Neurocrine Biosciences (NASDAQ:NBIX) Upgraded by StockNews.com to Strong-Buy Rating

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) was upgraded by stock analysts at StockNews.com from a "buy" rating to a "strong-buy" rating in a research report issued to clients and investors on Wednesday.

A number of other equities research analysts also recently issued reports on NBIX. Bank of America lowered their price target on Neurocrine Biosciences from $184.00 to $179.00 and set a "buy" rating for the company in a research report on Friday, February 7th. Wedbush decreased their target price on Neurocrine Biosciences from $157.00 to $147.00 and set an "outperform" rating for the company in a report on Friday, February 7th. Canaccord Genuity Group cut their price target on shares of Neurocrine Biosciences from $172.00 to $163.00 and set a "buy" rating on the stock in a report on Friday, February 7th. Morgan Stanley reiterated an "overweight" rating and set a $150.00 price objective (down from $185.00) on shares of Neurocrine Biosciences in a research note on Friday, March 7th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. Five investment 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's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $165.24.

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Neurocrine Biosciences Price Performance

NASDAQ:NBIX traded up $1.85 during mid-day trading on Wednesday, reaching $109.07. The company's stock had a trading volume of 1,342,522 shares, compared to its average volume of 1,358,035. The stock has a market cap of $10.87 billion, a P/E ratio of 33.15, a P/E/G ratio of 0.77 and a beta of 0.35. The company's fifty day simple moving average is $130.81 and its two-hundred day simple moving average is $126.29. Neurocrine Biosciences has a twelve month low of $105.18 and a twelve month high of $157.98.

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

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

Insider Activity at Neurocrine Biosciences

In related news, Director Kevin Charles Gorman sold 5,844 shares of Neurocrine Biosciences stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $116.69, for a total transaction of $681,936.36. Following the transaction, the director now directly owns 521,618 shares of the company's stock, valued at $60,867,604.42. The trade was a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Julie Cooke sold 1,551 shares of the firm's stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $116.78, for a total transaction of $181,125.78. Following the transaction, the insider now owns 19,544 shares of the company's stock, valued at approximately $2,282,348.32. This trade represents a 7.35 % 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 in the last 90 days. Corporate insiders own 4.30% of the company's stock.

Hedge Funds Weigh In On Neurocrine Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Neurocrine Biosciences by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 10,119,641 shares of the company's stock valued at $1,381,331,000 after purchasing an additional 122,681 shares during the period. State Street Corp lifted its position in Neurocrine Biosciences by 11.7% in the 3rd quarter. State Street Corp now owns 5,148,293 shares of the company's stock worth $593,186,000 after buying an additional 539,936 shares in the last quarter. Dodge & Cox increased its stake in shares of Neurocrine Biosciences by 134.2% in the fourth quarter. Dodge & Cox now owns 3,016,425 shares of the company's stock worth $411,742,000 after acquiring an additional 1,728,605 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Neurocrine Biosciences by 2.9% during the fourth quarter. AQR Capital Management LLC now owns 1,896,891 shares of the company's stock worth $258,926,000 after acquiring an additional 53,610 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Neurocrine Biosciences by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 1,875,062 shares of the company's stock valued at $255,523,000 after purchasing an additional 15,830 shares during 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.

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