KLP Kapitalforvaltning AS Takes $4.75 Million Position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

KLP Kapitalforvaltning AS acquired a new stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 34,800 shares of the company's stock, valued at approximately $4,750,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of NBIX. Caprock Group LLC purchased a new stake in shares of Neurocrine Biosciences in the fourth quarter valued at approximately $236,000. Charles Schwab Investment Management Inc. raised its position in Neurocrine Biosciences by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 762,557 shares of the company's stock valued at $104,089,000 after purchasing an additional 15,266 shares in the last quarter. Tri Ri Asset Management Corp purchased a new stake in shares of Neurocrine Biosciences in the 3rd quarter worth $3,236,000. Oakworth Capital Inc. bought a new position in shares of Neurocrine Biosciences during the 4th quarter worth $379,000. Finally, Synergy Asset Management LLC purchased a new position in shares of Neurocrine Biosciences during the fourth quarter valued at $996,000. Hedge funds and other institutional investors own 92.59% of the company's stock.

Neurocrine Biosciences Stock Down 0.7 %

Shares of NASDAQ:NBIX traded down $0.84 during trading on Friday, reaching $113.16. 800,768 shares of the company's stock traded hands, compared to its average volume of 981,987. The firm has a market cap of $11.28 billion, a PE ratio of 34.40, a P/E/G ratio of 0.77 and a beta of 0.35. Neurocrine Biosciences, Inc. has a fifty-two week low of $105.18 and a fifty-two week high of $157.98. The company has a 50-day simple moving average of $124.17 and a 200-day simple moving average of $124.94.

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

Neurocrine Biosciences announced that its board has approved a share buyback plan on Friday, February 21st that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling at Neurocrine Biosciences

In other news, insider Ingrid Delaet sold 272 shares of Neurocrine Biosciences stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $138.10, for a total value of $37,563.20. Following the sale, the insider now directly owns 2,507 shares of the company's stock, valued at $346,216.70. The trade was a 9.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Kyle Gano sold 65,000 shares of the stock in a transaction on 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 233,178 shares of company stock valued at $33,906,594 over the last ninety days. Corporate insiders own 4.30% of the company's stock.

Analysts Set New Price Targets

NBIX has been the subject of a number of research reports. Needham & Company LLC reaffirmed a "hold" rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. Guggenheim dropped their price objective on shares of Neurocrine Biosciences from $165.00 to $163.00 and set a "buy" rating on the stock in a research note on Monday, February 10th. Barclays lifted their price objective 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. Morgan Stanley restated an "overweight" rating and set a $150.00 target price (down previously from $185.00) on shares of Neurocrine Biosciences in a report on Friday, March 7th. Finally, Canaccord Genuity Group cut their price target on Neurocrine Biosciences from $172.00 to $163.00 and set a "buy" rating on the stock in a report on Friday, February 7th. Five 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, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $165.38.

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.