Neurocrine Biosciences (NASDAQ:NBIX) Board Declares Stock Buyback Program

Neurocrine Biosciences (NASDAQ:NBIX) announced that its board has authorized a share buyback plan on Friday, February 21st, RTT News reports. The company plans to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 4.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Neurocrine Biosciences Stock Up 3.9 %

Shares of NBIX traded up $4.58 during trading hours on Friday, reaching $120.69. 1,960,426 shares of the company traded hands, compared to its average volume of 1,340,165. Neurocrine Biosciences has a 12 month low of $110.95 and a 12 month high of $157.98. The company’s fifty day moving average price is $136.75 and its two-hundred day moving average price is $129.71. The company has a market capitalization of $12.03 billion, a price-to-earnings ratio of 36.68, a price-to-earnings-growth ratio of 0.76 and a beta of 0.33.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its quarterly earnings data 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 return on equity of 13.38% and a net margin of 14.49%. On average, analysts expect that Neurocrine Biosciences will post 4.28 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on NBIX shares. Barclays upped their price objective on Neurocrine Biosciences from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, December 23rd. Morgan Stanley lifted their target price on shares of Neurocrine Biosciences from $170.00 to $185.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 4th. 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. Wedbush decreased their target price on shares of Neurocrine Biosciences from $157.00 to $147.00 and set an “outperform” rating on the stock in a research report on Friday, February 7th. Finally, HC Wainwright reiterated a “buy” rating and issued a $185.00 target price on shares of Neurocrine Biosciences in a research report on Friday. Five investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Neurocrine Biosciences presently has an average rating of “Moderate Buy” and a consensus target price of $166.90.

Insider Buying and Selling

In related news, insider Julie Cooke sold 1,551 shares of the company’s stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $116.78, for a total value of $181,125.78. Following the transaction, the insider now owns 19,544 shares in the company, valued at $2,282,348.32. The trade was a 7.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kevin Charles Gorman sold 146,105 shares of the company’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $149.46, for a total transaction of $21,836,853.30. Following the completion of the transaction, the director now owns 514,596 shares in the company, valued at approximately $76,911,518.16. The trade was a 22.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 236,600 shares of company stock valued at $34,348,261 over the last quarter. Corporate insiders own 4.30% of the company’s stock.

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.