Neurocrine Biosciences (NASDAQ:NBIX) Reaches New 1-Year Low – What’s Next?

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) shares reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $86.57 and last traded at $87.54, with a volume of 2051082 shares traded. The stock had previously closed at $93.25.

Analysts Set New Price Targets

NBIX has been the topic of a number of research reports. William Blair reissued an “outperform” rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. UBS Group cut their price objective on Neurocrine Biosciences from $154.00 to $137.00 and set a “buy” rating on the stock in a research report on Friday, April 4th. Needham & Company LLC restated a “hold” rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. Royal Bank of Canada lowered their target price on Neurocrine Biosciences from $154.00 to $148.00 and set a “sector perform” rating for the company in a research note on Friday, February 7th. Finally, Guggenheim reduced their price target on Neurocrine Biosciences from $165.00 to $163.00 and set a “buy” rating on the stock in a research report on Monday, February 10th. Five research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $163.52.

Neurocrine Biosciences Stock Down 6.1 %

The stock has a market cap of $8.73 billion, a price-to-earnings ratio of 26.61, a PEG ratio of 0.77 and a beta of 0.33. The company has a 50 day simple moving average of $116.39 and a 200-day simple moving average of $123.71.

Neurocrine Biosciences (NASDAQ:NBIX) last released its quarterly earnings data 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 return on equity of 13.38% and a net margin of 14.49%. On average, equities research analysts expect that Neurocrine Biosciences, Inc. 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 allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to buy up to 4.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, CEO Kyle Gano sold 65,000 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $141.50, for a total value of $9,197,500.00. Following the sale, the chief executive officer now owns 135,392 shares of the company’s stock, valued at $19,157,968. This trade represents a 32.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kevin Charles Gorman sold 146,105 shares of the business’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $149.46, for a total transaction of $21,836,853.30. Following the transaction, the director now directly owns 514,596 shares of the company’s stock, valued at $76,911,518.16. The trade was a 22.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 232,906 shares of company stock worth $33,869,030 over the last quarter. 4.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Neurocrine Biosciences

A number of hedge funds have recently made changes to their positions in NBIX. GAMMA Investing LLC increased its position in Neurocrine Biosciences by 9,446.8% in the 1st quarter. GAMMA Investing LLC now owns 219,099 shares of the company’s stock valued at $24,232,000 after acquiring an additional 216,804 shares during the period. Versant Capital Management Inc grew its stake in shares of Neurocrine Biosciences by 404.9% in the first quarter. Versant Capital Management Inc now owns 409 shares of the company’s stock worth $45,000 after purchasing an additional 328 shares in the last quarter. California State Teachers Retirement System increased its holdings in shares of Neurocrine Biosciences by 1.8% during the fourth quarter. California State Teachers Retirement System now owns 136,549 shares of the company’s stock valued at $18,639,000 after purchasing an additional 2,389 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in shares of Neurocrine Biosciences by 199.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 16,886 shares of the company’s stock valued at $2,305,000 after purchasing an additional 11,240 shares in the last quarter. Finally, NorthCrest Asset Manangement LLC lifted its holdings in Neurocrine Biosciences by 29.0% in the fourth quarter. NorthCrest Asset Manangement LLC now owns 6,643 shares of the company’s stock worth $907,000 after purchasing an additional 1,493 shares during the period. Institutional investors 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.