Evercore ISI Has Lowered Expectations for Neurocrine Biosciences (NASDAQ:NBIX) Stock Price

Neurocrine Biosciences (NASDAQ:NBIX) had its target price cut by Evercore ISI from $190.00 to $185.00 in a report issued on Thursday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other analysts have also recently commented on NBIX. StockNews.com cut shares of Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 20th. UBS Group lowered their price target on Neurocrine Biosciences from $154.00 to $137.00 and set a “buy” rating on the stock in a research report on Friday, April 4th. Guggenheim cut their price objective 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. HC Wainwright decreased their target price on Neurocrine Biosciences from $185.00 to $168.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft began coverage on Neurocrine Biosciences in a report on Tuesday, February 11th. They set a “hold” rating and a $138.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, Neurocrine Biosciences presently has an average rating of “Moderate Buy” and an average price target of $161.14.

Neurocrine Biosciences Stock Performance

NASDAQ:NBIX opened at $105.76 on Thursday. Neurocrine Biosciences has a 52-week low of $84.23 and a 52-week high of $157.98. The company has a market cap of $10.46 billion, a P/E ratio of 32.15, a P/E/G ratio of 0.77 and a beta of 0.33. The stock’s 50-day simple moving average is $107.30 and its 200 day simple moving average is $122.12.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its quarterly earnings results on Thursday, February 6th. The company reported $1.00 earnings per share 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 will post 4.28 earnings per share for the current fiscal year.

Neurocrine Biosciences declared that its board has approved a stock repurchase plan on Friday, February 21st that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, Director Kevin Charles Gorman sold 5,844 shares of Neurocrine Biosciences stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $116.69, for a total value of $681,936.36. Following the transaction, the director now owns 521,618 shares in the company, valued at approximately $60,867,604.42. This trade represents a 1.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Julie Cooke sold 1,740 shares of the firm’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $152.89, for a total value of $266,028.60. Following the completion of the sale, the insider now directly owns 18,202 shares in the company, valued at $2,782,903.78. This trade represents a 8.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 167,906 shares of company stock worth $24,671,530. 4.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Neurocrine Biosciences

A number of institutional investors have recently added to or reduced their stakes in NBIX. Caprock Group LLC bought a new stake in shares of Neurocrine Biosciences during the fourth quarter worth $236,000. Charles Schwab Investment Management Inc. grew its position in Neurocrine Biosciences by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 762,557 shares of the company’s stock worth $104,089,000 after acquiring an additional 15,266 shares during the last quarter. Tri Ri Asset Management Corp bought a new stake in Neurocrine Biosciences during the 3rd quarter worth $3,236,000. Oakworth Capital Inc. acquired a new position in Neurocrine Biosciences in the 4th quarter worth about $379,000. Finally, Avantax Advisory Services Inc. raised its position in Neurocrine Biosciences by 11.4% in the fourth quarter. Avantax Advisory Services Inc. now owns 2,895 shares of the company’s stock valued at $395,000 after purchasing an additional 297 shares during the last quarter. 92.59% of the stock is currently owned by institutional investors and hedge funds.

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.