Neurocrine Biosciences, Inc. (NASDAQ:NBIX) is Rock Springs Capital Management LP's 4th Largest Position

Rock Springs Capital Management LP trimmed its position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 23.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 720,500 shares of the company's stock after selling 218,500 shares during the quarter. Neurocrine Biosciences accounts for approximately 3.7% of Rock Springs Capital Management LP's investment portfolio, making the stock its 4th biggest position. Rock Springs Capital Management LP owned 0.71% of Neurocrine Biosciences worth $98,348,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Golden State Wealth Management LLC purchased a new stake in Neurocrine Biosciences during the 4th quarter worth about $25,000. Huntington National Bank grew its position in shares of Neurocrine Biosciences by 73.5% during the fourth quarter. Huntington National Bank now owns 229 shares of the company's stock worth $31,000 after buying an additional 97 shares in the last quarter. Brooklyn Investment Group increased its stake in shares of Neurocrine Biosciences by 99.1% during the fourth quarter. Brooklyn Investment Group now owns 231 shares of the company's stock worth $32,000 after buying an additional 115 shares during the period. GeoWealth Management LLC raised its holdings in Neurocrine Biosciences by 65.4% in the fourth quarter. GeoWealth Management LLC now owns 258 shares of the company's stock valued at $35,000 after acquiring an additional 102 shares in the last quarter. Finally, Lindbrook Capital LLC lifted its stake in Neurocrine Biosciences by 53.5% in the fourth quarter. Lindbrook Capital LLC now owns 373 shares of the company's stock worth $51,000 after acquiring an additional 130 shares during the last quarter. 92.59% of the stock is owned by institutional investors and hedge funds.

Neurocrine Biosciences Stock Up 0.9 %

Shares of NASDAQ NBIX traded up $0.97 during mid-day trading on Friday, hitting $106.73. 1,328,294 shares of the company were exchanged, compared to its average volume of 1,065,563. The firm has a market cap of $10.56 billion, a price-to-earnings ratio of 32.44, a price-to-earnings-growth ratio of 0.77 and a beta of 0.33. The stock has a 50 day simple moving average of $107.30 and a 200-day simple moving average of $122.12. Neurocrine Biosciences, Inc. has a 1-year low of $84.23 and a 1-year high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued 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 net margin of 14.49% and a return on equity of 13.38%. Analysts anticipate that Neurocrine Biosciences, Inc. will post 4.28 earnings per share 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 reacquire up to 4.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board believes its shares are undervalued.

Insider Activity at Neurocrine Biosciences

In other news, Director Kevin Charles Gorman sold 146,105 shares of the stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $149.46, for a total value of $21,836,853.30. Following the completion of the transaction, the director now owns 514,596 shares in the company, valued at $76,911,518.16. This trade represents a 22.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Matt Abernethy sold 1,283 shares of the company's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $152.87, for a total transaction of $196,132.21. Following the transaction, the chief financial officer now owns 32,681 shares in the company, valued at $4,995,944.47. The trade was a 3.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 167,906 shares of company stock worth $24,671,530 over the last three months. 4.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. HC Wainwright dropped their price objective on shares of Neurocrine Biosciences from $185.00 to $168.00 and set a "buy" rating on the stock in a research report on Tuesday. Evercore ISI cut their price target on Neurocrine Biosciences from $190.00 to $185.00 and set an "outperform" rating on the stock in a research note on Thursday. Deutsche Bank Aktiengesellschaft began coverage on Neurocrine Biosciences in a research report on Tuesday, February 11th. They set a "hold" rating and a $138.00 price objective for the company. William Blair reissued an "outperform" rating on shares of Neurocrine Biosciences in a research report on Friday, February 7th. Finally, JPMorgan Chase & Co. upped their price target on Neurocrine Biosciences from $183.00 to $184.00 and gave the company an "overweight" rating in a report on Wednesday, March 26th. Three analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat, Neurocrine Biosciences presently has a consensus rating of "Moderate Buy" and a consensus target price of $161.14.

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.