Neurocrine Biosciences (NASDAQ:NBIX) Reaches New 1-Year Low – Time to Sell?

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

Wall Street Analyst Weigh In

Several analysts have recently weighed in on NBIX shares. Morgan Stanley reaffirmed an “overweight” rating and set a $150.00 price objective (down previously from $185.00) on shares of Neurocrine Biosciences in a report on Friday, March 7th. Barclays raised their price target on Neurocrine Biosciences from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, December 23rd. William Blair reissued an “outperform” rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. Canaccord Genuity Group lowered their target price 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. Finally, Guggenheim lowered their price objective on shares of Neurocrine Biosciences from $165.00 to $163.00 and set a “buy” rating for the company in a research report on Monday, February 10th. Five investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Neurocrine Biosciences currently has a consensus rating of “Moderate Buy” and a consensus target price of $165.38.

Neurocrine Biosciences Price Performance

The business has a 50 day simple moving average of $121.97 and a 200-day simple moving average of $124.66. The stock has a market capitalization of $10.26 billion, a price-to-earnings ratio of 31.27, a PEG 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 EPS for the quarter, missing the consensus estimate 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 predict that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current year.

Neurocrine Biosciences declared that its Board of Directors has authorized a share buyback program on Friday, February 21st that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to purchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, insider Julie Cooke sold 1,551 shares of Neurocrine Biosciences stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $116.78, for a total value of $181,125.78. Following the sale, the insider now owns 19,544 shares of the company’s stock, valued at approximately $2,282,348.32. The trade was a 7.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kevin Charles Gorman sold 2,707 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $152.92, for a total value of $413,954.44. Following the transaction, the director now directly owns 517,030 shares of the company’s stock, valued at $79,064,227.60. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 232,906 shares of company stock worth $33,869,030. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Neurocrine Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the stock. Quantbot Technologies LP bought a new position in shares of Neurocrine Biosciences in the 3rd quarter valued at about $89,000. Verition Fund Management LLC acquired a new position in Neurocrine Biosciences during the third quarter worth approximately $959,000. Investment Management Corp of Ontario raised its stake in Neurocrine Biosciences by 33.5% in the third quarter. Investment Management Corp of Ontario now owns 4,778 shares of the company’s stock valued at $551,000 after buying an additional 1,200 shares during the period. Parkman Healthcare Partners LLC lifted its position in shares of Neurocrine Biosciences by 12.7% in the third quarter. Parkman Healthcare Partners LLC now owns 129,840 shares of the company’s stock valued at $14,960,000 after buying an additional 14,670 shares during the last quarter. Finally, Royal London Asset Management Ltd. lifted its position in shares of Neurocrine Biosciences by 13.3% in the third quarter. Royal London Asset Management Ltd. now owns 51,533 shares of the company’s stock valued at $5,938,000 after buying an additional 6,060 shares during the last quarter. Institutional investors own 92.59% of the company’s stock.

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.