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

Neurocrine Biosciences (NASDAQ:NBIX) had its target price upped by equities researchers at JPMorgan Chase & Co. from $183.00 to $184.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 58.37% from the stock’s previous close.

A number of other equities analysts also recently issued reports on NBIX. Royal Bank of Canada lowered their price objective on Neurocrine Biosciences from $154.00 to $148.00 and set a “sector perform” rating for the company in a research report on Friday, February 7th. Barclays boosted their price target 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. HC Wainwright reiterated a “buy” rating and set a $185.00 price objective on shares of Neurocrine Biosciences in a research report on Friday, February 21st. Canaccord Genuity Group lowered their target price on shares of Neurocrine Biosciences from $172.00 to $163.00 and set a “buy” rating for the company in a research note on Friday, February 7th. Finally, Bank of America decreased their price target on Neurocrine Biosciences from $184.00 to $179.00 and set a “buy” rating for the company in a report on Friday, February 7th. Five equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $165.38.

Neurocrine Biosciences Price Performance

NBIX opened at $116.18 on Wednesday. Neurocrine Biosciences has a fifty-two week low of $105.18 and a fifty-two week high of $157.98. The company’s 50 day moving average price is $125.89 and its two-hundred day moving average price is $125.10. The firm has a market capitalization of $11.58 billion, a price-to-earnings ratio of 35.31, a PEG ratio of 0.77 and a beta of 0.35.

Neurocrine Biosciences (NASDAQ:NBIX) last issued its quarterly earnings data on Thursday, February 6th. The company reported $1.00 earnings per share 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%. As a group, equities research analysts predict that Neurocrine Biosciences will post 4.28 EPS for the current year.

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

Insiders Place Their Bets

In other news, Director Kevin Charles Gorman sold 2,707 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $152.92, for a total transaction of $413,954.44. Following the completion of the transaction, the director now owns 517,030 shares in the company, valued at approximately $79,064,227.60. This represents a 0.52 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Ingrid Delaet sold 272 shares of Neurocrine Biosciences stock in a transaction dated Tuesday, December 31st. The stock was 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 owns 2,507 shares of the company’s stock, valued at $346,216.70. The trade was a 9.79 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 233,178 shares of company stock valued at $33,906,594 in the last 90 days. 4.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Neurocrine Biosciences

A number of large investors have recently made changes to their positions in the stock. Commerce Bank lifted its holdings in Neurocrine Biosciences by 2.6% during the 3rd quarter. Commerce Bank now owns 4,199 shares of the company’s stock worth $484,000 after purchasing an additional 108 shares in the last quarter. Cerity Partners LLC lifted its holdings in shares of Neurocrine Biosciences by 42.4% in the third quarter. Cerity Partners LLC now owns 39,024 shares of the company’s stock worth $4,496,000 after buying an additional 11,622 shares in the last quarter. Algert Global LLC bought a new position in shares of Neurocrine Biosciences in the third quarter valued at approximately $2,116,000. Daiwa Securities Group Inc. grew its stake in Neurocrine Biosciences by 34.1% during the third quarter. Daiwa Securities Group Inc. now owns 11,798 shares of the company’s stock valued at $1,360,000 after acquiring an additional 2,997 shares in the last quarter. Finally, Fisher Asset Management LLC increased its holdings in Neurocrine Biosciences by 7.8% during the 3rd quarter. Fisher Asset Management LLC now owns 68,270 shares of the company’s stock worth $7,866,000 after acquiring an additional 4,930 shares during the period. 92.59% of the stock is owned by institutional investors.

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.