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

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

Analyst Upgrades and Downgrades

NBIX has been the subject of several analyst reports. StockNews.com raised shares of Neurocrine Biosciences from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. Piper Sandler restated an “overweight” rating and issued a $160.00 price target on shares of Neurocrine Biosciences in a report on Monday, December 23rd. UBS Group increased their target price on Neurocrine Biosciences from $162.00 to $176.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. Barclays upped their price target on Neurocrine Biosciences from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Monday, December 23rd. Finally, Canaccord Genuity Group dropped their target price on Neurocrine Biosciences from $172.00 to $163.00 and set a “buy” rating on the stock in a research report on Friday, February 7th. Five equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $165.24.

Neurocrine Biosciences Price Performance

The company has a market capitalization of $10.87 billion, a price-to-earnings ratio of 33.15, a PEG ratio of 0.77 and a beta of 0.35. The stock has a 50-day moving average price of $130.81 and a 200-day moving average price of $126.29.

Neurocrine Biosciences (NASDAQ:NBIX) last released its quarterly earnings data 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 net margin of 14.49% and a return on equity of 13.38%. Equities analysts forecast that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current year.

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

Insider Buying and Selling

In other Neurocrine Biosciences news, CEO Kyle Gano sold 65,000 shares of the firm’s 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 transaction, the chief executive officer now owns 135,392 shares in the company, valued at $19,157,968. This trade represents a 32.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Matt Abernethy sold 1,283 shares of the firm’s stock in a transaction on 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 in the company, valued at approximately $4,995,944.47. This trade represents a 3.78 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 234,269 shares of company stock valued at $34,053,879. Insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Neurocrine Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of NBIX. Golden State Wealth Management LLC bought a new stake in Neurocrine Biosciences during the 4th quarter worth $25,000. Huntington National Bank lifted its stake in shares of Neurocrine Biosciences by 73.5% in the 4th quarter. Huntington National Bank now owns 229 shares of the company’s stock valued at $31,000 after purchasing an additional 97 shares during the period. Brooklyn Investment Group lifted its stake in shares of Neurocrine Biosciences by 99.1% in 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 increased its position in 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 buying an additional 102 shares in the last quarter. Finally, Lindbrook Capital LLC increased its position in Neurocrine Biosciences by 53.5% in the 4th quarter. Lindbrook Capital LLC now owns 373 shares of the company’s stock valued at $51,000 after buying an additional 130 shares in the last quarter. 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.