Neurocrine Biosciences (NASDAQ:NBIX) Rating Increased to Strong-Buy at StockNews.com

StockNews.com upgraded shares of Neurocrine Biosciences (NASDAQ:NBIX) from a buy rating to a strong-buy rating in a research report released on Wednesday.

A number of other research analysts have also issued reports on NBIX. Needham & Company LLC reissued a “hold” rating on shares of Neurocrine Biosciences in a report on Friday, February 7th. HC Wainwright reissued a “buy” rating and issued a $185.00 target price on shares of Neurocrine Biosciences in a report on Friday, February 21st. Bank of America dropped their price objective on 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 reaffirmed an “outperform” rating on shares of Neurocrine Biosciences in a report on Friday, February 7th. Finally, Royal Bank of Canada dropped their price objective on Neurocrine Biosciences from $154.00 to $148.00 and set a “sector perform” rating on the stock in a report on Friday, February 7th. Five analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Neurocrine Biosciences has an average rating of “Moderate Buy” and a consensus price target of $165.24.

Neurocrine Biosciences Trading Up 1.6 %

NASDAQ:NBIX opened at $110.75 on Wednesday. The firm has a market cap of $11.04 billion, a P/E ratio of 33.66, a PEG ratio of 0.77 and a beta of 0.35. The stock’s 50 day simple moving average is $129.69 and its 200-day simple moving average is $125.88. Neurocrine Biosciences has a 12-month low of $105.18 and a 12-month high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX) last released its earnings results on Thursday, February 6th. The company reported $1.00 earnings per share (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%. Research analysts forecast that Neurocrine Biosciences will post 4.28 EPS for the current fiscal year.

Neurocrine Biosciences announced that its Board of Directors has initiated a stock buyback plan on Friday, February 21st that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, insider Ingrid Delaet sold 272 shares of the company’s stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $138.10, for a total value of $37,563.20. Following the sale, the insider now directly owns 2,507 shares in the company, valued at $346,216.70. This represents a 9.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Julie Cooke sold 1,740 shares of the company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $152.89, for a total value of $266,028.60. Following the completion of the sale, the insider now owns 18,202 shares in the company, valued at $2,782,903.78. This represents a 8.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 234,269 shares of company stock worth $34,053,879 over the last three months. 4.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Neurocrine Biosciences

Large investors have recently added to or reduced their stakes in the business. Golden State Wealth Management LLC purchased a new position in Neurocrine Biosciences during the fourth quarter worth about $25,000. Huntington National Bank increased its stake in Neurocrine Biosciences by 73.5% during the fourth quarter. Huntington National Bank now owns 229 shares of the company’s stock worth $31,000 after acquiring an additional 97 shares during the last quarter. Brooklyn Investment Group increased its stake in Neurocrine Biosciences by 99.1% during the fourth quarter. Brooklyn Investment Group now owns 231 shares of the company’s stock worth $32,000 after acquiring an additional 115 shares during the last quarter. GeoWealth Management LLC increased its stake in Neurocrine Biosciences by 65.4% during the fourth quarter. GeoWealth Management LLC now owns 258 shares of the company’s stock worth $35,000 after acquiring an additional 102 shares during the last quarter. Finally, Lindbrook Capital LLC increased its stake in Neurocrine Biosciences by 53.5% during the fourth quarter. Lindbrook Capital LLC now owns 373 shares of the company’s stock worth $51,000 after acquiring an additional 130 shares during the last quarter. 92.59% of the stock is currently owned by hedge funds and other 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.