Cibc World Markets Corp Sells 1,295 Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Cibc World Markets Corp trimmed its holdings in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 22.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,569 shares of the company’s stock after selling 1,295 shares during the quarter. Cibc World Markets Corp’s holdings in Neurocrine Biosciences were worth $624,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of NBIX. Golden State Wealth Management LLC bought a new stake in shares of Neurocrine Biosciences in the fourth quarter valued at approximately $25,000. Brooklyn Investment Group raised its stake in shares of Neurocrine Biosciences by 99.1% in the fourth quarter. Brooklyn Investment Group now owns 231 shares of the company’s stock valued at $32,000 after purchasing an additional 115 shares in the last quarter. Lindbrook Capital LLC raised its stake in shares of Neurocrine Biosciences by 53.5% in the fourth quarter. Lindbrook Capital LLC now owns 373 shares of the company’s stock valued at $51,000 after purchasing an additional 130 shares in the last quarter. R Squared Ltd acquired a new position in shares of Neurocrine Biosciences in the fourth quarter valued at $61,000. Finally, UMB Bank n.a. raised its stake in shares of Neurocrine Biosciences by 211.6% in the fourth quarter. UMB Bank n.a. now owns 455 shares of the company’s stock valued at $62,000 after purchasing an additional 309 shares in the last quarter. 92.59% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on NBIX shares. Piper Sandler restated an “overweight” rating and issued a $160.00 target price on shares of Neurocrine Biosciences in a research note on Monday, December 23rd. Bank of America cut their target price on Neurocrine Biosciences from $184.00 to $179.00 and set a “buy” rating for the company in a research note on Friday, February 7th. UBS Group increased their price objective on Neurocrine Biosciences from $162.00 to $176.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Morgan Stanley reiterated an “overweight” rating and set a $150.00 price objective (down from $185.00) on shares of Neurocrine Biosciences in a research note on Friday, March 7th. Finally, Guggenheim dropped their price objective on Neurocrine Biosciences from $165.00 to $163.00 and set a “buy” rating for the company in a research note on Monday, February 10th. Five equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $165.24.

Insider Activity at Neurocrine Biosciences

In other news, Director Kevin Charles Gorman sold 5,844 shares of Neurocrine Biosciences stock in a transaction that occurred 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 transaction, the director now directly owns 521,618 shares in the company, valued at approximately $60,867,604.42. The trade was a 1.11 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Ingrid Delaet sold 272 shares of the business’s stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $138.10, for a total value of $37,563.20. Following the completion of the sale, the insider now owns 2,507 shares of the company’s stock, valued at $346,216.70. This trade represents a 9.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 233,178 shares of company stock valued at $33,906,594. 4.30% of the stock is owned by insiders.

Neurocrine Biosciences Price Performance

NASDAQ NBIX opened at $111.92 on Friday. The firm has a market cap of $11.16 billion, a P/E ratio of 34.02, a P/E/G ratio of 0.77 and a beta of 0.35. The stock’s 50-day moving average is $126.90 and its 200-day moving average is $125.15. Neurocrine Biosciences, Inc. has a one year low of $105.18 and a one year high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX) last released its quarterly 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 return on equity of 13.38% and a net margin of 14.49%. Equities analysts anticipate that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current year.

Neurocrine Biosciences announced that its board has initiated a stock buyback plan on Friday, February 21st that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to purchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

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.