Neurocrine Biosciences (NASDAQ:NBIX) Shares Down 4.9% After Analyst Downgrade

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) shares dropped 4.9% during trading on Monday after Guggenheim lowered their price target on the stock from $165.00 to $163.00. Guggenheim currently has a buy rating on the stock. Neurocrine Biosciences traded as low as $116.48 and last traded at $116.60. Approximately 1,568,535 shares were traded during trading, an increase of 29% from the average daily volume of 1,217,145 shares. The stock had previously closed at $122.62.

A number of other equities research analysts also recently issued reports on the stock. Barclays upped their price target on shares of Neurocrine Biosciences from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, December 23rd. Needham & Company LLC reiterated a “hold” rating on shares of Neurocrine Biosciences in a report on Friday. Piper Sandler restated an “overweight” rating and set a $160.00 target price on shares of Neurocrine Biosciences in a research report on Monday, December 23rd. William Blair reiterated an “outperform” rating on shares of Neurocrine Biosciences in a report on Friday. Finally, Wedbush decreased their price target on Neurocrine Biosciences from $157.00 to $147.00 and set an “outperform” rating for the company in a research note on Friday. Four investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $168.35.

Insider Activity

In other Neurocrine Biosciences news, Director Kevin Charles Gorman sold 146,105 shares of the firm’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $149.46, for a total value of $21,836,853.30. Following the completion of the transaction, the director now owns 514,596 shares of the company’s stock, valued at approximately $76,911,518.16. This trade represents a 22.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Matt Abernethy sold 1,283 shares of Neurocrine Biosciences stock in a transaction on Friday, January 31st. The stock was sold at an average price of $152.87, for a total transaction of $196,132.21. Following the sale, the chief financial officer now owns 32,681 shares of the company’s stock, valued at $4,995,944.47. The trade was a 3.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 222,693 shares of company stock worth $32,718,279. 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 added to or reduced their stakes in NBIX. Cetera Investment Advisers lifted its stake in Neurocrine Biosciences by 7.9% during the 2nd quarter. Cetera Investment Advisers now owns 7,112 shares of the company’s stock valued at $979,000 after acquiring an additional 519 shares during the period. Sanctuary Advisors LLC purchased a new stake in Neurocrine Biosciences in the second quarter valued at $510,000. CWM LLC boosted its holdings in Neurocrine Biosciences by 15.1% in the third quarter. CWM LLC now owns 7,884 shares of the company’s stock valued at $908,000 after purchasing an additional 1,035 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its holdings in Neurocrine Biosciences by 26.7% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 3,800 shares of the company’s stock valued at $437,000 after purchasing an additional 800 shares during the last quarter. Finally, Exchange Traded Concepts LLC grew its position in Neurocrine Biosciences by 29.3% during the 3rd quarter. Exchange Traded Concepts LLC now owns 7,964 shares of the company’s stock worth $918,000 after purchasing an additional 1,803 shares during the period. Hedge funds and other institutional investors own 92.59% of the company’s stock.

Neurocrine Biosciences Stock Performance

The firm has a market cap of $11.77 billion, a PE ratio of 35.33 and a beta of 0.33. The stock has a 50 day simple moving average of $138.81 and a two-hundred day simple moving average of $131.42.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its earnings results on Thursday, February 6th. The company reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.62). Neurocrine Biosciences had a net margin of 14.49% and a return on equity of 13.45%. Equities research analysts forecast that Neurocrine Biosciences, Inc. will post 6.53 earnings per share for the current year.

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.