Neurocrine Biosciences, Inc. (NASDAQ:NBIX) Shares Sold by Korea Investment CORP

Korea Investment CORP trimmed its holdings in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 7.7% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 61,089 shares of the company’s stock after selling 5,100 shares during the quarter. Korea Investment CORP’s holdings in Neurocrine Biosciences were worth $8,339,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in NBIX. Raymond James Financial Inc. purchased a new stake in Neurocrine Biosciences during the 4th quarter valued at approximately $115,193,000. Thrivent Financial for Lutherans lifted its holdings in shares of Neurocrine Biosciences by 2,759.4% during the fourth quarter. Thrivent Financial for Lutherans now owns 737,772 shares of the company’s stock worth $100,705,000 after purchasing an additional 711,970 shares during the period. State Street Corp grew its position in Neurocrine Biosciences by 11.7% in the 3rd quarter. State Street Corp now owns 5,148,293 shares of the company’s stock valued at $593,186,000 after buying an additional 539,936 shares during the last quarter. Jennison Associates LLC increased its stake in Neurocrine Biosciences by 145.1% in the 4th quarter. Jennison Associates LLC now owns 820,694 shares of the company’s stock valued at $112,025,000 after buying an additional 485,894 shares during the period. Finally, Impax Asset Management Group plc raised its position in Neurocrine Biosciences by 207.8% during the 4th quarter. Impax Asset Management Group plc now owns 261,599 shares of the company’s stock worth $35,708,000 after buying an additional 176,599 shares during the last quarter. 92.59% of the stock is owned by hedge funds and other institutional investors.

Neurocrine Biosciences Stock Performance

Shares of NBIX opened at $110.60 on Tuesday. Neurocrine Biosciences, Inc. has a fifty-two week low of $105.18 and a fifty-two week high of $157.98. The company has a market capitalization of $11.03 billion, a PE ratio of 33.62, a price-to-earnings-growth ratio of 0.77 and a beta of 0.35. The stock has a fifty day moving average of $123.51 and a two-hundred day moving average of $124.89.

Neurocrine Biosciences (NASDAQ:NBIX) last released its earnings results 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, equities research analysts forecast that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current fiscal year.

Neurocrine Biosciences declared that its board has authorized a stock buyback plan on Friday, February 21st that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 4.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Transactions at Neurocrine Biosciences

In other Neurocrine Biosciences news, CEO Kyle Gano sold 65,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 135,392 shares of the company’s stock, valued at approximately $19,157,968. The trade was 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 accessible through this hyperlink. Also, insider Ingrid Delaet sold 623 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $149.29, for a total value of $93,007.67. Following the completion of the transaction, the insider now owns 3,442 shares in the company, valued at approximately $513,856.18. This trade represents a 15.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 232,906 shares of company stock worth $33,869,030 in the last three months. Company insiders own 4.30% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NBIX. Canaccord Genuity Group dropped their price target on shares of Neurocrine Biosciences from $172.00 to $163.00 and set a “buy” rating on the stock in a research note on Friday, February 7th. Piper Sandler reissued an “overweight” rating and set a $160.00 target price on shares of Neurocrine Biosciences in a research note on Monday, December 23rd. Wedbush decreased their price target on Neurocrine Biosciences from $157.00 to $147.00 and set an “outperform” rating on the stock in a research note on Friday, February 7th. Deutsche Bank Aktiengesellschaft assumed coverage on Neurocrine Biosciences in a report on Tuesday, February 11th. They issued a “hold” rating and a $138.00 target price for the company. Finally, StockNews.com cut shares of Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 20th. Five research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $165.38.

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.