Neurocrine Biosciences (NASDAQ:NBIX) Shares Gap Down on Disappointing Earnings

Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $150.51, but opened at $126.01. Neurocrine Biosciences shares last traded at $128.72, with a volume of 2,084,408 shares trading hands.

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 15.68% and a net margin of 17.21%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. UBS Group lifted their price target on shares of Neurocrine Biosciences from $162.00 to $176.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. Needham & Company LLC reiterated a “hold” rating on shares of Neurocrine Biosciences in a report on Friday. Wedbush lowered their price target on Neurocrine Biosciences from $157.00 to $147.00 and set an “outperform” rating for the company in a report on Friday. Morgan Stanley boosted their price target on Neurocrine Biosciences from $170.00 to $185.00 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, BMO Capital Markets reduced their price target on Neurocrine Biosciences from $128.00 to $114.00 and set a “market perform” rating on the stock in a research report on Thursday, October 17th. Five equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $167.81.

Insiders Place Their Bets

In related news, Director Kevin Charles Gorman sold 2,707 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $152.92, for a total transaction of $413,954.44. Following the sale, the director now owns 517,030 shares in the company, valued at $79,064,227.60. This represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ingrid Delaet sold 1,091 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $135.00, for a total value of $147,285.00. Following the transaction, the insider now owns 2,507 shares of the company’s stock, valued at $338,445. This represents a 30.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 222,693 shares of company stock valued at $32,718,279 over the last 90 days. 4.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Neurocrine Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in NBIX. Golden State Wealth Management LLC acquired a new stake in shares of Neurocrine Biosciences in the 4th quarter worth approximately $25,000. Brooklyn Investment Group increased its position in shares of Neurocrine Biosciences by 99.1% during 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. Blue Trust Inc. increased its position in shares of Neurocrine Biosciences by 171.9% during the 3rd quarter. Blue Trust Inc. now owns 348 shares of the company’s stock valued at $40,000 after purchasing an additional 220 shares during the period. Lindbrook Capital LLC increased its position in shares of Neurocrine Biosciences by 53.5% during the 4th quarter. Lindbrook Capital LLC now owns 373 shares of the company’s stock valued at $51,000 after purchasing an additional 130 shares during the period. Finally, R Squared Ltd acquired a new position in shares of Neurocrine Biosciences during the 4th quarter valued at $61,000. 92.59% of the stock is currently owned by institutional investors and hedge funds.

Neurocrine Biosciences Stock Performance

The company has a market capitalization of $12.42 billion, a price-to-earnings ratio of 32.87 and a beta of 0.33. The stock’s fifty day simple moving average is $138.89 and its two-hundred day simple moving average is $131.77.

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.