Neurocrine Biosciences (NASDAQ:NBIX) Sets New 52-Week Low – What’s Next?

Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) reached a new 52-week low during trading on Tuesday . The stock traded as low as $107.25 and last traded at $105.32, with a volume of 128329 shares. The stock had previously closed at $110.87.

Analyst Ratings Changes

Several analysts recently issued reports on NBIX shares. Canaccord Genuity Group decreased their price objective 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. Guggenheim reduced their price objective on shares of Neurocrine Biosciences from $165.00 to $163.00 and set a “buy” rating for the company in a report on Monday, February 10th. Needham & Company LLC reaffirmed a “hold” rating on shares of Neurocrine Biosciences in a report on Friday, February 7th. StockNews.com raised shares of Neurocrine Biosciences from a “buy” rating to a “strong-buy” rating in a report on Wednesday. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $150.00 target price (down from $185.00) on shares of Neurocrine Biosciences in a research note on Friday, March 7th. Five research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $165.24.

Neurocrine Biosciences Trading Up 1.7 %

The company has a market cap of $10.87 billion, a P/E ratio of 33.15, a P/E/G ratio of 0.77 and a beta of 0.35. The firm has a 50 day moving average of $130.81 and a 200-day moving average of $126.29.

Neurocrine Biosciences (NASDAQ:NBIX) last released 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%. Equities analysts predict 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 program on Friday, February 21st that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to repurchase up to 4.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, Director Kevin Charles Gorman sold 146,105 shares of Neurocrine Biosciences stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $149.46, for a total transaction of $21,836,853.30. Following the transaction, the director now owns 514,596 shares in the company, valued at approximately $76,911,518.16. This trade represents a 22.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Ingrid Delaet sold 272 shares of Neurocrine Biosciences stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $138.10, for a total value of $37,563.20. Following the transaction, the insider now owns 2,507 shares in the company, valued at approximately $346,216.70. The trade was a 9.79 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 234,269 shares of company stock worth $34,053,879 in the last three months. 4.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Neurocrine Biosciences

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Neurocrine Biosciences by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 10,119,641 shares of the company’s stock worth $1,381,331,000 after purchasing an additional 122,681 shares in the last quarter. State Street Corp lifted its holdings in shares of Neurocrine Biosciences by 11.7% in the 3rd quarter. State Street Corp now owns 5,148,293 shares of the company’s stock valued at $593,186,000 after purchasing an additional 539,936 shares during the last quarter. Dodge & Cox increased its position in Neurocrine Biosciences by 134.2% in the 4th quarter. Dodge & Cox now owns 3,016,425 shares of the company’s stock valued at $411,742,000 after acquiring an additional 1,728,605 shares during the period. AQR Capital Management LLC increased its position in Neurocrine Biosciences by 2.9% in the 4th quarter. AQR Capital Management LLC now owns 1,896,891 shares of the company’s stock valued at $258,926,000 after acquiring an additional 53,610 shares during the period. Finally, Geode Capital Management LLC increased its position in Neurocrine Biosciences by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 1,875,062 shares of the company’s stock valued at $255,523,000 after acquiring an additional 15,830 shares during the period. 92.59% of the stock is owned by institutional investors and hedge funds.

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.