Neurocrine Biosciences (NASDAQ:NBIX) Trading Down 4.9% After Analyst Downgrade

Neurocrine Biosciences, Inc. (NASDAQ:NBIX)’s stock price fell 4.9% on Monday after Guggenheim lowered their price target on the stock from $165.00 to $163.00. Guggenheim currently has a buy rating on the stock. Neurocrine Biosciences traded as low as $116.48 and last traded at $116.60. 1,568,535 shares changed hands during trading, an increase of 29% from the average session volume of 1,217,145 shares. The stock had previously closed at $122.62.

Several other research analysts have also issued reports on the company. UBS Group raised their price target on Neurocrine Biosciences from $162.00 to $176.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Canaccord Genuity Group reduced their target price on Neurocrine Biosciences from $172.00 to $163.00 and set a “buy” rating on the stock in a report on Friday, February 7th. Wedbush lowered their price target on Neurocrine Biosciences from $157.00 to $147.00 and set an “outperform” rating for the company in a research note on Friday, February 7th. BMO Capital Markets reduced their price objective on shares of Neurocrine Biosciences from $128.00 to $114.00 and set a “market perform” rating on the stock in a research note on Thursday, October 17th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $160.00 target price on shares of Neurocrine Biosciences in a research note on Monday, December 23rd. Five research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $166.90.

Insider Buying and Selling

In related news, insider Jude Onyia sold 2,331 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $126.29, for a total value of $294,381.99. Following the sale, the insider now directly owns 15,449 shares of the company’s stock, valued at $1,951,054.21. This trade represents a 13.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Ingrid Delaet sold 1,091 shares of the company’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 completion of the transaction, the insider now owns 2,507 shares of the company’s stock, valued at $338,445. This trade represents a 30.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 222,693 shares of company stock valued at $32,718,279. Company insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Neurocrine Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in the business. Cetera Investment Advisers increased its stake in Neurocrine Biosciences by 7.9% in the 2nd quarter. Cetera Investment Advisers now owns 7,112 shares of the company’s stock worth $979,000 after purchasing an additional 519 shares during the period. Sanctuary Advisors LLC bought a new stake in Neurocrine Biosciences during the 2nd quarter valued at $510,000. CWM LLC grew its holdings in Neurocrine Biosciences by 15.1% in the 3rd quarter. CWM LLC now owns 7,884 shares of the company’s stock worth $908,000 after acquiring an additional 1,035 shares during the last quarter. Exchange Traded Concepts LLC grew its holdings in Neurocrine Biosciences by 29.3% in the 3rd quarter. Exchange Traded Concepts LLC now owns 7,964 shares of the company’s stock worth $918,000 after acquiring an additional 1,803 shares during the last quarter. Finally, Redhawk Wealth Advisors Inc. increased its position in shares of Neurocrine Biosciences by 9.1% in the third quarter. Redhawk Wealth Advisors Inc. now owns 9,639 shares of the company’s stock valued at $1,111,000 after acquiring an additional 807 shares during the period. Institutional investors own 92.59% of the company’s stock.

Neurocrine Biosciences Price Performance

The stock has a market capitalization of $11.83 billion, a P/E ratio of 35.52 and a beta of 0.33. The firm’s 50 day moving average price is $138.66 and its 200 day moving average price is $131.23.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its earnings results on Thursday, February 6th. The company reported $1.00 earnings per share 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 13.45%. On average, equities research analysts forecast that Neurocrine Biosciences, Inc. will post 6.53 earnings per share for the current year.

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.