Neurocrine Biosciences (NASDAQ:NBIX) Price Target Increased to $164.00 by Analysts at Canaccord Genuity Group

Neurocrine Biosciences (NASDAQ:NBIX) had its target price hoisted by research analysts at Canaccord Genuity Group from $154.00 to $164.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 17.29% from the stock’s previous close.

A number of other research firms have also recently commented on NBIX. The Goldman Sachs Group boosted their target price on shares of Neurocrine Biosciences from $134.00 to $153.00 and gave the stock a “buy” rating in a research report on Thursday, January 25th. Barclays boosted their price objective on shares of Neurocrine Biosciences from $150.00 to $169.00 and gave the stock an “overweight” rating in a report on Thursday. HC Wainwright upped their price objective on shares of Neurocrine Biosciences from $150.00 to $160.00 and gave the company a “buy” rating in a research report on Thursday. Guggenheim boosted their price target on Neurocrine Biosciences from $164.00 to $170.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. raised their price objective on Neurocrine Biosciences from $148.00 to $158.00 and gave the company an “overweight” rating in a research note on Wednesday, March 20th. Six investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued 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 a consensus target price of $147.46.

Neurocrine Biosciences Stock Performance

Shares of NBIX traded down $3.20 during trading hours on Thursday, hitting $139.83. The stock had a trading volume of 873,329 shares, compared to its average volume of 853,176. The company’s fifty day simple moving average is $137.11 and its 200 day simple moving average is $128.51. Neurocrine Biosciences has a 12-month low of $89.04 and a 12-month high of $148.37. The firm has a market cap of $13.91 billion, a P/E ratio of 58.21 and a beta of 0.28.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its earnings results on Wednesday, February 7th. The company reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.31. Neurocrine Biosciences had a net margin of 13.23% and a return on equity of 12.85%. The business had revenue of $515.20 million for the quarter, compared to analyst estimates of $518.52 million. During the same quarter in the previous year, the business posted $0.88 EPS. The business’s quarterly revenue was up 25.0% on a year-over-year basis. As a group, sell-side analysts predict that Neurocrine Biosciences will post 4.8 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Neurocrine Biosciences news, CEO Kevin Charles Gorman sold 3,040 shares of the firm’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $142.18, for a total value of $432,227.20. Following the sale, the chief executive officer now directly owns 504,919 shares in the company, valued at $71,789,383.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Kevin Charles Gorman sold 3,040 shares of Neurocrine Biosciences stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $142.18, for a total transaction of $432,227.20. Following the sale, the chief executive officer now owns 504,919 shares of the company’s stock, valued at $71,789,383.42. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Ingrid Delaet sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $145.06, for a total value of $725,300.00. Following the transaction, the insider now owns 7,507 shares of the company’s stock, valued at $1,088,965.42. The disclosure for this sale can be found here. Insiders sold a total of 181,547 shares of company stock worth $25,039,887 in the last three months. 4.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Neurocrine Biosciences

Several hedge funds have recently modified their holdings of the company. Mather Group LLC. bought a new stake in shares of Neurocrine Biosciences in the 1st quarter worth approximately $26,000. Headinvest LLC acquired a new position in Neurocrine Biosciences during the third quarter valued at $28,000. Lindbrook Capital LLC boosted its holdings in shares of Neurocrine Biosciences by 85.0% during the fourth quarter. Lindbrook Capital LLC now owns 209 shares of the company’s stock worth $28,000 after purchasing an additional 96 shares during the period. EdgeRock Capital LLC purchased a new stake in shares of Neurocrine Biosciences during the fourth quarter worth $31,000. Finally, Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Neurocrine Biosciences during the 4th quarter valued at about $33,000. 92.59% of the stock is currently owned by institutional investors and hedge funds.

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.