Neurocrine Biosciences (NASDAQ:NBIX) Reaches New 52-Week Low – Here’s What Happened

Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) reached a new 52-week low on Thursday . The stock traded as low as $104.53 and last traded at $105.26, with a volume of 602535 shares. The stock had previously closed at $108.31.

Analyst Ratings Changes

A number of research firms have commented on NBIX. William Blair restated an “outperform” rating on shares of Neurocrine Biosciences in a research report on Friday, February 7th. Guggenheim cut their target price on Neurocrine Biosciences from $165.00 to $163.00 and set a “buy” rating for the company in a research report on Monday, February 10th. JPMorgan Chase & Co. lifted their price target on Neurocrine Biosciences from $183.00 to $184.00 and gave the company an “overweight” rating in a research report on Wednesday, March 26th. Barclays raised their target price on Neurocrine Biosciences from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, December 23rd. Finally, StockNews.com cut shares of Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 20th. Five analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $165.38.

Neurocrine Biosciences Trading Down 5.0 %

The business’s fifty day moving average price is $121.97 and its two-hundred day moving average price is $124.66. The firm has a market cap of $10.26 billion, a P/E ratio of 31.27, a P/E/G ratio of 0.77 and a beta of 0.35.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its earnings results on Thursday, February 6th. The company reported $1.00 earnings per share (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%. Research analysts predict that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current fiscal 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 outstanding shares. This repurchase authorization allows the company to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at Neurocrine Biosciences

In other news, Director Kevin Charles Gorman sold 5,844 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $116.69, for a total transaction of $681,936.36. Following the sale, the director now directly owns 521,618 shares in the company, valued at approximately $60,867,604.42. The trade was a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Kyle Gano sold 65,000 shares of Neurocrine Biosciences stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $141.50, for a total transaction of $9,197,500.00. Following the sale, the chief executive officer now owns 135,392 shares in the company, valued at $19,157,968. This represents a 32.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 232,906 shares of company stock worth $33,869,030 over the last three months. 4.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Neurocrine Biosciences

A number of hedge funds have recently made changes to their positions in the business. Caprock Group LLC bought a new stake in Neurocrine Biosciences in the fourth quarter valued at about $236,000. Charles Schwab Investment Management Inc. grew its stake in shares of Neurocrine Biosciences by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 762,557 shares of the company’s stock valued at $104,089,000 after purchasing an additional 15,266 shares during the period. Tri Ri Asset Management Corp acquired a new position in shares of Neurocrine Biosciences in the 3rd quarter worth approximately $3,236,000. Oakworth Capital Inc. bought a new position in shares of Neurocrine Biosciences during the 4th quarter worth approximately $379,000. Finally, Synergy Asset Management LLC bought a new position in shares of Neurocrine Biosciences during the 4th quarter worth approximately $996,000. 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.