StockNews.com Upgrades Neurocrine Biosciences (NASDAQ:NBIX) to Strong-Buy

StockNews.com upgraded shares of Neurocrine Biosciences (NASDAQ:NBIX) from a buy rating to a strong-buy rating in a research note released on Wednesday.

Other analysts have also issued research reports about the company. HC Wainwright restated a “buy” rating and set a $185.00 price target on shares of Neurocrine Biosciences in a report on Friday, February 21st. Needham & Company LLC reiterated a “hold” rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. Bank of America reduced their target price on Neurocrine Biosciences from $184.00 to $179.00 and set a “buy” rating on the stock in a research note on Friday, February 7th. Guggenheim reduced their target price on Neurocrine Biosciences from $165.00 to $163.00 and set a “buy” rating on the stock in a research note on Monday, February 10th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $160.00 target price on shares of Neurocrine Biosciences in a research note on Monday, December 23rd. Five equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $165.24.

Neurocrine Biosciences Stock Performance

NASDAQ:NBIX opened at $109.07 on Wednesday. The stock’s fifty day moving average is $130.81 and its 200 day moving average is $126.29. Neurocrine Biosciences has a fifty-two week low of $105.18 and a fifty-two week high of $157.98. The firm has a market capitalization of $10.87 billion, a PE ratio of 33.15, a PEG ratio of 0.77 and a beta of 0.35.

Neurocrine Biosciences (NASDAQ:NBIX) last released 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%. Equities analysts forecast that Neurocrine Biosciences will post 4.28 EPS for the current 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 buy up to 4.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at Neurocrine Biosciences

In other Neurocrine Biosciences news, insider Julie Cooke sold 1,740 shares of the stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $152.89, for a total value of $266,028.60. Following the completion of the sale, the insider now directly owns 18,202 shares in the company, valued at approximately $2,782,903.78. This trade represents a 8.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Ingrid Delaet sold 272 shares of the 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 completion of the sale, the insider now owns 2,507 shares of the company’s stock, valued at approximately $346,216.70. This trade represents a 9.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 234,269 shares of company stock valued at $34,053,879 over the last quarter. 4.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Neurocrine Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NBIX. Dodge & Cox raised its stake in Neurocrine Biosciences by 134.2% in the fourth quarter. Dodge & Cox now owns 3,016,425 shares of the company’s stock valued at $411,742,000 after buying an additional 1,728,605 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Neurocrine Biosciences in the fourth quarter valued at about $115,193,000. Wellington Management Group LLP raised its stake in Neurocrine Biosciences by 102.9% in the fourth quarter. Wellington Management Group LLP now owns 1,457,425 shares of the company’s stock valued at $198,939,000 after buying an additional 739,199 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in shares of Neurocrine Biosciences by 2,759.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 737,772 shares of the company’s stock worth $100,705,000 after purchasing an additional 711,970 shares during the last quarter. Finally, Orbimed Advisors LLC raised its stake in shares of Neurocrine Biosciences by 210.4% in the fourth quarter. Orbimed Advisors LLC now owns 938,120 shares of the company’s stock worth $128,053,000 after purchasing an additional 635,900 shares during the last quarter. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

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.