Neurocrine Biosciences (NASDAQ:NBIX) Stock Rating Lowered by StockNews.com

StockNews.com cut shares of Neurocrine Biosciences (NASDAQ:NBIX) from a strong-buy rating to a buy rating in a research report sent to investors on Thursday.

Other equities analysts also recently issued research reports about the stock. Piper Sandler reaffirmed an “overweight” rating and set a $160.00 price target on shares of Neurocrine Biosciences in a report on Monday, December 23rd. Bank of America lowered their target price on shares of Neurocrine Biosciences from $184.00 to $179.00 and set a “buy” rating on the stock in a report on Friday, February 7th. William Blair reissued an “outperform” rating on shares of Neurocrine Biosciences in a report on Friday, February 7th. Morgan Stanley reissued an “overweight” rating and issued a $150.00 target price (down previously from $185.00) on shares of Neurocrine Biosciences in a report on Friday, March 7th. Finally, Wedbush lowered their target price on shares of Neurocrine Biosciences from $157.00 to $147.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. Five investment 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 company’s stock. According to data from MarketBeat, Neurocrine Biosciences has a consensus rating of “Moderate Buy” and a consensus target price of $165.24.

Neurocrine Biosciences Price Performance

Shares of NASDAQ:NBIX opened at $110.07 on Thursday. Neurocrine Biosciences has a 1-year low of $105.18 and a 1-year high of $157.98. The company has a market capitalization of $10.97 billion, a P/E ratio of 33.46, a P/E/G ratio of 0.77 and a beta of 0.35. The firm’s 50 day simple moving average is $127.48 and its two-hundred day simple moving average is $125.25.

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

Neurocrine Biosciences declared that its board has authorized a share buyback plan on Friday, February 21st that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to buy up to 4.2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Neurocrine Biosciences

In other news, insider Ingrid Delaet sold 272 shares of the company’s stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $138.10, for a total value of $37,563.20. Following the transaction, the insider now directly owns 2,507 shares in the company, valued at approximately $346,216.70. This represents a 9.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Julie Cooke sold 1,740 shares of the company’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $152.89, for a total transaction of $266,028.60. Following the completion of the transaction, the insider now owns 18,202 shares in the company, valued at approximately $2,782,903.78. The trade was a 8.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 233,178 shares of company stock worth $33,906,594 over the last quarter. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Caprock Group LLC bought a new position in shares of Neurocrine Biosciences in the fourth quarter worth about $236,000. Charles Schwab Investment Management Inc. lifted its stake in Neurocrine Biosciences by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 762,557 shares of the company’s stock worth $104,089,000 after acquiring an additional 15,266 shares during the period. Swiss National Bank lifted its stake in Neurocrine Biosciences by 1.4% in the third quarter. Swiss National Bank now owns 298,700 shares of the company’s stock worth $34,416,000 after acquiring an additional 4,100 shares during the period. Tri Ri Asset Management Corp purchased a new stake in Neurocrine Biosciences in the third quarter worth about $3,236,000. Finally, Oakworth Capital Inc. purchased a new stake in Neurocrine Biosciences in the fourth quarter worth about $379,000. 92.59% of the stock is currently owned by institutional investors.

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.