Neurocrine Biosciences Sees Unusually Large Options Volume (NASDAQ:NBIX)

Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Get Free Report) was the target of unusually large options trading on Monday. Traders acquired 3,005 put options on the company. This is an increase of approximately 325% compared to the typical daily volume of 707 put options.

Insider Transactions at Neurocrine Biosciences

In related news, Director Kevin Charles Gorman sold 5,844 shares of Neurocrine Biosciences stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $116.69, for a total value of $681,936.36. Following the completion of the transaction, the director now owns 521,618 shares in the company, valued at $60,867,604.42. The trade was a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Matt Abernethy sold 2,558 shares of the stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $116.86, for a total transaction of $298,927.88. Following the completion of the sale, the chief financial officer now directly owns 34,775 shares in the company, valued at approximately $4,063,806.50. This represents a 6.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,907 shares of company stock valued at $1,629,982. 4.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of NBIX. Golden State Wealth Management LLC purchased a new stake in Neurocrine Biosciences during the 4th quarter worth approximately $25,000. Huntington National Bank raised its holdings in Neurocrine Biosciences by 73.5% in the fourth quarter. Huntington National Bank now owns 229 shares of the company's stock valued at $31,000 after acquiring an additional 97 shares in the last quarter. Brooklyn Investment Group boosted its stake in Neurocrine Biosciences by 99.1% during the 4th quarter. Brooklyn Investment Group now owns 231 shares of the company's stock valued at $32,000 after acquiring an additional 115 shares during the last quarter. Smallwood Wealth Investment Management LLC acquired a new position in Neurocrine Biosciences during the 1st quarter worth $34,000. Finally, GeoWealth Management LLC increased its position in shares of Neurocrine Biosciences by 65.4% in the 4th 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.

Neurocrine Biosciences Price Performance

NBIX stock traded up $0.20 during midday trading on Monday, reaching $109.88. 232,055 shares of the company's stock traded hands, compared to its average volume of 1,069,741. Neurocrine Biosciences has a fifty-two week low of $84.23 and a fifty-two week high of $157.98. The business has a 50-day moving average price of $106.19 and a two-hundred day moving average price of $121.88. The company has a market capitalization of $10.87 billion, a P/E ratio of 33.43, a PEG ratio of 0.77 and a beta of 0.33.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The company reported $1.00 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%. As a group, research analysts forecast that Neurocrine Biosciences will post 4.28 earnings per share for the current fiscal year.

Neurocrine Biosciences announced that its Board of Directors has initiated a share buyback program on Friday, February 21st that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 4.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board believes its shares are undervalued.

Analyst Ratings Changes

NBIX has been the topic of a number of recent research reports. Needham & Company LLC upgraded shares of Neurocrine Biosciences from a "hold" rating to a "buy" rating and set a $138.00 price objective on the stock in a research note on Tuesday, April 15th. JPMorgan Chase & Co. increased their price objective on Neurocrine Biosciences from $183.00 to $184.00 and gave the stock an "overweight" rating in a research report on Wednesday, March 26th. Morgan Stanley reissued an "overweight" rating and issued a $150.00 target price (down previously from $185.00) on shares of Neurocrine Biosciences in a report on Friday, March 7th. William Blair reiterated an "outperform" rating on shares of Neurocrine Biosciences in a research report on Friday, February 7th. Finally, Evercore ISI cut their price objective on shares of Neurocrine Biosciences from $190.00 to $185.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Three investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $160.90.

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.

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