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

StockNews.com cut shares of Neurocrine Biosciences (NASDAQ:NBIX - Free Report) from a strong-buy rating to a buy rating in a research report sent to investors on Thursday.

Several other brokerages have also recently issued reports on NBIX. Canaccord Genuity Group cut their target price on Neurocrine Biosciences from $172.00 to $163.00 and set a "buy" rating on the stock in a research report on Friday, February 7th. HC Wainwright reaffirmed a "buy" rating and set a $185.00 price objective on shares of Neurocrine Biosciences in a report on Friday, February 21st. Guggenheim lowered their target price on shares of Neurocrine Biosciences from $165.00 to $163.00 and set a "buy" rating for the company in a report on Monday, February 10th. William Blair restated an "outperform" rating on shares of Neurocrine Biosciences in a report on Friday, February 7th. Finally, UBS Group upped their price objective on shares of Neurocrine Biosciences from $162.00 to $176.00 and gave the stock a "buy" rating in a research report on Thursday, January 30th. Five investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Neurocrine Biosciences has an average rating of "Moderate Buy" and an average target price of $165.24.

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Neurocrine Biosciences Stock Up 1.7 %

NBIX traded up $1.85 during trading on Thursday, hitting $111.92. 2,315,014 shares of the company's stock were exchanged, compared to its average volume of 957,981. Neurocrine Biosciences has a fifty-two week low of $105.18 and a fifty-two week high of $157.98. The stock has a market cap of $11.16 billion, a P/E ratio of 34.02, a PEG ratio of 0.77 and a beta of 0.35. The business's 50 day moving average is $126.90 and its two-hundred day moving average is $125.15.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last announced its quarterly 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%. On average, sell-side 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 approved a share buyback plan on Friday, February 21st that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 4.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling

In other Neurocrine Biosciences news, Director Kevin Charles Gorman sold 5,844 shares of the firm's stock in a transaction dated Thursday, February 13th. The stock was 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 in the company, valued at $60,867,604.42. This trade represents a 1.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through 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 directly owns 2,507 shares of the company's stock, valued at $346,216.70. The trade was a 9.79 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 233,178 shares of company stock valued at $33,906,594. Company insiders own 4.30% of the company's stock.

Hedge Funds Weigh In On Neurocrine Biosciences

Several hedge funds have recently bought and sold shares of NBIX. OneDigital Investment Advisors LLC boosted its holdings in Neurocrine Biosciences by 2.1% in the 4th quarter. OneDigital Investment Advisors LLC now owns 4,215 shares of the company's stock valued at $575,000 after purchasing an additional 87 shares during the period. HighPoint Advisor Group LLC raised its position in shares of Neurocrine Biosciences by 4.1% in the fourth quarter. HighPoint Advisor Group LLC now owns 2,446 shares of the company's stock worth $334,000 after buying an additional 96 shares in the last quarter. Huntington National Bank boosted its stake in Neurocrine Biosciences by 73.5% during the fourth quarter. Huntington National Bank now owns 229 shares of the company's stock valued at $31,000 after buying an additional 97 shares during the period. Louisiana State Employees Retirement System grew its position in Neurocrine Biosciences by 0.4% during the fourth quarter. Louisiana State Employees Retirement System now owns 28,100 shares of the company's stock worth $3,836,000 after buying an additional 100 shares in the last quarter. Finally, Utah Retirement Systems increased its stake in Neurocrine Biosciences by 0.6% in the 4th quarter. Utah Retirement Systems now owns 16,583 shares of the company's stock worth $2,264,000 after acquiring an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 92.59% 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.