William H. Rastetter Sells 30,000 Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) Stock

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) Director William H. Rastetter sold 30,000 shares of the company’s stock in a transaction on Monday, May 5th. The stock was sold at an average price of $110.20, for a total transaction of $3,306,000.00. Following the completion of the transaction, the director now directly owns 37,491 shares in the company, valued at $4,131,508.20. This trade represents a 44.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Neurocrine Biosciences Stock Performance

NASDAQ:NBIX opened at $117.52 on Friday. Neurocrine Biosciences, Inc. has a 52 week low of $84.23 and a 52 week high of $157.98. The company has a market capitalization of $11.63 billion, a price-to-earnings ratio of 35.72, a PEG ratio of 0.77 and a beta of 0.26. The company has a 50-day moving average of $106.18 and a 200-day moving average of $121.81.

Neurocrine Biosciences (NASDAQ:NBIX) last issued its earnings results on Monday, May 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.62). The company had revenue of $572.60 million during the quarter, compared to analyst estimates of $587.06 million. Neurocrine Biosciences had a return on equity of 13.38% and a net margin of 14.49%. The company’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.20 earnings per share. Sell-side analysts forecast that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current year.

Neurocrine Biosciences announced that its board has authorized a stock buyback program on Friday, February 21st that permits the company 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.

Institutional Investors Weigh In On Neurocrine Biosciences

Hedge funds have recently made changes to their positions in the company. Golden State Wealth Management LLC acquired a new stake in shares of Neurocrine Biosciences during the fourth quarter worth approximately $25,000. Huntington National Bank raised its position in Neurocrine Biosciences by 73.5% in the 4th quarter. Huntington National Bank now owns 229 shares of the company’s stock valued at $31,000 after purchasing an additional 97 shares during the last quarter. Brooklyn Investment Group raised its position in Neurocrine Biosciences by 99.1% in the 4th quarter. Brooklyn Investment Group now owns 231 shares of the company’s stock valued at $32,000 after purchasing an additional 115 shares during the last quarter. Smallwood Wealth Investment Management LLC acquired a new position in Neurocrine Biosciences in the first quarter worth $34,000. Finally, GeoWealth Management LLC grew its holdings in shares of Neurocrine Biosciences by 65.4% during the fourth quarter. GeoWealth Management LLC now owns 258 shares of the company’s stock worth $35,000 after purchasing an additional 102 shares during the last quarter. Institutional investors and hedge funds own 92.59% of the company’s stock.

Wall Street Analysts Forecast Growth

NBIX has been the subject of a number of recent research reports. StockNews.com downgraded Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 20th. Royal Bank of Canada lifted their target price on shares of Neurocrine Biosciences from $137.00 to $145.00 and gave the company an “outperform” rating in a research note on Tuesday. Wedbush restated an “outperform” rating on shares of Neurocrine Biosciences in a research note on Tuesday. HC Wainwright reduced their price objective on shares of Neurocrine Biosciences from $185.00 to $168.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Finally, UBS Group increased their target price on shares of Neurocrine Biosciences from $137.00 to $152.00 and gave the stock a “buy” rating in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $162.00.

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.