Neurocrine Biosciences (NASDAQ:NBIX) Price Target Raised to $184.00 at JPMorgan Chase & Co.

Neurocrine Biosciences (NASDAQ:NBIX) had its price target hoisted by JPMorgan Chase & Co. from $183.00 to $184.00 in a report published on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other research analysts also recently commented on NBIX. Barclays increased their price objective on Neurocrine Biosciences from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, December 23rd. Guggenheim reduced their target price on shares of Neurocrine Biosciences from $165.00 to $163.00 and set a “buy” rating for the company in a research report on Monday, February 10th. HC Wainwright reaffirmed a “buy” rating and set a $185.00 price objective on shares of Neurocrine Biosciences in a research note on Friday, February 21st. William Blair reissued an “outperform” rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. Finally, Needham & Company LLC restated a “hold” rating on shares of Neurocrine Biosciences in a research report on Friday, February 7th. Five equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $165.38.

Neurocrine Biosciences Price Performance

Neurocrine Biosciences stock opened at $114.45 on Wednesday. The stock has a market capitalization of $11.41 billion, a PE ratio of 34.79, a price-to-earnings-growth ratio of 0.77 and a beta of 0.35. The business has a 50 day simple moving average of $125.33 and a 200-day simple moving average of $125.02. Neurocrine Biosciences has a 12 month low of $105.18 and a 12 month high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX) last issued its quarterly earnings results 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 return on equity of 13.38% and a net margin of 14.49%. On average, equities research analysts anticipate that Neurocrine Biosciences will post 4.28 EPS for the current fiscal year.

Neurocrine Biosciences declared that its board has approved a stock repurchase program on Friday, February 21st that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 4.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, Director Kevin Charles Gorman sold 146,105 shares of the stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $149.46, for a total transaction of $21,836,853.30. Following the sale, the director now owns 514,596 shares of the company’s stock, valued at approximately $76,911,518.16. This represents a 22.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ingrid Delaet sold 272 shares of the firm’s stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $138.10, for a total transaction of $37,563.20. Following the completion of the transaction, the insider now directly owns 2,507 shares of the company’s stock, valued at approximately $346,216.70. The trade was a 9.79 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 233,178 shares of company stock valued at $33,906,594. 4.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Neurocrine Biosciences

A number of hedge funds have recently added to or reduced their stakes in NBIX. Golden State Wealth Management LLC purchased a new stake in shares of Neurocrine Biosciences during the fourth quarter worth $25,000. Huntington National Bank grew its stake in 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. Brooklyn Investment Group increased its holdings in Neurocrine Biosciences by 99.1% during the 4th quarter. Brooklyn Investment Group now owns 231 shares of the company’s stock worth $32,000 after purchasing an additional 115 shares during the period. GeoWealth Management LLC raised its position in Neurocrine Biosciences by 65.4% in the 4th quarter. GeoWealth Management LLC now owns 258 shares of the company’s stock valued at $35,000 after purchasing an additional 102 shares in the last quarter. Finally, Lindbrook Capital LLC boosted its stake in shares of Neurocrine Biosciences by 53.5% in the 4th quarter. Lindbrook Capital LLC now owns 373 shares of the company’s stock valued at $51,000 after buying an additional 130 shares during the period. 92.59% of the stock is currently owned by institutional investors and hedge funds.

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.