Stock Repurchase Program Approved by Neurocrine Biosciences (NASDAQ:NBIX) Board of Directors

Neurocrine Biosciences (NASDAQ:NBIX) announced that its Board of Directors has initiated a stock repurchase plan on Friday, February 21st, RTT News reports. The company plans to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Neurocrine Biosciences Trading Up 3.9 %

NBIX stock opened at $120.69 on Friday. The firm has a 50 day moving average of $136.75 and a 200-day moving average of $129.71. Neurocrine Biosciences has a 12-month low of $110.95 and a 12-month high of $157.98. The company has a market cap of $12.03 billion, a price-to-earnings ratio of 36.68, a PEG ratio of 0.76 and a beta of 0.33.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its quarterly 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%. Sell-side analysts forecast that Neurocrine Biosciences will post 4.28 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on NBIX. Morgan Stanley increased their price objective on Neurocrine Biosciences from $170.00 to $185.00 and gave the company an “overweight” rating in a research note on Tuesday, February 4th. Needham & Company LLC reiterated a “hold” rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. Piper Sandler restated an “overweight” rating and issued a $160.00 price target on shares of Neurocrine Biosciences in a research note on Monday, December 23rd. StockNews.com cut Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. Finally, Guggenheim cut their price target on Neurocrine Biosciences from $165.00 to $163.00 and set a “buy” rating on the stock in a research note on Monday, February 10th. Five research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $166.90.

Insider Buying and Selling

In other Neurocrine Biosciences news, insider Ingrid Delaet sold 1,091 shares of the stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $135.00, for a total transaction 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 sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Kyle Gano sold 65,000 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $141.50, for a total value of $9,197,500.00. Following the transaction, the chief executive officer now directly owns 135,392 shares in the company, valued at approximately $19,157,968. This represents a 32.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 236,600 shares of company stock worth $34,348,261 in the last ninety days. Insiders own 4.30% of the company’s stock.

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.