Geode Capital Management LLC Boosts Holdings in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Geode Capital Management LLC raised its position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 0.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,875,062 shares of the company's stock after purchasing an additional 15,830 shares during the period. Geode Capital Management LLC owned approximately 1.85% of Neurocrine Biosciences worth $255,523,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NBIX. Raymond James Financial Inc. acquired a new position in Neurocrine Biosciences during the 4th quarter worth approximately $115,193,000. Wellington Management Group LLP increased its holdings in shares of Neurocrine Biosciences by 102.9% during the fourth quarter. Wellington Management Group LLP now owns 1,457,425 shares of the company's stock worth $198,939,000 after buying an additional 739,199 shares in the last quarter. Thrivent Financial for Lutherans lifted its stake in shares of Neurocrine Biosciences by 2,759.4% in 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. State Street Corp boosted its holdings in shares of Neurocrine Biosciences by 11.7% during the 3rd quarter. State Street Corp now owns 5,148,293 shares of the company's stock valued at $593,186,000 after acquiring an additional 539,936 shares in the last quarter. Finally, Jennison Associates LLC grew its position in Neurocrine Biosciences by 145.1% during the 4th quarter. Jennison Associates LLC now owns 820,694 shares of the company's stock worth $112,025,000 after acquiring an additional 485,894 shares during the last quarter. 92.59% of the stock is currently owned by institutional investors.

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Wall Street Analyst Weigh In

Several equities analysts have commented on NBIX shares. HC Wainwright reiterated a "buy" rating and issued a $185.00 target price on shares of Neurocrine Biosciences in a research report on Friday, February 21st. Barclays lifted their target price on shares of Neurocrine Biosciences from $160.00 to $165.00 and gave the stock an "overweight" rating in a research report on Monday, December 23rd. 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 report on Friday, March 7th. UBS Group cut their price target on shares of Neurocrine Biosciences from $154.00 to $137.00 and set a "buy" rating on the stock in a report on Friday, April 4th. Finally, Wedbush decreased 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. Five investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Neurocrine Biosciences has a consensus rating of "Moderate Buy" and a consensus price target of $163.52.

Neurocrine Biosciences Price Performance

Shares of NBIX stock traded down $6.14 on Thursday, reaching $89.14. 427,045 shares of the company were exchanged, compared to its average volume of 1,019,028. Neurocrine Biosciences, Inc. has a one year low of $84.23 and a one year high of $157.98. The company has a market cap of $8.89 billion, a price-to-earnings ratio of 27.18, a PEG ratio of 0.77 and a beta of 0.33. The company has a 50-day moving average of $114.09 and a 200-day moving average of $123.36.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued its 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 return on equity of 13.38% and a net margin of 14.49%. As a group, sell-side analysts predict that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current year.

Neurocrine Biosciences declared that its board has authorized a stock buyback program on Friday, February 21st that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 4.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other Neurocrine Biosciences news, CEO Kyle Gano sold 65,000 shares of the company's stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $141.50, for a total value of $9,197,500.00. Following the completion of the sale, the chief executive officer now directly owns 135,392 shares of the company's stock, valued at approximately $19,157,968. This represents a 32.44 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Kevin Charles Gorman sold 5,844 shares of the business's stock in a transaction that occurred on Thursday, February 13th. The stock was 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 owns 521,618 shares in the company, valued at $60,867,604.42. The trade was a 1.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 232,906 shares of company stock worth $33,869,030 in the last quarter. Insiders own 4.30% of the company's stock.

About Neurocrine Biosciences

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.