Cinctive Capital Management LP Invests $2.23 Million in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Cinctive Capital Management LP purchased a new stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 16,366 shares of the company's stock, valued at approximately $2,234,000.

Several other hedge funds have also recently modified their holdings of the business. Quantbot Technologies LP bought a new position in Neurocrine Biosciences in the third quarter worth approximately $89,000. Verition Fund Management LLC bought a new position in shares of Neurocrine Biosciences in the 3rd quarter worth $959,000. Investment Management Corp of Ontario raised its position in shares of Neurocrine Biosciences by 33.5% in the 3rd quarter. Investment Management Corp of Ontario now owns 4,778 shares of the company's stock worth $551,000 after acquiring an additional 1,200 shares in the last quarter. Parkman Healthcare Partners LLC lifted its stake in shares of Neurocrine Biosciences by 12.7% during the 3rd quarter. Parkman Healthcare Partners LLC now owns 129,840 shares of the company's stock worth $14,960,000 after purchasing an additional 14,670 shares during the last quarter. Finally, Royal London Asset Management Ltd. boosted its position in Neurocrine Biosciences by 13.3% during the third quarter. Royal London Asset Management Ltd. now owns 51,533 shares of the company's stock valued at $5,938,000 after purchasing an additional 6,060 shares in the last quarter. Hedge funds and other institutional investors own 92.59% of the company's stock.

Insider Buying and Selling at Neurocrine Biosciences

In other news, CEO Kyle Gano sold 65,000 shares of the stock in a transaction dated 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 directly owns 135,392 shares of the company's stock, valued at $19,157,968. This represents a 32.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kevin Charles Gorman sold 5,844 shares of the firm's stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $116.69, for a total value of $681,936.36. Following the sale, the director now owns 521,618 shares in the company, valued at $60,867,604.42. This trade represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 232,906 shares of company stock valued at $33,869,030. 4.30% of the stock is owned by company insiders.

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Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of Neurocrine Biosciences from $183.00 to $184.00 and gave the company an "overweight" rating in a report on Wednesday, March 26th. Piper Sandler restated an "overweight" rating and issued a $160.00 target price on shares of Neurocrine Biosciences in a research note on Monday, December 23rd. Guggenheim cut their price target on shares of Neurocrine Biosciences from $165.00 to $163.00 and set a "buy" rating on the stock in a report on Monday, February 10th. Deutsche Bank Aktiengesellschaft started coverage on Neurocrine Biosciences in a report on Tuesday, February 11th. They set a "hold" rating and a $138.00 price objective for the company. Finally, William Blair restated an "outperform" rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. 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 stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $163.52.

Neurocrine Biosciences Stock Performance

NASDAQ NBIX traded down $1.86 on Tuesday, reaching $91.39. 397,691 shares of the company's stock traded hands, compared to its average volume of 1,004,775. Neurocrine Biosciences, Inc. has a fifty-two week low of $90.33 and a fifty-two week high of $157.98. The firm has a market cap of $9.11 billion, a price-to-earnings ratio of 27.87, a P/E/G ratio of 0.77 and a beta of 0.33. The stock has a 50 day moving average price of $118.91 and a 200-day moving average price of $124.18.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued its quarterly earnings data on Thursday, February 6th. The company reported $1.00 earnings per share (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 anticipate that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current fiscal year.

Neurocrine Biosciences announced that its board has initiated a share repurchase plan on Friday, February 21st that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 4.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

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.