Canaccord Genuity Group Cuts Neurocrine Biosciences (NASDAQ:NBIX) Price Target to $158.00

Neurocrine Biosciences (NASDAQ:NBIX) had its price objective dropped by analysts at Canaccord Genuity Group from $163.00 to $158.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 48.04% from the stock’s current price.

A number of other equities analysts have also weighed in on the stock. Guggenheim lowered their price objective on shares of Neurocrine Biosciences from $165.00 to $163.00 and set a “buy” rating on the stock in a research report on Monday, February 10th. Deutsche Bank Aktiengesellschaft initiated coverage on Neurocrine Biosciences in a research note on Tuesday, February 11th. They set a “hold” rating and a $138.00 price objective for the company. Morgan Stanley reissued an “overweight” rating and issued a $150.00 price objective (down from $185.00) on shares of Neurocrine Biosciences in a research report on Friday, March 7th. StockNews.com cut Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 20th. Finally, Wedbush cut their price target on shares of Neurocrine Biosciences from $157.00 to $147.00 and set an “outperform” rating for the company in a research note on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $160.90.

Neurocrine Biosciences Price Performance

Shares of Neurocrine Biosciences stock opened at $106.73 on Monday. The business’s 50 day simple moving average is $107.16 and its two-hundred day simple moving average is $122.22. The stock has a market capitalization of $10.56 billion, a P/E ratio of 32.44, a price-to-earnings-growth ratio of 0.77 and a beta of 0.33. Neurocrine Biosciences has a one year low of $84.23 and a one year high of $157.98.

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

Neurocrine Biosciences announced that its Board of Directors has authorized a share buyback plan on Friday, February 21st that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to purchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Activity at Neurocrine Biosciences

In related news, CEO Kyle Gano sold 1,541 shares of Neurocrine Biosciences stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $152.87, for a total value of $235,572.67. Following the completion of the transaction, the chief executive officer now directly owns 136,778 shares of the company’s stock, valued at $20,909,252.86. The trade was a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Julie Cooke sold 1,740 shares of Neurocrine Biosciences stock in a transaction on Friday, January 31st. The shares were sold at an average price of $152.89, for a total transaction of $266,028.60. Following the completion of the sale, the insider now owns 18,202 shares in the company, valued at $2,782,903.78. The trade was a 8.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 21,801 shares of company stock valued at $2,834,677 over the last 90 days. 4.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Vontobel Holding Ltd. boosted its position in Neurocrine Biosciences by 17.8% in the first quarter. Vontobel Holding Ltd. now owns 9,943 shares of the company’s stock worth $1,100,000 after purchasing an additional 1,501 shares during the last quarter. Smallwood Wealth Investment Management LLC purchased a new position in Neurocrine Biosciences during the first quarter valued at $34,000. Peregrine Capital Management LLC raised its holdings in Neurocrine Biosciences by 12.5% in the first quarter. Peregrine Capital Management LLC now owns 72,972 shares of the company’s stock worth $8,071,000 after buying an additional 8,132 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in shares of Neurocrine Biosciences by 10.8% during the first quarter. Robeco Institutional Asset Management B.V. now owns 16,220 shares of the company’s stock valued at $1,794,000 after purchasing an additional 1,586 shares during the last quarter. Finally, Golden State Wealth Management LLC boosted its position in shares of Neurocrine Biosciences by 116.9% in the first quarter. Golden State Wealth Management LLC now owns 397 shares of the company’s stock worth $44,000 after purchasing an additional 214 shares during the period. Institutional investors and hedge funds 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.