Share Repurchase Program Authorized by Neurocrine Biosciences (NASDAQ:NBIX) Board

Neurocrine Biosciences (NASDAQ:NBIX) declared that its board has authorized a stock repurchase plan on Friday, February 21st, RTT News reports. The company plans to buyback $500.00 million in shares. This buyback authorization authorizes the company to repurchase up to 4.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.

Neurocrine Biosciences Stock Performance

Shares of NBIX opened at $120.69 on Monday. The company has a market capitalization of $12.03 billion, a P/E ratio of 36.68, a P/E/G ratio of 0.77 and a beta of 0.33. The business’s 50-day moving average is $136.63 and its two-hundred day moving average is $129.31. Neurocrine Biosciences has a fifty-two week low of $110.95 and a fifty-two week high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its earnings results on Thursday, February 6th. The company reported $1.00 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%. Analysts forecast that Neurocrine Biosciences will post 4.28 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Neurocrine Biosciences in a research report on Tuesday, February 11th. They set a “hold” rating and a $138.00 price objective for the company. Piper Sandler reiterated an “overweight” rating and set a $160.00 price objective on shares of Neurocrine Biosciences in a research report on Monday, December 23rd. Canaccord Genuity Group cut their price target 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 raised their target price 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. Finally, HC Wainwright restated a “buy” rating and set a $185.00 target price on shares of Neurocrine Biosciences in a report on Friday. Five equities 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. According to data from MarketBeat, Neurocrine Biosciences has an average rating of “Moderate Buy” and an average target price of $166.90.

Insider Activity

In related news, Director Kevin Charles Gorman sold 146,105 shares of Neurocrine Biosciences stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $149.46, for a total value of $21,836,853.30. Following the sale, the director now directly owns 514,596 shares in the company, valued at approximately $76,911,518.16. The trade was a 22.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Julie Cooke sold 1,551 shares of the stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $116.78, for a total value of $181,125.78. Following the transaction, the insider now directly owns 19,544 shares of the company’s stock, valued at $2,282,348.32. The trade was a 7.35 % 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 over the last three months. 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.