Neurocrine Biosciences' (NBIX) "Overweight" Rating Reaffirmed at Morgan Stanley

Morgan Stanley restated their overweight rating on shares of Neurocrine Biosciences (NASDAQ:NBIX - Free Report) in a research note released on Friday,Benzinga reports. The brokerage currently has a $150.00 target price on the stock, down from their prior target price of $185.00.

A number of other brokerages also recently issued reports on NBIX. Bank of America cut their price target on shares of Neurocrine Biosciences from $184.00 to $179.00 and set a "buy" rating for the company in a report on Friday, February 7th. Canaccord Genuity Group dropped their target price on shares of Neurocrine Biosciences from $172.00 to $163.00 and set a "buy" rating for the company in a report on Friday, February 7th. StockNews.com lowered Neurocrine Biosciences from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, February 18th. Wedbush lowered their price target on Neurocrine Biosciences from $157.00 to $147.00 and set an "outperform" rating on the stock in a report on Friday, February 7th. Finally, William Blair reaffirmed an "outperform" rating on shares of Neurocrine Biosciences in a report on Friday, February 7th. Five research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $165.24.

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Neurocrine Biosciences Price Performance

NASDAQ NBIX traded down $3.65 on Friday, hitting $107.22. 1,944,793 shares of the company's stock were exchanged, compared to its average volume of 1,358,374. The firm has a market cap of $10.69 billion, a price-to-earnings ratio of 32.59, a P/E/G ratio of 0.77 and a beta of 0.35. The firm's 50-day moving average price is $131.36 and its two-hundred day moving average price is $126.41. Neurocrine Biosciences has a fifty-two week low of $105.18 and a fifty-two week high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The company reported $1.00 earnings per share for the quarter, missing analysts' consensus estimates 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, research analysts predict that Neurocrine Biosciences will post 4.28 earnings per share for the current fiscal year.

Neurocrine Biosciences declared that its board has authorized a stock buyback program 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 programs are usually a sign that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Ingrid Delaet sold 272 shares of the business's stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $138.10, for a total transaction of $37,563.20. Following the completion of the sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kevin Charles Gorman sold 5,844 shares of the company's stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $116.69, for a total value of $681,936.36. Following the sale, the director now owns 521,618 shares of the company's stock, valued at approximately $60,867,604.42. The trade was a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 234,269 shares of company stock valued at $34,053,879. Insiders own 4.30% of the company's stock.

Institutional Trading of Neurocrine Biosciences

A number of institutional investors 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 raised its stake in shares of Neurocrine Biosciences by 73.5% in the 4th quarter. Huntington National Bank now owns 229 shares of the company's stock valued at $31,000 after acquiring an additional 97 shares during the period. Brooklyn Investment Group lifted its holdings in shares of Neurocrine Biosciences by 99.1% during the 4th quarter. Brooklyn Investment Group now owns 231 shares of the company's stock valued at $32,000 after acquiring an additional 115 shares in the last quarter. GeoWealth Management LLC boosted its position in Neurocrine Biosciences by 65.4% during the 4th quarter. GeoWealth Management LLC now owns 258 shares of the company's stock worth $35,000 after purchasing an additional 102 shares during the period. Finally, Lindbrook Capital LLC increased its holdings in Neurocrine Biosciences by 53.5% in the 4th quarter. Lindbrook Capital LLC now owns 373 shares of the company's stock valued at $51,000 after purchasing an additional 130 shares in 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.