Share Repurchase Plan Declared by Neurocrine Biosciences (NASDAQ:NBIX)

Neurocrine Biosciences (NASDAQ:NBIX) announced that its board has authorized a stock buyback program on Friday, February 21st, RTT News reports. The company plans to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 4.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Neurocrine Biosciences Trading Up 3.9 %

NASDAQ:NBIX opened at $120.69 on Friday. The firm has a fifty day simple moving average of $136.63 and a 200 day simple moving average of $129.41. Neurocrine Biosciences has a 1-year low of $110.95 and a 1-year high of $157.98. The stock has a market capitalization of $12.03 billion, a PE ratio of 36.68, a P/E/G ratio of 0.77 and a beta of 0.33.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its quarterly 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 net margin of 14.49% and a return on equity of 13.38%. On average, equities analysts predict that Neurocrine Biosciences will post 4.28 earnings per share for the current fiscal year.

Analyst Ratings Changes

NBIX has been the topic of several 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 report on Friday, February 7th. Morgan Stanley upped their price target on shares of Neurocrine Biosciences from $170.00 to $185.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 4th. Wedbush reduced their price target on shares of Neurocrine Biosciences from $157.00 to $147.00 and set an “outperform” rating on the stock in a research report on Friday, February 7th. Bank of America reduced their price target on shares of Neurocrine Biosciences from $184.00 to $179.00 and set a “buy” rating on the stock in a research report on Friday, February 7th. Finally, Piper Sandler restated an “overweight” rating and set a $160.00 target price on shares of Neurocrine Biosciences in a research report on Monday, December 23rd. Five 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, the stock currently has an average rating of “Moderate Buy” and an average target price of $166.90.

Insider Transactions at Neurocrine Biosciences

In other news, Director Kevin Charles Gorman sold 5,844 shares of Neurocrine Biosciences stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $116.69, for a total transaction of $681,936.36. Following the completion of the sale, the director now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kyle Gano sold 65,000 shares of the firm’s 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 completion of the transaction, the chief executive officer now owns 135,392 shares in the company, valued at $19,157,968. The trade was a 32.44 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 236,600 shares of company stock valued at $34,348,261. 4.30% of the stock is currently owned by corporate insiders.

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.