UBS Group Issues Pessimistic Forecast for Neurocrine Biosciences (NASDAQ:NBIX) Stock Price

Neurocrine Biosciences (NASDAQ:NBIX) had its price objective lowered by research analysts at UBS Group from $154.00 to $137.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. UBS Group’s price target would indicate a potential upside of 44.99% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. Guggenheim dropped their target price 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. Bank of America cut their price objective 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. StockNews.com cut Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 20th. Morgan Stanley restated an “overweight” rating and set a $150.00 price target (down previously from $185.00) on shares of Neurocrine Biosciences in a report on Friday, March 7th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. Five research 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 MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $163.52.

Neurocrine Biosciences Stock Down 8.2 %

Shares of NASDAQ:NBIX traded down $8.39 during trading on Friday, reaching $94.49. 317,336 shares of the company traded hands, compared to its average volume of 990,547. The firm has a market capitalization of $9.42 billion, a PE ratio of 28.70, a PEG ratio of 0.77 and a beta of 0.35. Neurocrine Biosciences has a 52 week low of $94.37 and a 52 week high of $157.98. The company’s 50 day moving average is $121.07 and its two-hundred day moving average is $124.51.

Neurocrine Biosciences (NASDAQ:NBIX) last released its earnings results on Thursday, February 6th. The company reported $1.00 EPS 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%. As a group, research analysts anticipate that Neurocrine Biosciences will post 4.28 EPS for the current year.

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

Insider Activity

In related news, insider Ingrid Delaet sold 623 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $149.29, for a total transaction of $93,007.67. Following the sale, the insider now owns 3,442 shares of the company’s stock, valued at $513,856.18. The trade was a 15.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kevin Charles Gorman sold 2,707 shares of Neurocrine Biosciences stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $152.92, for a total transaction of $413,954.44. Following the transaction, the director now owns 517,030 shares of the company’s stock, valued at $79,064,227.60. The trade was a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 232,906 shares of company stock valued at $33,869,030. Company insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Neurocrine Biosciences

A number of institutional investors have recently made changes to their positions in NBIX. Quantbot Technologies LP bought a new position in Neurocrine Biosciences during the 3rd quarter valued at about $89,000. Verition Fund Management LLC purchased a new position in shares of Neurocrine Biosciences during the 3rd quarter valued at about $959,000. Investment Management Corp of Ontario increased its holdings in Neurocrine Biosciences by 33.5% in the 3rd quarter. Investment Management Corp of Ontario now owns 4,778 shares of the company’s stock worth $551,000 after acquiring an additional 1,200 shares in the last quarter. Royal London Asset Management Ltd. raised its stake in Neurocrine Biosciences by 13.3% during the 3rd quarter. Royal London Asset Management Ltd. now owns 51,533 shares of the company’s stock worth $5,938,000 after acquiring an additional 6,060 shares during the period. Finally, Quarry LP lifted its holdings in Neurocrine Biosciences by 11,263.6% during the third quarter. Quarry LP now owns 2,500 shares of the company’s stock valued at $288,000 after purchasing an additional 2,478 shares in the last quarter. Hedge funds and other institutional investors 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.