Daiwa Securities Group Inc. Sells 3,638 Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Daiwa Securities Group Inc. decreased its holdings in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 30.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,160 shares of the company's stock after selling 3,638 shares during the quarter. Daiwa Securities Group Inc.'s holdings in Neurocrine Biosciences were worth $1,114,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of NBIX. Golden State Wealth Management LLC bought a new position in shares of Neurocrine Biosciences during the 4th quarter valued at $25,000. Brooklyn Investment Group lifted its holdings in Neurocrine Biosciences by 99.1% in the fourth quarter. Brooklyn Investment Group now owns 231 shares of the company's stock valued at $32,000 after acquiring an additional 115 shares during the period. Lindbrook Capital LLC boosted its position 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 purchasing an additional 130 shares during the last quarter. R Squared Ltd bought a new stake in shares of Neurocrine Biosciences during the 4th quarter valued at about $61,000. Finally, UMB Bank n.a. increased its position in shares of Neurocrine Biosciences by 211.6% during the 4th quarter. UMB Bank n.a. now owns 455 shares of the company's stock valued at $62,000 after purchasing an additional 309 shares during the last quarter. Hedge funds and other institutional investors own 92.59% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on NBIX shares. Canaccord Genuity Group dropped their price objective on Neurocrine Biosciences from $172.00 to $163.00 and set a "buy" rating for the company in a research note on Friday, February 7th. Guggenheim cut their price objective on shares of Neurocrine Biosciences from $165.00 to $163.00 and set a "buy" rating on the stock in a report on Monday, February 10th. Morgan Stanley reissued an "overweight" rating and set a $150.00 price objective (down from $185.00) on shares of Neurocrine Biosciences in a report on Friday, March 7th. Piper Sandler reiterated an "overweight" rating and set a $160.00 price target on shares of Neurocrine Biosciences in a research report on Monday, December 23rd. Finally, UBS Group upped their price target on Neurocrine Biosciences from $162.00 to $176.00 and gave the stock a "buy" rating in a report on Thursday, January 30th. Five investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $165.24.

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Neurocrine Biosciences Stock Performance

NBIX stock traded up $0.60 during midday trading on Wednesday, hitting $110.30. 681,955 shares of the stock were exchanged, compared to its average volume of 957,453. Neurocrine Biosciences, Inc. has a fifty-two week low of $105.18 and a fifty-two week high of $157.98. The stock has a market cap of $11.00 billion, a price-to-earnings ratio of 33.53, a PEG ratio of 0.77 and a beta of 0.35. The stock's 50-day moving average price is $128.62 and its 200-day moving average price is $125.47.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last announced its quarterly earnings data 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%. Research analysts anticipate that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current year.

Neurocrine Biosciences declared that its board has authorized a stock buyback plan on Friday, February 21st that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 4.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Kevin Charles Gorman sold 146,105 shares of the company's stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $149.46, for a total transaction of $21,836,853.30. Following the completion of the transaction, the director now directly owns 514,596 shares of the company's stock, valued at approximately $76,911,518.16. This represents a 22.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ingrid Delaet sold 272 shares of the stock in a transaction 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 completion of the transaction, the insider now directly owns 2,507 shares of the company's stock, valued at approximately $346,216.70. The trade was a 9.79 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 233,178 shares of company stock worth $33,906,594 over the last ninety days. 4.30% of the stock is owned by company insiders.

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.