Neurocrine Biosciences (NASDAQ:NBIX) Upgraded to Buy at Needham & Company LLC

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) was upgraded by analysts at Needham & Company LLC from a "hold" rating to a "buy" rating in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The firm currently has a $138.00 target price on the stock. Needham & Company LLC's target price suggests a potential upside of 36.12% from the stock's previous close.

Other equities analysts also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft began coverage on Neurocrine Biosciences in a report on Tuesday, February 11th. They set a "hold" rating and a $138.00 target price for the company. JPMorgan Chase & Co. lifted their target price on shares of Neurocrine Biosciences from $183.00 to $184.00 and gave the company an "overweight" rating in a research note on Wednesday, March 26th. StockNews.com downgraded shares of Neurocrine Biosciences from a "strong-buy" rating to a "buy" rating in a research note on Thursday, March 20th. Royal Bank of Canada raised shares of Neurocrine Biosciences from a "sector perform" rating to an "outperform" rating and lowered their price target for the company from $138.00 to $137.00 in a research report on Monday. Finally, William Blair reaffirmed an "outperform" rating on shares of Neurocrine Biosciences in a research report on Friday, February 7th. Three research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Neurocrine Biosciences has an average rating of "Moderate Buy" and a consensus target price of $161.86.

Neurocrine Biosciences Stock Up 1.3 %

Shares of NASDAQ NBIX traded up $1.28 during midday trading on Tuesday, reaching $101.38. The company had a trading volume of 1,926,795 shares, compared to its average volume of 1,053,158. Neurocrine Biosciences has a one year low of $84.23 and a one year high of $157.98. The stock has a market cap of $10.03 billion, a PE ratio of 30.81, a price-to-earnings-growth ratio of 0.77 and a beta of 0.33. The firm's fifty day moving average price is $108.66 and its 200-day moving average price is $122.48.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued its quarterly earnings data on Thursday, February 6th. The company reported $1.00 EPS for the quarter, missing the consensus estimate of $1.62 by ($0.62). Neurocrine Biosciences had a net margin of 14.49% and a return on equity of 13.38%. As a group, equities research analysts expect that Neurocrine Biosciences will post 4.28 EPS for the current year.

Neurocrine Biosciences declared that its Board of Directors has authorized a stock repurchase program on Friday, February 21st that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits 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 board believes its stock is undervalued.

Insider Buying and Selling at Neurocrine Biosciences

In other news, CFO Matt Abernethy sold 1,283 shares of the firm's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $152.87, for a total transaction of $196,132.21. Following the completion of the transaction, the chief financial officer now owns 32,681 shares in the company, valued at $4,995,944.47. This trade represents a 3.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kevin Charles Gorman sold 2,707 shares of the firm's stock in a transaction on Friday, January 31st. The shares were sold at an average price of $152.92, for a total transaction of $413,954.44. Following the completion of the transaction, the director now directly owns 517,030 shares of the company's stock, valued at approximately $79,064,227.60. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 167,906 shares of company stock valued at $24,671,530 over the last ninety days. 4.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Neurocrine Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of NBIX. Golden State Wealth Management LLC bought a new stake in Neurocrine Biosciences in the fourth quarter worth $25,000. Huntington National Bank raised its stake in shares of Neurocrine Biosciences by 73.5% in the fourth 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 period. Brooklyn Investment Group lifted its holdings in shares of Neurocrine Biosciences by 99.1% in the 4th quarter. Brooklyn Investment Group now owns 231 shares of the company's stock worth $32,000 after acquiring an additional 115 shares during the last quarter. GeoWealth Management LLC boosted its stake in shares of Neurocrine Biosciences by 65.4% during 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 period. Finally, Versant Capital Management Inc grew its holdings in Neurocrine Biosciences by 404.9% during the 1st quarter. Versant Capital Management Inc now owns 409 shares of the company's stock valued at $45,000 after purchasing an additional 328 shares during the last quarter. Hedge funds and other institutional investors own 92.59% of the company's stock.

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.