Neurocrine Biosciences (NASDAQ:NBIX) Upgraded by Royal Bank of Canada to "Outperform" Rating

Royal Bank of Canada upgraded shares of Neurocrine Biosciences (NASDAQ:NBIX - Free Report) from a sector perform rating to an outperform rating in a report published on Monday morning, MarketBeat Ratings reports. Royal Bank of Canada currently has $137.00 price objective on the stock, down from their previous price objective of $138.00.

A number of other analysts also recently issued reports on NBIX. Piper Sandler reaffirmed an "overweight" rating and set a $160.00 price target on shares of Neurocrine Biosciences in a report on Monday, December 23rd. Needham & Company LLC restated a "hold" rating on shares of Neurocrine Biosciences in a research report on Friday, February 7th. Canaccord Genuity Group cut their target price on shares of Neurocrine Biosciences from $172.00 to $163.00 and set a "buy" rating on the stock in a report on Friday, February 7th. Barclays increased their price target 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. Finally, Wedbush decreased their price target on Neurocrine Biosciences from $157.00 to $147.00 and set an "outperform" rating for the company in a report on Friday, February 7th. Three analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $161.86.

Neurocrine Biosciences Stock Up 1.3 %

Shares of Neurocrine Biosciences stock traded up $1.28 on Monday, reaching $101.38. 1,926,795 shares of the stock were exchanged, compared to its average volume of 1,051,299. The firm has a market capitalization of $10.03 billion, a price-to-earnings ratio of 30.81, a PEG ratio of 0.77 and a beta of 0.33. The business has a 50 day moving average price of $108.66 and a two-hundred day moving average price of $122.48. Neurocrine Biosciences has a twelve month low of $84.23 and a twelve month high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued its earnings results 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%. Research analysts forecast that Neurocrine Biosciences will post 4.28 EPS for the current year.

Neurocrine Biosciences announced that its board has authorized a share repurchase plan on Friday, February 21st that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 4.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.

Insider Activity

In other Neurocrine Biosciences news, Director Kevin Charles Gorman sold 146,105 shares of the stock in a transaction on Monday, January 27th. The stock was sold at an average price of $149.46, for a total value of $21,836,853.30. Following the transaction, the director now directly owns 514,596 shares in the company, valued at approximately $76,911,518.16. This trade represents a 22.11 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ingrid Delaet sold 623 shares of the company's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $149.29, for a total transaction of $93,007.67. Following the sale, the insider now owns 3,442 shares of the company's stock, valued at $513,856.18. The trade was a 15.33 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 167,906 shares of company stock worth $24,671,530. Company insiders own 4.30% of the company's stock.

Institutional Investors Weigh In On Neurocrine Biosciences

Several institutional investors have recently bought and sold shares of NBIX. OneDigital Investment Advisors LLC increased its position in Neurocrine Biosciences by 2.1% during the fourth quarter. OneDigital Investment Advisors LLC now owns 4,215 shares of the company's stock worth $575,000 after buying an additional 87 shares during the last quarter. HighPoint Advisor Group LLC boosted its stake in shares of Neurocrine Biosciences by 4.1% in the fourth quarter. HighPoint Advisor Group LLC now owns 2,446 shares of the company's stock valued at $334,000 after buying an additional 96 shares during the period. Huntington National Bank grew 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 worth $31,000 after purchasing an additional 97 shares in the last quarter. Louisiana State Employees Retirement System increased its holdings in Neurocrine Biosciences by 0.4% in the 4th quarter. Louisiana State Employees Retirement System now owns 28,100 shares of the company's stock valued at $3,836,000 after buying an additional 100 shares during the period. Finally, Utah Retirement Systems raised 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 in the last quarter. 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.