Oregon Public Employees Retirement Fund Grows Stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Oregon Public Employees Retirement Fund grew its position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 0.6% in the fourth quarter, Holdings Channel reports. The firm owned 20,633 shares of the company’s stock after purchasing an additional 117 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Neurocrine Biosciences were worth $2,816,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Louisiana State Employees Retirement System lifted its stake in Neurocrine Biosciences by 0.4% in the fourth quarter. Louisiana State Employees Retirement System now owns 28,100 shares of the company’s stock worth $3,836,000 after purchasing an additional 100 shares during the last quarter. Commerce Bank grew its holdings in Neurocrine Biosciences by 2.6% in the third quarter. Commerce Bank now owns 4,199 shares of the company’s stock worth $484,000 after purchasing an additional 108 shares during the period. Tokio Marine Asset Management Co. Ltd. grew its holdings in Neurocrine Biosciences by 2.7% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,302 shares of the company’s stock worth $496,000 after purchasing an additional 113 shares during the period. Brooklyn Investment Group grew its holdings in Neurocrine Biosciences by 99.1% in the fourth quarter. Brooklyn Investment Group now owns 231 shares of the company’s stock worth $32,000 after purchasing an additional 115 shares during the period. Finally, Tealwood Asset Management Inc. grew its holdings in Neurocrine Biosciences by 1.0% in the fourth quarter. Tealwood Asset Management Inc. now owns 11,911 shares of the company’s stock worth $1,626,000 after purchasing an additional 118 shares during the period. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Neurocrine Biosciences Price Performance

Shares of Neurocrine Biosciences stock opened at $117.51 on Friday. The company’s fifty day simple moving average is $135.23 and its 200-day simple moving average is $128.73. The stock has a market capitalization of $11.72 billion, a PE ratio of 35.72, a P/E/G ratio of 0.77 and a beta of 0.33. Neurocrine Biosciences, Inc. has a 1-year low of $110.95 and a 1-year high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX) last issued its quarterly earnings results on Thursday, February 6th. The company reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.62 by ($0.62). Neurocrine Biosciences had a return on equity of 13.38% and a net margin of 14.49%. As a group, research analysts anticipate that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current year.

Neurocrine Biosciences announced that its Board of Directors has initiated a share repurchase plan on Friday, February 21st that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Bank of America cut their price objective on shares of Neurocrine Biosciences from $184.00 to $179.00 and set a “buy” rating on the stock in a report on Friday, February 7th. Piper Sandler restated an “overweight” rating and issued a $160.00 price objective on shares of Neurocrine Biosciences in a report on Monday, December 23rd. Guggenheim dropped their target price on shares of Neurocrine Biosciences from $165.00 to $163.00 and set a “buy” rating on the stock in a research note on Monday, February 10th. HC Wainwright reiterated a “buy” rating and issued a $185.00 target price on shares of Neurocrine Biosciences in a research note on Friday, February 21st. Finally, Barclays upped their target price on shares of Neurocrine Biosciences from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, December 23rd. Five equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Neurocrine Biosciences presently has an average rating of “Moderate Buy” and an average price target of $166.90.

Insider Activity

In other news, CEO Kyle Gano sold 65,000 shares of the firm’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $141.50, for a total transaction of $9,197,500.00. Following the sale, the chief executive officer now directly owns 135,392 shares in the company, valued at $19,157,968. This trade represents a 32.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ingrid Delaet sold 272 shares of the firm’s stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $138.10, for a total transaction of $37,563.20. Following the sale, the insider now owns 2,507 shares in the company, valued at $346,216.70. The trade was a 9.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 234,269 shares of company stock worth $34,053,879 in the last three months. Company insiders own 4.30% of the company’s stock.

Neurocrine Biosciences 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.