UBS Group Has Lowered Expectations for Neurocrine Biosciences (NASDAQ:NBIX) Stock Price

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

Several other equities research analysts have also issued reports on NBIX. StockNews.com lowered shares of Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 20th. Piper Sandler reaffirmed an “overweight” rating and set a $160.00 price objective on shares of Neurocrine Biosciences in a report on Monday, December 23rd. JPMorgan Chase & Co. upped their price objective on Neurocrine Biosciences from $183.00 to $184.00 and gave the company an “overweight” rating in a research note on Wednesday, March 26th. Wedbush cut their target price on Neurocrine Biosciences from $157.00 to $147.00 and set an “outperform” rating for the company in a research report on Friday, February 7th. Finally, Canaccord Genuity Group dropped their price objective 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. Five investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Neurocrine Biosciences has a consensus rating of “Moderate Buy” and an average price target of $163.52.

Neurocrine Biosciences Stock Performance

Shares of NBIX opened at $95.65 on Friday. Neurocrine Biosciences has a 52 week low of $93.59 and a 52 week high of $157.98. The firm has a market capitalization of $9.54 billion, a P/E ratio of 29.07, a P/E/G ratio of 0.77 and a beta of 0.35. The company has a 50-day simple moving average of $120.01 and a 200-day simple moving average of $124.33.

Neurocrine Biosciences (NASDAQ:NBIX) last announced 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%. As a group, equities analysts forecast that Neurocrine Biosciences will post 4.28 earnings per share for the current year.

Neurocrine Biosciences announced that its board has authorized a share buyback program on Friday, February 21st that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase up to 4.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Neurocrine Biosciences

In other Neurocrine Biosciences news, CEO Kyle Gano sold 65,000 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $141.50, for a total value of $9,197,500.00. Following the transaction, the chief executive officer now owns 135,392 shares of the company’s stock, valued at approximately $19,157,968. This represents a 32.44 % 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, CFO Matt Abernethy sold 1,283 shares of the business’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $152.87, for a total value of $196,132.21. Following the transaction, 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. Insiders have sold 232,906 shares of company stock worth $33,869,030 over the last ninety days. Company 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 made changes to their positions in NBIX. Dodge & Cox increased its position in shares of 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 buying an additional 1,728,605 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Neurocrine Biosciences in the fourth quarter worth about $115,193,000. Wellington Management Group LLP grew its position in shares of Neurocrine Biosciences by 102.9% in the 4th quarter. Wellington Management Group LLP now owns 1,457,425 shares of the company’s stock valued at $198,939,000 after purchasing an additional 739,199 shares during the period. Thrivent Financial for Lutherans increased its stake in Neurocrine Biosciences by 2,759.4% during the 4th 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 in the last quarter. Finally, Orbimed Advisors LLC raised its holdings in Neurocrine Biosciences by 210.4% during the 4th quarter. Orbimed Advisors LLC now owns 938,120 shares of the company’s stock worth $128,053,000 after buying an additional 635,900 shares during the period. 92.59% of the stock is owned by institutional investors.

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.