StockNews.com Downgrades Neurocrine Biosciences (NASDAQ:NBIX) to Buy

Neurocrine Biosciences (NASDAQ:NBIX) was downgraded by equities research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report issued on Thursday.

NBIX has been the topic of a number of other research reports. Needham & Company LLC reiterated a “hold” rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. HC Wainwright reiterated a “buy” rating and issued a $185.00 price target on shares of Neurocrine Biosciences in a research note on Friday, February 21st. Royal Bank of Canada decreased their target price on shares of Neurocrine Biosciences from $154.00 to $148.00 and set a “sector perform” rating on the stock in a research report on Friday, February 7th. Piper Sandler restated an “overweight” rating and set a $160.00 target price on shares of Neurocrine Biosciences in a research report on Monday, December 23rd. Finally, Guggenheim decreased their target price on shares of Neurocrine Biosciences from $165.00 to $163.00 and set a “buy” rating on the stock in a research report on Monday, February 10th. Five analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Neurocrine Biosciences presently has a consensus rating of “Moderate Buy” and a consensus target price of $165.24.

Neurocrine Biosciences Stock Performance

Shares of NBIX opened at $110.31 on Thursday. Neurocrine Biosciences has a 52 week low of $105.18 and a 52 week high of $157.98. The firm has a market cap of $11.00 billion, a P/E ratio of 33.53, a price-to-earnings-growth ratio of 0.77 and a beta of 0.35. The firm’s 50-day simple moving average is $128.06 and its 200 day simple moving average is $125.36.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its quarterly earnings results on Thursday, February 6th. The company reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.62). Neurocrine Biosciences had a net margin of 14.49% and a return on equity of 13.38%. As a group, equities analysts forecast that Neurocrine Biosciences will post 4.28 earnings per share for the current year.

Neurocrine Biosciences announced that its Board of Directors has authorized a share buyback program on Friday, February 21st that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 4.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity at Neurocrine Biosciences

In related news, Director Kevin Charles Gorman sold 5,844 shares of the stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $116.69, for a total value of $681,936.36. Following the completion of the transaction, the director now owns 521,618 shares of the company’s stock, valued at $60,867,604.42. This represents a 1.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Kyle Gano sold 65,000 shares of the stock in a transaction that occurred 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. The trade was a 32.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 233,178 shares of company stock valued at $33,906,594 in the last quarter. Insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Neurocrine Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dodge & Cox increased its position in Neurocrine Biosciences by 134.2% in the 4th quarter. Dodge & Cox now owns 3,016,425 shares of the company’s stock valued at $411,742,000 after acquiring an additional 1,728,605 shares during the period. Raymond James Financial Inc. acquired a new position in Neurocrine Biosciences in the 4th quarter valued at approximately $115,193,000. Wellington Management Group LLP increased its position in Neurocrine Biosciences by 102.9% in the 4th quarter. Wellington Management Group LLP now owns 1,457,425 shares of the company’s stock valued at $198,939,000 after acquiring an additional 739,199 shares during the period. Thrivent Financial for Lutherans increased its position in Neurocrine Biosciences by 2,759.4% in the 4th quarter. Thrivent Financial for Lutherans now owns 737,772 shares of the company’s stock valued at $100,705,000 after acquiring an additional 711,970 shares during the period. Finally, Orbimed Advisors LLC increased its position in Neurocrine Biosciences by 210.4% in the 4th quarter. Orbimed Advisors LLC now owns 938,120 shares of the company’s stock valued at $128,053,000 after acquiring an additional 635,900 shares during the period. 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.