Norges Bank Invests $44.40 Million in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Norges Bank bought a new stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 325,295 shares of the company’s stock, valued at approximately $44,403,000. Norges Bank owned about 0.32% of Neurocrine Biosciences as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of NBIX. Eagle Health Investments LP grew its stake in shares of Neurocrine Biosciences by 20.5% during the 4th quarter. Eagle Health Investments LP now owns 155,000 shares of the company’s stock worth $21,158,000 after acquiring an additional 26,400 shares in the last quarter. Elo Mutual Pension Insurance Co bought a new position in Neurocrine Biosciences in the fourth quarter valued at $1,509,000. WINTON GROUP Ltd bought a new position in Neurocrine Biosciences in the fourth quarter valued at $1,027,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Neurocrine Biosciences by 13.4% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 76,922 shares of the company’s stock valued at $10,623,000 after buying an additional 9,086 shares during the last quarter. Finally, Segall Bryant & Hamill LLC lifted its position in Neurocrine Biosciences by 28.5% during the 4th quarter. Segall Bryant & Hamill LLC now owns 46,870 shares of the company’s stock worth $6,398,000 after buying an additional 10,398 shares in the last quarter. Institutional investors own 92.59% of the company’s stock.

Neurocrine Biosciences Stock Down 7.0 %

Shares of NASDAQ:NBIX opened at $95.65 on Friday. Neurocrine Biosciences, Inc. has a 12-month low of $93.59 and a 12-month high of $157.98. The company’s 50 day moving average price is $120.01 and its two-hundred day moving average price is $124.33. The firm has a market cap of $9.54 billion, a PE ratio of 29.07, a PEG ratio of 0.77 and a beta of 0.35.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its quarterly earnings data 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%. On average, research analysts expect that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current year.

Neurocrine Biosciences declared that its board has initiated a share buyback plan on Friday, February 21st that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows 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 leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NBIX. UBS Group decreased their price objective on Neurocrine Biosciences from $154.00 to $137.00 and set a “buy” rating for the company in a report on Friday. Piper Sandler reaffirmed an “overweight” rating and set a $160.00 price target on shares of Neurocrine Biosciences in a research report on Monday, December 23rd. Wedbush cut their price objective on Neurocrine Biosciences from $157.00 to $147.00 and set an “outperform” rating for the company in a report on Friday, February 7th. Deutsche Bank Aktiengesellschaft started coverage on shares of Neurocrine Biosciences in a report on Tuesday, February 11th. They set a “hold” rating and a $138.00 target price on the stock. Finally, Barclays increased their price target on shares of Neurocrine Biosciences from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, December 23rd. Five research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $163.52.

Insider Buying and Selling

In related news, CEO Kyle Gano sold 65,000 shares of the stock in a transaction that occurred 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 owns 135,392 shares in the company, valued at approximately $19,157,968. This trade represents a 32.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kevin Charles Gorman sold 5,844 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $116.69, for a total transaction of $681,936.36. Following the transaction, the director now owns 521,618 shares of the company’s stock, valued at approximately $60,867,604.42. This represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 232,906 shares of company stock worth $33,869,030. 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.