Neurocrine Biosciences Price Target Adjusted by Royal Bank of Canada

Royal Bank of Canada has recently revised its price target for Neurocrine Biosciences (NASDAQ:NBIX) from $154.00 down to $148.00, as reported in a note to investors on Friday. The bank has assigned a "sector perform" rating for the company's stock. This new price target suggests a potential upside of 20.64% from Neurocrine's previous closing price.

In addition to Royal Bank of Canada, several other brokerage firms have also provided updates regarding Neurocrine Biosciences. BMO Capital Markets announced a decrease in their price target for the stock from $128.00 to $114.00, maintaining a "market perform" rating. On the other hand, Raymond James reaffirmed their "outperform" rating with a price target of $155.00. HC Wainwright set a new price objective of $185.00, previously $190.00, while Morgan Stanley raised their target from $170.00 to $185.00 and gave the company an "overweight" rating. Needham & Company LLC has retained a "hold" rating on the stock. Overall, five analysts have given a hold rating, eighteen have assigned a buy rating, and one has awarded a strong buy rating, leading to an average rating categorized as "Moderate Buy" with a consensus target price of $167.81.

Neurocrine Biosciences Stock Performance

On Friday, the shares of Neurocrine Biosciences traded down by $27.83, reaching a price of $122.68. The trading volume for the day was 5,432,542 shares, significantly higher than the average volume of 1,147,654. Currently, Neurocrine Biosciences has a 12-month low of $110.95 and a high of $157.98. With a market capitalization of $12.42 billion, the company has a price-to-earnings (PE) ratio of 32.71 and a beta of 0.33. The stock's 50-day moving average stands at $138.89 while the 200-day moving average is at $131.77.

In terms of financial performance, Neurocrine Biosciences last announced its quarterly earnings on February 6th, reporting earnings per share (EPS) of $1.00. This figure fell short of the consensus estimate of $1.62 by a significant margin. The company has demonstrated a return on equity of 15.68% and a net margin of 17.21%. Analysts predict that Neurocrine Biosciences will have an EPS of 3.92 for the current year.

Insider Trading Activity

Recently, there have been notable transactions involving company executives. CEO Kyle Gano sold 65,000 shares on January 15th at an average price of $141.50, translating to a total sale value of $9,197,500. This transaction represents a substantial 32.44% decrease in his holdings. Following this sale, he remains with 135,392 shares currently valued at approximately $19.16 million. Similarly, CFO Matt Abernethy sold 1,283 shares on January 31st at an average price of $152.87, amounting to $196,132. The insider sales during the last quarter collectively total 222,693 shares valued at around $32.72 million, with insiders owning 4.30% of the company's total shares.

Institutional Investment Trends

Hedge funds and institutional investors have shown active interest in shares of Neurocrine Biosciences over the recent quarters. Golden State Wealth Management LLC acquired a new stake in the company valued at about $25,000 during the fourth quarter. Brooklyn Investment Group also significantly increased their position by 99.1%, ending up with a total of 231 shares worth approximately $32,000. Meanwhile, Blue Trust Inc. grew its holdings by 171.9% with a total of 348 shares valued at $40,000. Lindbrook Capital LLC increased its stake by 53.5% to own 373 shares valued at $51,000. Cumulatively, hedge funds and institutional investors now hold 92.59% of the company’s stock.

About Neurocrine Biosciences

Neurocrine Biosciences, Inc. focuses on the discovery, development, and marketing of pharmaceuticals aimed at treating neurological, neuroendocrine, and neuropsychiatric disorders both domestically and internationally. Their product lineup includes INGREZZA for tardive dyskinesia, ALKINDI for adrenal insufficiency, Efmody capsules for congenital adrenal hyperplasia, Orilissa tablets for endometriosis, and Oriahnn capsules to treat uterine fibroids.

Neurocrine, Biosciences, Analysts