Neurocrine Biosciences, Inc. (NASDAQ:NBIX) Stake Cut by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System reduced its stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 6.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,324 shares of the company’s stock after selling 372 shares during the period. Maryland State Retirement & Pension System’s holdings in Neurocrine Biosciences were worth $727,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in NBIX. Xponance Inc. grew its position in Neurocrine Biosciences by 7.7% in the 4th quarter. Xponance Inc. now owns 27,067 shares of the company’s stock worth $3,695,000 after purchasing an additional 1,941 shares during the last quarter. Generali Asset Management SPA SGR bought a new stake in shares of Neurocrine Biosciences during the fourth quarter valued at about $3,222,000. Thrivent Financial for Lutherans lifted its holdings in Neurocrine Biosciences by 2,759.4% in 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. Signaturefd LLC increased its stake in Neurocrine Biosciences by 6.3% during the 4th quarter. Signaturefd LLC now owns 2,801 shares of the company’s stock valued at $382,000 after buying an additional 165 shares during the period. Finally, Corient Private Wealth LLC lifted its stake in shares of Neurocrine Biosciences by 64.0% in the 4th quarter. Corient Private Wealth LLC now owns 7,927 shares of the company’s stock worth $1,082,000 after acquiring an additional 3,094 shares during the period. 92.59% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Ingrid Delaet sold 272 shares of the company’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $138.10, for a total transaction of $37,563.20. Following the completion of the transaction, the insider now directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Julie Cooke sold 700 shares of the firm’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $118.28, for a total transaction of $82,796.00. Following the completion of the sale, the insider now owns 18,831 shares in the company, valued at approximately $2,227,330.68. The trade was a 3.58 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 233,178 shares of company stock valued at $33,906,594. Insiders own 4.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on NBIX shares. Piper Sandler reissued an “overweight” rating and set a $160.00 target price on shares of Neurocrine Biosciences in a report on Monday, December 23rd. Deutsche Bank Aktiengesellschaft began coverage on Neurocrine Biosciences in a research note on Tuesday, February 11th. They set a “hold” rating and a $138.00 target price for the company. Wedbush dropped their target price on shares of Neurocrine Biosciences from $157.00 to $147.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. UBS Group upped their target price on Neurocrine Biosciences from $162.00 to $176.00 and gave the company a “buy” rating in a report on Thursday, January 30th. Finally, Bank of America lowered their price objective on shares of Neurocrine Biosciences from $184.00 to $179.00 and set a “buy” rating on the stock in a research report on Friday, February 7th. Five 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. According to data from MarketBeat, Neurocrine Biosciences has a consensus rating of “Moderate Buy” and a consensus price target of $165.24.

Neurocrine Biosciences Stock Up 3.3 %

Shares of Neurocrine Biosciences stock opened at $115.60 on Tuesday. Neurocrine Biosciences, Inc. has a 12-month low of $105.18 and a 12-month high of $157.98. The stock has a market capitalization of $11.53 billion, a P/E ratio of 35.14, a PEG ratio of 0.77 and a beta of 0.35. The stock has a 50 day moving average price of $126.35 and a two-hundred day moving average price of $125.13.

Neurocrine Biosciences (NASDAQ:NBIX) last announced 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 return on equity of 13.38% and a net margin of 14.49%. Sell-side analysts anticipate that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current year.

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

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.