Neurocrine Biosciences’ (NBIX) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Neurocrine Biosciences (NASDAQ:NBIX) in a research report sent to investors on Friday morning,Benzinga reports. The brokerage currently has a $185.00 price target on the stock.

NBIX has been the subject of a number of other reports. StockNews.com lowered Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a report on Tuesday. UBS Group raised their price target on Neurocrine Biosciences from $162.00 to $176.00 and gave the company a “buy” rating in a report on Thursday, January 30th. Piper Sandler reiterated an “overweight” rating and issued a $160.00 target price on shares of Neurocrine Biosciences in a research report on Monday, December 23rd. Needham & Company LLC reiterated a “hold” rating on shares of Neurocrine Biosciences in a research report on Friday, February 7th. Finally, Barclays increased their target price on shares of Neurocrine Biosciences from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, December 23rd. Five analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $166.90.

Neurocrine Biosciences Price Performance

Shares of NBIX opened at $120.69 on Friday. Neurocrine Biosciences has a 12 month low of $110.95 and a 12 month high of $157.98. The stock has a fifty day moving average price of $136.75 and a 200 day moving average price of $129.71. The company has a market cap of $12.03 billion, a P/E ratio of 36.68, a PEG ratio of 0.76 and a beta of 0.33.

Neurocrine Biosciences (NASDAQ:NBIX) last released its quarterly earnings data on Thursday, February 6th. The company reported $1.00 earnings per share 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, research analysts anticipate that Neurocrine Biosciences will post 4.28 earnings per share for the current year.

Neurocrine Biosciences declared that its Board of Directors has approved a share buyback plan on Friday, February 21st that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 4.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Insider Activity at Neurocrine Biosciences

In other news, Director Kevin Charles Gorman sold 146,105 shares of Neurocrine Biosciences stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $149.46, for a total transaction of $21,836,853.30. Following the sale, the director now directly owns 514,596 shares in the company, valued at approximately $76,911,518.16. The trade was a 22.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kyle Gano sold 65,000 shares of the stock in a transaction on 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 $19,157,968. This represents a 32.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 236,600 shares of company stock valued at $34,348,261. Corporate insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Golden State Wealth Management LLC bought a new position in Neurocrine Biosciences in the 4th quarter valued at $25,000. Huntington National Bank raised its holdings in Neurocrine Biosciences by 73.5% during the 4th quarter. Huntington National Bank now owns 229 shares of the company’s stock worth $31,000 after purchasing an additional 97 shares during the last quarter. Brooklyn Investment Group lifted its position in Neurocrine Biosciences by 99.1% during the 4th 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 period. GeoWealth Management LLC boosted its stake in shares of Neurocrine Biosciences by 65.4% in the 4th quarter. GeoWealth Management LLC now owns 258 shares of the company’s stock valued at $35,000 after purchasing an additional 102 shares during the last quarter. Finally, Blue Trust Inc. grew its position in shares of Neurocrine Biosciences by 171.9% during the 3rd quarter. Blue Trust Inc. now owns 348 shares of the company’s stock worth $40,000 after buying an additional 220 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.