Royal Bank Of Canada Reiterates “Outperform” Rating for Neurocrine Biosciences (NASDAQ:NBIX)

Neurocrine Biosciences (NASDAQ:NBIX)‘s stock had its “outperform” rating reissued by stock analysts at Royal Bank Of Canada in a research report issued on Tuesday, Benzinga reports. They currently have a $198.00 price objective on the stock. Royal Bank Of Canada’s price objective would indicate a potential upside of 26.87% from the company’s current price.

Other analysts have also issued research reports about the company. The Goldman Sachs Group assumed coverage on Neurocrine Biosciences in a report on Tuesday, June 2nd. They set a “buy” rating and a $213.00 price objective for the company. Weiss Ratings upgraded Neurocrine Biosciences from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, August 25th. Canaccord Genuity Group upped their target price on Neurocrine Biosciences from $200.00 to $210.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. Needham & Company LLC increased their price target on Neurocrine Biosciences from $200.00 to $204.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Finally, Wells Fargo & Company raised their price target on Neurocrine Biosciences from $175.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $201.05.

Neurocrine Biosciences Stock Performance

NASDAQ NBIX traded up $0.42 on Tuesday, reaching $156.06. 162,142 shares of the stock traded hands, compared to its average volume of 1,194,480. Neurocrine Biosciences has a 12 month low of $122.14 and a 12 month high of $186.12. The company has a market cap of $15.86 billion, a price-to-earnings ratio of 22.91, a PEG ratio of 0.73 and a beta of 0.38. The company has a fifty day moving average price of $165.70 and a 200-day moving average price of $150.66.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its earnings results on Friday, July 31st. The company reported $2.85 EPS for the quarter, beating analysts’ consensus estimates of $1.65 by $1.20. The business had revenue of $959.00 million for the quarter, compared to the consensus estimate of $891.16 million. Neurocrine Biosciences had a net margin of 20.91% and a return on equity of 22.43%. The company’s revenue for the quarter was up 39.5% on a year-over-year basis. During the same quarter last year, the firm posted $1.65 EPS. As a group, research analysts anticipate that Neurocrine Biosciences will post 7.25 earnings per share for the current fiscal year.

Insider Activity at Neurocrine Biosciences

In related news, Director Leslie V. Norwalk sold 1,250 shares of the business’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $182.01, for a total value of $227,512.50. Following the completion of the transaction, the director directly owned 1,588 shares in the company, valued at $289,031.88. The trade was a 44.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ingrid Delaet sold 8,433 shares of the company’s stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $178.72, for a total transaction of $1,507,145.76. Following the completion of the transaction, the insider owned 16,225 shares of the company’s stock, valued at approximately $2,899,732. This trade represents a 34.20% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 40,188 shares of company stock worth $7,118,633. 4.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Neurocrine Biosciences

Large investors have recently bought and sold shares of the company. Royal Bank of Canada lifted its stake in Neurocrine Biosciences by 36.7% in the 1st quarter. Royal Bank of Canada now owns 82,810 shares of the company’s stock worth $9,158,000 after purchasing an additional 22,224 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Neurocrine Biosciences by 60.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,783 shares of the company’s stock valued at $1,647,000 after purchasing an additional 5,577 shares in the last quarter. NewEdge Advisors LLC grew its position in shares of Neurocrine Biosciences by 56.3% in the first quarter. NewEdge Advisors LLC now owns 7,630 shares of the company’s stock valued at $844,000 after purchasing an additional 2,747 shares in the last quarter. Empowered Funds LLC acquired a new stake in shares of Neurocrine Biosciences in the first quarter valued at approximately $1,333,000. Finally, Geneos Wealth Management Inc. increased its holdings in shares of Neurocrine Biosciences by 143.6% in the first quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock valued at $25,000 after purchasing an additional 135 shares during the last quarter. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Neurocrine Biosciences Company Profile

Neurocrine Biosciences (NASDAQ: NBIX) is a biopharmaceutical company based in San Diego, California, focused on developing treatments for neurological, endocrine and neuropsychiatric disorders. Since its founding in 1992, the company has pursued a research‐driven strategy aimed at addressing unmet medical needs in movement disorders, reproductive health and central nervous system conditions. Neurocrine’s operations encompass drug discovery, clinical development and commercialization activities.

The company’s lead marketed product, Ingrezza™ (valbenazine), is indicated for the treatment of tardive dyskinesia, a movement disorder associated with long-term antipsychotic use.