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

Neurocrine Biosciences (NASDAQ:NBIX) was upgraded by stock analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Wednesday.

Several other brokerages have also issued reports on NBIX. HC Wainwright restated a “buy” rating and set a $185.00 price target on shares of Neurocrine Biosciences in a research note on Friday, February 21st. Bank of America lowered their price objective on Neurocrine Biosciences from $184.00 to $179.00 and set a “buy” rating on the stock in a research report on Friday, February 7th. Morgan Stanley reaffirmed an “overweight” rating and issued a $150.00 target price (down from $185.00) on shares of Neurocrine Biosciences in a research report on Friday, March 7th. UBS Group boosted their price target on shares of Neurocrine Biosciences from $162.00 to $176.00 and gave the company a “buy” rating in a report on Thursday, January 30th. Finally, Wedbush reduced their price objective on shares of Neurocrine Biosciences from $157.00 to $147.00 and set an “outperform” rating for the company in a report on Friday, February 7th. Five analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $165.24.

Neurocrine Biosciences Price Performance

Shares of NBIX stock traded up $1.85 during trading on Wednesday, reaching $109.07. The company had a trading volume of 1,342,522 shares, compared to its average volume of 1,358,035. The company has a market capitalization of $10.87 billion, a PE ratio of 33.15, a PEG ratio of 0.77 and a beta of 0.35. The firm’s 50 day simple moving average is $130.81 and its two-hundred day simple moving average is $126.29. Neurocrine Biosciences has a one year low of $105.18 and a one year high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its 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%. Analysts forecast that Neurocrine Biosciences will post 4.28 earnings per share for the current year.

Neurocrine Biosciences declared that its Board of Directors has authorized a stock buyback plan on Friday, February 21st that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Neurocrine Biosciences

In related news, CFO Matt Abernethy sold 2,558 shares of the company’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $116.86, for a total value of $298,927.88. Following the completion of the sale, the chief financial officer now owns 34,775 shares in the company, valued at approximately $4,063,806.50. This represents a 6.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Kyle Gano sold 65,000 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $141.50, for a total value of $9,197,500.00. Following the transaction, the chief executive officer now owns 135,392 shares in the company, valued at approximately $19,157,968. This trade represents a 32.44 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 234,269 shares of company stock valued at $34,053,879. 4.30% of the stock is currently owned by insiders.

Institutional Trading of Neurocrine Biosciences

A number of hedge funds have recently modified their holdings of NBIX. Golden State Wealth Management LLC acquired a new position in Neurocrine Biosciences during the fourth quarter valued at approximately $25,000. Huntington National Bank boosted its position in shares of 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 purchasing an additional 97 shares in the last quarter. Brooklyn Investment Group grew its holdings in shares of Neurocrine Biosciences by 99.1% in the 4th quarter. Brooklyn Investment Group now owns 231 shares of the company’s stock valued at $32,000 after buying an additional 115 shares during the period. GeoWealth Management LLC increased its position in shares of Neurocrine Biosciences by 65.4% in the 4th quarter. GeoWealth Management LLC now owns 258 shares of the company’s stock valued at $35,000 after buying an additional 102 shares in the last quarter. Finally, Lindbrook Capital LLC raised its stake in Neurocrine Biosciences by 53.5% during the 4th quarter. Lindbrook Capital LLC now owns 373 shares of the company’s stock worth $51,000 after buying an additional 130 shares during the period. 92.59% of the stock is currently owned by institutional investors and hedge funds.

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.