Corebridge Financial Inc. Reduces Position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Corebridge Financial Inc. trimmed its position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 4.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 115,699 shares of the company’s stock after selling 4,872 shares during the quarter. Corebridge Financial Inc.’s holdings in Neurocrine Biosciences were worth $15,793,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Golden State Wealth Management LLC acquired a new stake in Neurocrine Biosciences in the fourth quarter valued at $25,000. Brooklyn Investment Group raised its position in shares of Neurocrine Biosciences by 99.1% during the 4th quarter. Brooklyn Investment Group now owns 231 shares of the company’s stock worth $32,000 after acquiring an additional 115 shares in the last quarter. Lindbrook Capital LLC lifted its stake in Neurocrine Biosciences by 53.5% during the fourth quarter. Lindbrook Capital LLC now owns 373 shares of the company’s stock worth $51,000 after purchasing an additional 130 shares during the last quarter. R Squared Ltd acquired a new stake in Neurocrine Biosciences during the fourth quarter worth approximately $61,000. Finally, UMB Bank n.a. lifted its position in shares of Neurocrine Biosciences by 211.6% during the 4th quarter. UMB Bank n.a. now owns 455 shares of the company’s stock worth $62,000 after buying an additional 309 shares during the last quarter. Institutional investors and hedge funds own 92.59% of the company’s stock.

Neurocrine Biosciences Trading Up 3.3 %

Shares of Neurocrine Biosciences stock opened at $115.60 on Tuesday. The company has a 50-day moving average of $126.35 and a two-hundred day moving average of $125.13. Neurocrine Biosciences, Inc. has a 12-month low of $105.18 and a 12-month high of $157.98. The stock has a market cap of $11.53 billion, a PE ratio of 35.14, a price-to-earnings-growth ratio of 0.77 and a beta of 0.35.

Neurocrine Biosciences (NASDAQ:NBIX) last released its quarterly earnings data 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 net margin of 14.49% and a return on equity of 13.38%. On average, sell-side analysts forecast that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current fiscal year.

Neurocrine Biosciences declared that its board has authorized a share repurchase plan on Friday, February 21st that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on NBIX shares. Needham & Company LLC restated a “hold” rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. Morgan Stanley reissued an “overweight” rating and set a $150.00 price objective (down from $185.00) on shares of Neurocrine Biosciences in a research report on Friday, March 7th. UBS Group upped their target price on shares of Neurocrine Biosciences from $162.00 to $176.00 and gave the company a “buy” rating in a report on Thursday, January 30th. Canaccord Genuity Group lowered their price target on Neurocrine Biosciences from $172.00 to $163.00 and set a “buy” rating on the stock in a report on Friday, February 7th. Finally, Royal Bank of Canada decreased their price objective on Neurocrine Biosciences from $154.00 to $148.00 and set a “sector perform” rating for the company in a research report on Friday, February 7th. 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’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $165.24.

Insider Buying and Selling at Neurocrine Biosciences

In related news, CEO Kyle Gano sold 65,000 shares of the stock in a transaction on Wednesday, January 15th. The stock was 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 owns 135,392 shares of the company’s stock, valued at $19,157,968. This trade represents a 32.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kevin Charles Gorman sold 2,707 shares of the business’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $152.92, for a total transaction of $413,954.44. Following the completion of the transaction, the director now directly owns 517,030 shares of the company’s stock, valued at $79,064,227.60. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 233,178 shares of company stock worth $33,906,594. 4.30% of the stock is 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.