Fortis Capital Advisors LLC Takes $1.13 Million Position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Fortis Capital Advisors LLC acquired a new position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 8,852 shares of the company's stock, valued at approximately $1,125,000.

Other large investors have also added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new stake in shares of Neurocrine Biosciences in the fourth quarter worth $115,193,000. Wellington Management Group LLP increased its stake in Neurocrine Biosciences by 102.9% in the 4th quarter. Wellington Management Group LLP now owns 1,457,425 shares of the company's stock worth $198,939,000 after acquiring an additional 739,199 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in shares of Neurocrine Biosciences by 2,759.4% during the 4th quarter. Thrivent Financial for Lutherans now owns 737,772 shares of the company's stock valued at $100,705,000 after acquiring an additional 711,970 shares during the last quarter. Jennison Associates LLC boosted its position in shares of Neurocrine Biosciences by 145.1% during the 4th quarter. Jennison Associates LLC now owns 820,694 shares of the company's stock valued at $112,025,000 after acquiring an additional 485,894 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Neurocrine Biosciences during the fourth quarter worth about $44,403,000. Institutional investors own 92.59% of the company's stock.

Insider Activity at Neurocrine Biosciences

In related news, 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 value 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 $60,867,604.42. This represents a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Julie Cooke sold 1,551 shares of Neurocrine Biosciences stock in a transaction that occurred on 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 approximately $2,282,348.32. The trade was a 7.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 232,906 shares of company stock worth $33,869,030 over the last quarter. 4.30% of the stock is owned by corporate insiders.

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Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on NBIX shares. Wedbush dropped their target price on shares of Neurocrine Biosciences from $157.00 to $147.00 and set an "outperform" rating for the company in a research report on Friday, February 7th. Bank of America dropped their price objective on shares of Neurocrine Biosciences from $184.00 to $179.00 and set a "buy" rating for the company in a report on Friday, February 7th. Canaccord Genuity Group reduced their target price on Neurocrine Biosciences from $172.00 to $163.00 and set a "buy" rating on the stock in a research note on Friday, February 7th. JPMorgan Chase & Co. raised their price target on Neurocrine Biosciences from $183.00 to $184.00 and gave the company an "overweight" rating in a research report on Wednesday, March 26th. Finally, Needham & Company LLC upgraded Neurocrine Biosciences from a "hold" rating to a "buy" rating and set a $138.00 price objective for the company in a report on Tuesday. Three analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $161.86.

Neurocrine Biosciences Stock Up 1.3 %

Shares of NASDAQ:NBIX traded up $1.27 during midday trading on Tuesday, hitting $96.16. 1,767,586 shares of the stock traded hands, compared to its average volume of 1,037,383. The business's 50 day moving average is $110.55 and its two-hundred day moving average is $122.92. The stock has a market capitalization of $9.59 billion, a PE ratio of 29.23, a P/E/G ratio of 0.77 and a beta of 0.33. Neurocrine Biosciences, Inc. has a one year low of $84.23 and a one year high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released its quarterly earnings results 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 net margin of 14.49% and a return on equity of 13.38%. As a group, sell-side analysts forecast 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 stock repurchase plan on Friday, February 21st that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 4.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's management believes its stock is 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.