Share Repurchase Program Authorized by Neurocrine Biosciences (NASDAQ:NBIX) Board

Neurocrine Biosciences (NASDAQ:NBIX) declared that its board has authorized a stock repurchase plan on Friday, February 21st, RTT News reports. The company plans to repurchase $500.00 million in shares. This repurchase authorization permits the company to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

NBIX has been the topic of several research reports. Morgan Stanley raised their price objective on shares of Neurocrine Biosciences from $170.00 to $185.00 and gave the company an “overweight” rating in a research note on Tuesday, February 4th. StockNews.com cut shares of Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 18th. Royal Bank of Canada cut their price objective on Neurocrine Biosciences from $154.00 to $148.00 and set a “sector perform” rating on the stock in a research report on Friday, February 7th. Barclays lifted their target price on Neurocrine Biosciences from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, December 23rd. Finally, William Blair reissued an “outperform” rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. 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 company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $166.90.

Neurocrine Biosciences Price Performance

NASDAQ NBIX opened at $120.69 on Monday. The company has a fifty day moving average of $136.63 and a two-hundred day moving average of $129.31. The company has a market capitalization of $12.03 billion, a PE ratio of 36.68, a P/E/G ratio of 0.77 and a beta of 0.33. Neurocrine Biosciences has a 1 year low of $110.95 and a 1 year high of $157.98.

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 net margin of 14.49% and a return on equity of 13.38%. On average, research analysts expect that Neurocrine Biosciences will post 4.28 earnings per share for the current year.

Insider Activity

In other Neurocrine Biosciences news, insider Ingrid Delaet sold 272 shares of the company’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $138.10, for a total transaction of $37,563.20. Following the completion of the sale, the insider now directly owns 2,507 shares of the company’s stock, valued at $346,216.70. This represents a 9.79 % 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, Director Kevin Charles Gorman sold 146,105 shares of Neurocrine Biosciences stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $149.46, for a total value of $21,836,853.30. Following the completion of the transaction, the director now owns 514,596 shares in the company, valued at $76,911,518.16. This trade represents a 22.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 236,600 shares of company stock valued at $34,348,261. 4.30% of the stock is currently owned by company insiders.

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.