Neurocrine Biosciences (NASDAQ:NBIX) Hits New 1-Year Low - Here's What Happened

Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Get Free Report)'s share price hit a new 52-week low during trading on Tuesday . The stock traded as low as $110.25 and last traded at $113.12, with a volume of 342330 shares. The stock had previously closed at $114.48.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on NBIX shares. Bank of America dropped their price target on shares of Neurocrine Biosciences from $184.00 to $179.00 and set a "buy" rating on the stock in a research report on Friday, February 7th. Needham & Company LLC reissued a "hold" rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. Royal Bank of Canada dropped their price target on Neurocrine Biosciences from $154.00 to $148.00 and set a "sector perform" rating on the stock in a research note on Friday, February 7th. Piper Sandler reissued an "overweight" rating and issued a $160.00 price target on shares of Neurocrine Biosciences in a research note on Monday, December 23rd. Finally, UBS Group lifted their price target on Neurocrine Biosciences from $162.00 to $176.00 and gave the stock a "buy" rating in a research note on Thursday, January 30th. Five analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Neurocrine Biosciences currently has an average rating of "Moderate Buy" and an average price target of $165.24.

Neurocrine Biosciences Stock Performance

The firm has a market cap of $11.27 billion, a P/E ratio of 34.36, a PEG ratio of 0.77 and a beta of 0.35. The company has a 50 day moving average of $132.47 and a 200 day moving average of $127.19.

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Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last posted 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 return on equity of 13.38% and a net margin of 14.49%. As a group, analysts expect that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current fiscal year.

Neurocrine Biosciences declared that its board has initiated a stock repurchase program on Friday, February 21st that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to repurchase up to 4.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, CEO Kyle Gano sold 65,000 shares of Neurocrine Biosciences stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $141.50, for a total transaction of $9,197,500.00. Following the transaction, the chief executive officer now owns 135,392 shares in the company, valued at $19,157,968. The trade was a 32.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ingrid Delaet sold 272 shares of Neurocrine Biosciences 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 owns 2,507 shares in the company, valued at $346,216.70. This trade represents a 9.79 % decrease in their position. The disclosure for this sale can be found here. Insiders 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.

Institutional Investors Weigh In On Neurocrine Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Caprock Group LLC acquired a new position in shares of Neurocrine Biosciences during the 4th quarter worth approximately $236,000. Plato Investment Management Ltd lifted its position in shares of Neurocrine Biosciences by 2,481.9% during the 3rd quarter. Plato Investment Management Ltd now owns 10,973 shares of the company's stock worth $1,263,000 after buying an additional 10,548 shares during the last quarter. Swiss National Bank lifted its position in shares of Neurocrine Biosciences by 1.4% during the 3rd quarter. Swiss National Bank now owns 298,700 shares of the company's stock worth $34,416,000 after buying an additional 4,100 shares during the last quarter. Tri Ri Asset Management Corp bought a new stake in shares of Neurocrine Biosciences during the 3rd quarter worth $3,236,000. Finally, KBC Group NV increased its holdings in Neurocrine Biosciences by 78.3% in the 3rd quarter. KBC Group NV now owns 18,972 shares of the company's stock worth $2,186,000 after purchasing an additional 8,332 shares in the last quarter. Institutional investors and hedge funds 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.