Neurocrine Biosciences (NASDAQ:NBIX) Initiates Share Buyback Program

Neurocrine Biosciences (NASDAQ:NBIX) declared that its board has initiated a stock buyback plan on Friday, February 21st, RTT News reports. The company plans to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 4.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Neurocrine Biosciences Trading Up 3.9 %

Neurocrine Biosciences stock traded up $4.58 during midday trading on Friday, hitting $120.69. The stock had a trading volume of 1,960,426 shares, compared to its average volume of 1,340,165. The firm’s fifty day moving average is $136.75 and its two-hundred day moving average is $129.71. The company has a market capitalization of $12.03 billion, a PE ratio of 36.68, a P/E/G ratio of 0.76 and a beta of 0.33. Neurocrine Biosciences has a 52-week low of $110.95 and a 52-week high of $157.98.

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

Analyst Upgrades and Downgrades

NBIX has been the topic of several research analyst reports. Canaccord Genuity Group lowered their target price on shares of Neurocrine Biosciences from $172.00 to $163.00 and set a “buy” rating on the stock in a research note on Friday, February 7th. William Blair restated an “outperform” rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. Royal Bank of Canada lowered their price objective on shares of Neurocrine Biosciences from $154.00 to $148.00 and set a “sector perform” rating on the stock in a research note on Friday, February 7th. UBS Group increased their price objective on shares of Neurocrine Biosciences from $162.00 to $176.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Finally, Bank of America lowered their price objective on shares of Neurocrine Biosciences from $184.00 to $179.00 and set a “buy” rating on the stock in a research note on Friday, February 7th. Five analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Neurocrine Biosciences currently has a consensus rating of “Moderate Buy” and an average target price of $166.90.

Insider Buying and Selling at Neurocrine Biosciences

In other Neurocrine Biosciences news, insider Ingrid Delaet sold 272 shares of the stock in a transaction that occurred on Tuesday, December 31st. The shares were 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 trade represents a 9.79 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kevin Charles Gorman sold 5,844 shares of the stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $116.69, for a total transaction of $681,936.36. Following the sale, the director now directly owns 521,618 shares of the company’s stock, valued at approximately $60,867,604.42. This trade represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 236,600 shares of company stock valued at $34,348,261 in the last three months. 4.30% of the stock is currently owned by corporate insiders.

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.