Neurocrine Biosciences (NASDAQ:NBIX) Price Target Cut to $137.00 by Analysts at UBS Group

Neurocrine Biosciences (NASDAQ:NBIX) had its target price reduced by UBS Group from $154.00 to $137.00 in a report released on Friday,Benzinga reports. UBS Group currently has a buy rating on the stock.

A number of other equities analysts have also issued reports on NBIX. Deutsche Bank Aktiengesellschaft began coverage on shares of Neurocrine Biosciences in a research report on Tuesday, February 11th. They issued a “hold” rating and a $138.00 target price for the company. Wedbush dropped their target price on Neurocrine Biosciences from $157.00 to $147.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. Canaccord Genuity Group decreased their price target on Neurocrine Biosciences from $172.00 to $163.00 and set a “buy” rating for the company in a research note on Friday, February 7th. JPMorgan Chase & Co. boosted their price objective on Neurocrine Biosciences from $183.00 to $184.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 26th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $185.00 target price on shares of Neurocrine Biosciences in a research note on Friday, February 21st. Five analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $163.52.

Neurocrine Biosciences Trading Down 7.0 %

Shares of NASDAQ:NBIX opened at $95.65 on Friday. The firm’s 50 day moving average is $120.01 and its two-hundred day moving average is $124.33. The firm has a market capitalization of $9.54 billion, a P/E ratio of 29.07, a PEG ratio of 0.77 and a beta of 0.35. Neurocrine Biosciences has a 52 week low of $93.59 and a 52 week high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its 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%. Analysts predict that Neurocrine Biosciences will post 4.28 EPS for the current year.

Neurocrine Biosciences announced that its board has initiated a share buyback plan on Friday, February 21st that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to purchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider Julie Cooke sold 1,551 shares of the company’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $116.78, for a total transaction of $181,125.78. Following the completion of the sale, the insider now owns 19,544 shares in the company, valued at approximately $2,282,348.32. This represents a 7.35 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kevin Charles Gorman sold 5,844 shares of the firm’s stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $116.69, for a total value of $681,936.36. Following the completion of the transaction, the director now directly owns 521,618 shares in the company, valued at $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. Insiders sold 232,906 shares of company stock valued at $33,869,030 over the last ninety days. Corporate insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Neurocrine Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Golden State Wealth Management LLC acquired a new position in Neurocrine Biosciences in the 4th quarter valued at $25,000. Huntington National Bank boosted its holdings in Neurocrine Biosciences by 73.5% during the fourth 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 grew its position in shares of Neurocrine Biosciences by 99.1% in the fourth quarter. Brooklyn Investment Group now owns 231 shares of the company’s stock valued at $32,000 after purchasing an additional 115 shares during the last quarter. GeoWealth Management LLC lifted its position in shares of 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 last quarter. Finally, Versant Capital Management Inc boosted its stake in Neurocrine Biosciences by 404.9% during the 1st quarter. Versant Capital Management Inc now owns 409 shares of the company’s stock valued at $45,000 after purchasing an additional 328 shares during the period. Institutional investors and hedge funds 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.