Kennedy Capital Management LLC Increases Stock Position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Kennedy Capital Management LLC grew its holdings in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 16.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 36,112 shares of the company's stock after purchasing an additional 5,093 shares during the period. Kennedy Capital Management LLC's holdings in Neurocrine Biosciences were worth $4,929,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Neurocrine Biosciences by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 10,119,641 shares of the company's stock worth $1,381,331,000 after acquiring an additional 122,681 shares during the last quarter. Geode Capital Management LLC lifted its stake in Neurocrine Biosciences by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 1,875,062 shares of the company's stock valued at $255,523,000 after purchasing an additional 15,830 shares during the last quarter. Wellington Management Group LLP grew its stake 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 during the last quarter. Invesco Ltd. lifted its stake in shares of Neurocrine Biosciences by 8.6% in the 4th quarter. Invesco Ltd. now owns 949,512 shares of the company's stock valued at $129,608,000 after acquiring an additional 74,847 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in Neurocrine Biosciences by 1.4% during the 4th quarter. Bank of New York Mellon Corp now owns 870,290 shares of the company's stock worth $118,795,000 after acquiring an additional 12,040 shares during the last quarter. 92.59% of the stock is currently owned by institutional investors and hedge funds.

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Neurocrine Biosciences Stock Up 1.3 %

NBIX traded up $1.27 on Tuesday, hitting $96.16. The company's stock had a trading volume of 1,767,586 shares, compared to its average volume of 1,037,383. The firm has a market cap of $9.59 billion, a P/E ratio of 29.23, a price-to-earnings-growth ratio of 0.77 and a beta of 0.33. The company's 50 day simple moving average is $109.46 and its 200-day simple moving average is $122.74. Neurocrine Biosciences, Inc. has a 12 month low of $84.23 and a 12 month high of $157.98.

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 return on equity of 13.38% and a net margin of 14.49%. Equities analysts predict that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current fiscal year.

Neurocrine Biosciences declared that its board has initiated a stock buyback plan on Friday, February 21st that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase up to 4.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board believes its shares are undervalued.

Insiders Place Their Bets

In related news, CFO Matt Abernethy sold 2,558 shares of Neurocrine Biosciences stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $116.86, for a total value of $298,927.88. Following the transaction, the chief financial officer now directly owns 34,775 shares of the company's stock, valued at $4,063,806.50. The trade was a 6.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Kyle Gano sold 65,000 shares of the business's 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 completion of the transaction, the chief executive officer now owns 135,392 shares in the company, valued at $19,157,968. The trade was a 32.44 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 232,906 shares of company stock valued at $33,869,030. 4.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on NBIX. Wedbush cut their price target on Neurocrine Biosciences from $157.00 to $147.00 and set an "outperform" rating on the stock in a research note on Friday, February 7th. Canaccord Genuity Group reduced their target price on shares of Neurocrine Biosciences from $172.00 to $163.00 and set a "buy" rating on the stock in a report on Friday, February 7th. 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. William Blair reiterated an "outperform" rating on shares of Neurocrine Biosciences in a report on Friday, February 7th. Finally, Barclays increased their price objective on Neurocrine Biosciences from $160.00 to $165.00 and gave the company an "overweight" rating in a report on Monday, December 23rd. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Neurocrine Biosciences has an average rating of "Moderate Buy" and a consensus target price of $161.86.

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.