurocrine Biosciences from $172.00 to $163.00 and set a “buy” rating on the stock in a report on Friday, February 7th. Morgan Stanley restated an “overweight” rating and set a $150.00 price objective (down previously from $185.00) on shares of Neurocrine Biosciences in a report on Friday, March 7th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Neurocrine Biosciences in a research report on Tuesday, February 11th. They set a “hold” rating and a $138.00 target price for the company. Five investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Neurocrine Biosciences has a consensus rating of “Moderate Buy” and an average target price of $165.38.

Neurocrine Biosciences Trading Down 0.7 %

NBIX opened at $113.16 on Wednesday. The company’s 50 day moving average is $124.17 and its 200-day moving average is $124.90. The company has a market cap of $11.28 billion, a P/E ratio of 34.40, a PEG ratio of 0.77 and a beta of 0.35. Neurocrine Biosciences has a 1-year low of $105.18 and a 1-year high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX) last issued its quarterly earnings data on Thursday, February 6th. The company reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.62). Neurocrine Biosciences had a return on equity of 13.38% and a net margin of 14.49%. On average, equities analysts forecast that Neurocrine Biosciences will post 4.28 EPS for the current year.

Neurocrine Biosciences declared that its board has approved a stock 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 stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity at Neurocrine Biosciences

In other news, insider Ingrid Delaet sold 272 shares of Neurocrine Biosciences stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $138.10, for a total value of $37,563.20. Following the sale, the insider now directly owns 2,507 shares in the company, valued at approximately $346,216.70. This trade represents a 9.79 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kyle Gano sold 65,000 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $141.50, for a total transaction of $9,197,500.00. Following the transaction, the chief executive officer now directly owns 135,392 shares in the company, valued at approximately $19,157,968. The trade was a 32.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 233,178 shares of company stock worth $33,906,594 in the last ninety days. 4.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Neurocrine Biosciences

Institutional investors have recently added to or reduced their stakes in the company. OneDigital Investment Advisors LLC boosted its position in shares of Neurocrine Biosciences by 2.1% in the 4th quarter. OneDigital Investment Advisors LLC now owns 4,215 shares of the company’s stock worth $575,000 after purchasing an additional 87 shares in the last quarter. HighPoint Advisor Group LLC increased its holdings in Neurocrine Biosciences by 4.1% in the 4th quarter. HighPoint Advisor Group LLC now owns 2,446 shares of the company’s stock worth $334,000 after buying an additional 96 shares in the last quarter. Huntington National Bank boosted its holdings in shares of 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 acquiring an additional 97 shares during the last quarter. Louisiana State Employees Retirement System raised its holdings in shares of Neurocrine Biosciences by 0.4% during the fourth quarter. Louisiana State Employees Retirement System now owns 28,100 shares of the company’s stock valued at $3,836,000 after purchasing an additional 100 shares during the last quarter. Finally, Utah Retirement Systems lifted its position in Neurocrine Biosciences by 0.6% during the fourth quarter. Utah Retirement Systems now owns 16,583 shares of the company’s stock valued at $2,264,000 after purchasing an additional 100 shares during the period. 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.