Morgan Stanley Reiterates Overweight Rating for Neurocrine Biosciences (NASDAQ:NBIX)

Neurocrine Biosciences (NASDAQ:NBIX)‘s stock had its “overweight” rating reiterated by equities research analysts at Morgan Stanley in a research note issued to investors on Friday,Benzinga reports. They presently have a $150.00 price target on the stock, down from their previous price target of $185.00. Morgan Stanley’s price target points to a potential upside of 32.70% from the company’s current price.

Several other analysts have also recently weighed in on the company. Wedbush dropped 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, February 7th. Bank of America dropped their price target on Neurocrine Biosciences from $184.00 to $179.00 and set a “buy” rating for the company in a report on Friday, February 7th. Barclays lifted their price target on Neurocrine Biosciences from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, December 23rd. Piper Sandler reissued an “overweight” rating and set a $160.00 price target on shares of Neurocrine Biosciences in a report on Monday, December 23rd. Finally, Royal Bank of Canada dropped their price target on Neurocrine Biosciences from $154.00 to $148.00 and set a “sector perform” rating for the company in a report 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. According to data from MarketBeat, Neurocrine Biosciences presently has an average rating of “Moderate Buy” and an average target price of $165.24.

Neurocrine Biosciences Stock Up 0.3 %

NBIX opened at $113.04 on Friday. Neurocrine Biosciences has a 12-month low of $110.25 and a 12-month high of $157.98. The stock has a market cap of $11.27 billion, a price-to-earnings ratio of 34.36, a PEG ratio of 0.77 and a beta of 0.35. The business has a 50 day moving average of $132.47 and a 200-day moving average of $127.19.

Neurocrine Biosciences (NASDAQ:NBIX) last released 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, analysts expect that Neurocrine Biosciences will post 4.28 earnings per share for the current year.

Neurocrine Biosciences declared that its Board of Directors has initiated a stock buyback plan on Friday, February 21st that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

Insider Activity

In related news, insider Ingrid Delaet sold 1,091 shares of the business’s 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 sale, the insider now owns 2,507 shares in the company, valued at $338,445. The trade was a 30.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Julie Cooke sold 1,740 shares of the business’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $152.89, for a total value of $266,028.60. Following the sale, the insider now owns 18,202 shares in the company, valued at $2,782,903.78. This represents a 8.73 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 234,269 shares of company stock worth $34,053,879. Insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Neurocrine Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Siemens Fonds Invest GmbH bought a new stake in Neurocrine Biosciences during the 4th quarter worth $850,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Neurocrine Biosciences during the 4th quarter worth about $9,286,000. Forum Financial Management LP acquired a new position in Neurocrine Biosciences during the 4th quarter worth about $254,000. Peak Retirement Planning Inc. acquired a new position in Neurocrine Biosciences during the 4th quarter worth about $1,029,000. Finally, Toronto Dominion Bank lifted its holdings in Neurocrine Biosciences by 3.9% during the 4th quarter. Toronto Dominion Bank now owns 13,183 shares of the company’s stock worth $1,799,000 after buying an additional 499 shares during the period. Institutional investors own 92.59% 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.