Atika Capital Management LLC Invests $6.55 Million in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Atika Capital Management LLC purchased a new stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 48,000 shares of the company's stock, valued at approximately $6,552,000.

Other institutional investors also recently modified their holdings of the company. HighPoint Advisor Group LLC lifted its stake in Neurocrine Biosciences by 4.1% during the 4th quarter. HighPoint Advisor Group LLC now owns 2,446 shares of the company's stock valued at $334,000 after acquiring an additional 96 shares during the period. Huntington National Bank raised its holdings in shares of Neurocrine Biosciences by 73.5% during the fourth quarter. Huntington National Bank now owns 229 shares of the company's stock valued at $31,000 after purchasing an additional 97 shares during the last quarter. Louisiana State Employees Retirement System lifted its position in Neurocrine Biosciences by 0.4% during the fourth quarter. Louisiana State Employees Retirement System now owns 28,100 shares of the company's stock valued at $3,836,000 after purchasing an additional 100 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in Neurocrine Biosciences by 0.5% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 22,361 shares of the company's stock valued at $3,052,000 after purchasing an additional 103 shares during the period. Finally, Metis Global Partners LLC grew its position in Neurocrine Biosciences by 4.3% in the 4th quarter. Metis Global Partners LLC now owns 2,548 shares of the company's stock worth $348,000 after purchasing an additional 104 shares during the period. 92.59% of the stock is owned by hedge funds and other institutional investors.

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Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on NBIX shares. Morgan Stanley restated an "overweight" rating and issued a $150.00 price target (down from $185.00) on shares of Neurocrine Biosciences in a research note on Friday, March 7th. Wedbush dropped their target price on Neurocrine Biosciences from $157.00 to $147.00 and set an "outperform" rating on the stock in a research report on Friday, February 7th. StockNews.com lowered shares of Neurocrine Biosciences from a "strong-buy" rating to a "buy" rating in a research report on Thursday, March 20th. Piper Sandler reissued an "overweight" rating and issued a $160.00 price objective on shares of Neurocrine Biosciences in a report on Monday, December 23rd. Finally, Barclays upped their target price on shares of Neurocrine Biosciences from $160.00 to $165.00 and gave the company an "overweight" rating in a report on Monday, December 23rd. Five 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 MarketBeat, Neurocrine Biosciences presently has a consensus rating of "Moderate Buy" and an average target price of $163.52.

Neurocrine Biosciences Stock Performance

Shares of Neurocrine Biosciences stock traded down $0.43 on Friday, hitting $90.30. 569,925 shares of the company traded hands, compared to its average volume of 1,378,453. The business has a 50-day simple moving average of $112.91 and a 200 day simple moving average of $123.18. Neurocrine Biosciences, Inc. has a 52 week low of $84.23 and a 52 week high of $157.98. The stock has a market capitalization of $9.00 billion, a P/E ratio of 27.45, a price-to-earnings-growth ratio of 0.77 and a beta of 0.33.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The company reported $1.00 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.62 by ($0.62). Neurocrine Biosciences had a net margin of 14.49% and a return on equity of 13.38%. Research analysts expect that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current year.

Neurocrine Biosciences declared that its Board of Directors has approved a share buyback program 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 programs are generally an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling

In other news, insider Julie Cooke sold 1,551 shares of the business's stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $116.78, for a total value of $181,125.78. Following the sale, the insider now directly owns 19,544 shares in the company, valued at $2,282,348.32. The trade was a 7.35 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kevin Charles Gorman sold 5,844 shares of the stock in a transaction dated Thursday, February 13th. The shares were 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 of the company's stock, valued at approximately $60,867,604.42. The trade was a 1.11 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 232,906 shares of company stock worth $33,869,030. Corporate insiders own 4.30% of the company's stock.

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.