Canaccord Genuity Group Lowers Neurocrine Biosciences (NASDAQ:NBIX) Price Target to $163.00

Neurocrine Biosciences (NASDAQ:NBIX) had its price target lowered by analysts at Canaccord Genuity Group from $172.00 to $163.00 in a report released on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 34.64% from the stock’s current price.

Several other equities research analysts have also issued reports on NBIX. Morgan Stanley lifted their price objective on shares of Neurocrine Biosciences from $170.00 to $185.00 and gave the company an “overweight” rating in a research note on Tuesday. BMO Capital Markets cut their target price on shares of Neurocrine Biosciences from $128.00 to $114.00 and set a “market perform” rating for the company in a research report on Thursday, October 17th. HC Wainwright cut their target price on shares of Neurocrine Biosciences from $190.00 to $185.00 and set a “buy” rating for the company in a research report on Friday. Bank of America cut their target price on shares of Neurocrine Biosciences from $184.00 to $179.00 and set a “buy” rating for the company in a research report on Friday. Finally, Barclays boosted their target price on shares of Neurocrine Biosciences from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday, December 23rd. Five equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $167.14.

Neurocrine Biosciences Price Performance

NASDAQ NBIX traded down $29.45 on Friday, hitting $121.06. 4,829,143 shares of the stock were exchanged, compared to its average volume of 1,133,061. Neurocrine Biosciences has a 52-week low of $110.95 and a 52-week high of $157.98. The company has a market capitalization of $12.26 billion, a price-to-earnings ratio of 32.55 and a beta of 0.33. The company’s 50-day moving average price is $138.89 and its two-hundred day moving average price is $131.77.

Neurocrine Biosciences (NASDAQ:NBIX) last posted 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 net margin of 17.21% and a return on equity of 15.68%. Equities analysts predict that Neurocrine Biosciences will post 3.92 EPS for the current fiscal year.

Insider Activity at Neurocrine Biosciences

In related news, CFO Matt Abernethy sold 1,283 shares of the firm’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $152.87, for a total value of $196,132.21. Following the completion of the transaction, the chief financial officer now owns 32,681 shares of the company’s stock, valued at approximately $4,995,944.47. This trade represents a 3.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Kyle Gano sold 65,000 shares of the firm’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $141.50, for a total transaction of $9,197,500.00. Following the completion of the transaction, the chief executive officer now directly owns 135,392 shares of the company’s stock, valued at approximately $19,157,968. This trade represents a 32.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 222,693 shares of company stock worth $32,718,279 over the last ninety days. Company insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Neurocrine Biosciences by 0.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 61,260 shares of the company’s stock valued at $8,362,000 after acquiring an additional 360 shares during the last quarter. Sound View Wealth Advisors Group LLC lifted its position in shares of Neurocrine Biosciences by 15.2% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 4,936 shares of the company’s stock valued at $674,000 after acquiring an additional 652 shares during the period. Roberts Glore & Co. Inc. IL bought a new stake in Neurocrine Biosciences during the 4th quarter valued at $204,000. Edgestream Partners L.P. increased its stake in Neurocrine Biosciences by 138.8% during the 4th quarter. Edgestream Partners L.P. now owns 12,574 shares of the company’s stock valued at $1,716,000 after purchasing an additional 7,308 shares in the last quarter. Finally, Lindbrook Capital LLC grew 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 worth $51,000 after acquiring an additional 130 shares in the last quarter. Institutional investors own 92.59% of the company’s stock.

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.