Norges Bank Invests $44.40 Million in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Norges Bank purchased a new stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 325,295 shares of the company's stock, valued at approximately $44,403,000. Norges Bank owned about 0.32% of Neurocrine Biosciences as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC acquired a new position in Neurocrine Biosciences in the 4th quarter valued at about $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 last quarter. Lindbrook Capital LLC grew 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 acquiring an additional 130 shares during the period. R Squared Ltd purchased a new position in Neurocrine Biosciences in the fourth quarter worth approximately $61,000. Finally, UMB Bank n.a. increased its stake in Neurocrine Biosciences by 211.6% during the fourth quarter. UMB Bank n.a. now owns 455 shares of the company's stock worth $62,000 after acquiring an additional 309 shares during the last quarter. Hedge funds and other institutional investors own 92.59% of the company's stock.

Insider Buying and Selling at Neurocrine Biosciences

In related news, Director Kevin Charles Gorman sold 5,844 shares of the company's stock in a transaction dated 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 sale, the director now directly owns 521,618 shares of the company's stock, valued at $60,867,604.42. This represents a 1.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kyle Gano sold 65,000 shares of Neurocrine Biosciences stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $141.50, for a total value of $9,197,500.00. Following the transaction, the chief executive officer now directly owns 135,392 shares in the company, valued at approximately $19,157,968. This trade represents a 32.44 % 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 over the last three months. Insiders own 4.30% of the company's stock.

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Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on NBIX shares. HC Wainwright reiterated a "buy" rating and set a $185.00 price target on shares of Neurocrine Biosciences in a report on Friday, February 21st. StockNews.com lowered shares of Neurocrine Biosciences from a "strong-buy" rating to a "buy" rating in a research note on Thursday, March 20th. Royal Bank of Canada reduced their price target on shares of Neurocrine Biosciences from $154.00 to $148.00 and set a "sector perform" rating on the stock in a research note on Friday, February 7th. Canaccord Genuity Group lowered their price objective on shares of Neurocrine Biosciences from $172.00 to $163.00 and set a "buy" rating for the company in a research report on Friday, February 7th. Finally, Morgan Stanley reissued an "overweight" rating and issued a $150.00 target price (down previously from $185.00) on shares of Neurocrine Biosciences in a research report on Friday, March 7th. Five equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Neurocrine Biosciences currently has a consensus rating of "Moderate Buy" and a consensus price target of $163.52.

Neurocrine Biosciences Price Performance

Shares of Neurocrine Biosciences stock traded up $7.74 during trading on Wednesday, hitting $95.28. 2,731,230 shares of the stock were exchanged, compared to its average volume of 1,021,285. The firm's 50-day moving average price is $114.09 and its 200 day moving average price is $123.36. The stock has a market cap of $9.50 billion, a price-to-earnings ratio of 28.96, a price-to-earnings-growth ratio of 0.77 and a beta of 0.33. Neurocrine Biosciences, Inc. has a 12-month low of $84.12 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%. As a group, research analysts forecast that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current year.

Neurocrine Biosciences declared that its Board of Directors has initiated a share repurchase program on Friday, February 21st that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 4.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

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.