Neurocrine Biosciences, Inc. (NASDAQ:NBIX) Receives $165.38 Average Price Target from Brokerages

Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) have earned a consensus recommendation of “Moderate Buy” from the twenty-three brokerages that are presently covering the stock, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation, seventeen have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $165.38.

A number of brokerages have recently weighed in on NBIX. Barclays boosted their price objective on shares of Neurocrine Biosciences from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, December 23rd. Morgan Stanley reaffirmed an “overweight” rating and issued a $150.00 target price (down from $185.00) on shares of Neurocrine Biosciences in a research note on Friday, March 7th. HC Wainwright restated a “buy” rating and issued a $185.00 price objective on shares of Neurocrine Biosciences in a research report on Friday, February 21st. UBS Group upped their price objective on shares of Neurocrine Biosciences from $162.00 to $176.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. Finally, Piper Sandler reissued an “overweight” rating and issued a $160.00 target price on shares of Neurocrine Biosciences in a research note on Monday, December 23rd.

Neurocrine Biosciences Trading Up 1.2 %

Shares of NASDAQ NBIX opened at $108.31 on Monday. The business has a 50-day moving average of $121.97 and a 200-day moving average of $124.66. The firm has a market capitalization of $10.80 billion, a price-to-earnings ratio of 32.92, a PEG ratio of 0.77 and a beta of 0.35. Neurocrine Biosciences has a 12 month low of $105.18 and a 12 month high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX) last announced 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%. On average, analysts predict 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 plan on Friday, February 21st that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to buy up to 4.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other news, Director Kevin Charles Gorman sold 2,707 shares of Neurocrine Biosciences stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $152.92, for a total value of $413,954.44. Following the completion of the transaction, the director now owns 517,030 shares of the company’s stock, valued at $79,064,227.60. The trade was a 0.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ingrid Delaet sold 623 shares of the stock in a transaction dated 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 directly owns 3,442 shares in the company, valued at $513,856.18. This trade represents a 15.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 232,906 shares of company stock worth $33,869,030. Insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Neurocrine Biosciences

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Neurocrine Biosciences by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 10,119,641 shares of the company’s stock worth $1,381,331,000 after purchasing an additional 122,681 shares in the last quarter. State Street Corp increased its holdings in Neurocrine Biosciences by 11.7% in the 3rd quarter. State Street Corp now owns 5,148,293 shares of the company’s stock worth $593,186,000 after buying an additional 539,936 shares in the last quarter. Dodge & Cox raised its position in Neurocrine Biosciences by 134.2% in the 4th quarter. Dodge & Cox now owns 3,016,425 shares of the company’s stock worth $411,742,000 after buying an additional 1,728,605 shares during the last quarter. AQR Capital Management LLC lifted its stake in Neurocrine Biosciences by 2.9% during the 4th quarter. AQR Capital Management LLC now owns 1,896,891 shares of the company’s stock valued at $258,926,000 after acquiring an additional 53,610 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Neurocrine Biosciences by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 1,875,062 shares of the company’s stock valued at $255,523,000 after acquiring an additional 15,830 shares during the last quarter. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

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.