Raymond James Financial Inc. Invests $115.19 Million in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Raymond James Financial Inc. purchased a new stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 843,902 shares of the company's stock, valued at approximately $115,193,000. Raymond James Financial Inc. owned approximately 0.83% of Neurocrine Biosciences at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in NBIX. Golden State Wealth Management LLC bought a new position in Neurocrine Biosciences in the 4th quarter valued at about $25,000. Brooklyn Investment Group increased its stake 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. R Squared Ltd bought a new position in Neurocrine Biosciences in the fourth quarter valued at approximately $61,000. UMB Bank n.a. raised its position in Neurocrine Biosciences by 211.6% during the fourth quarter. UMB Bank n.a. now owns 455 shares of the company's stock valued at $62,000 after purchasing an additional 309 shares in the last quarter. Finally, Truvestments Capital LLC bought a new stake in Neurocrine Biosciences during the third quarter worth $63,000. 92.59% of the stock is currently owned by institutional investors.

Neurocrine Biosciences Trading Up 1.6 %

NBIX stock traded up $1.73 during mid-day trading on Wednesday, reaching $108.95. The company's stock had a trading volume of 1,002,329 shares, compared to its average volume of 1,348,857. Neurocrine Biosciences, Inc. has a 12 month low of $105.18 and a 12 month high of $157.98. The business's 50 day moving average price is $131.36 and its 200 day moving average price is $126.41. The company has a market cap of $10.86 billion, a price-to-earnings ratio of 33.12, a price-to-earnings-growth ratio of 0.77 and a beta of 0.35.

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Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released its 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 net margin of 14.49% and a return on equity of 13.38%. As a group, equities analysts expect that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current fiscal year.

Neurocrine Biosciences declared that its Board of Directors has authorized a share buyback program on Friday, February 21st that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Barclays boosted their price target on Neurocrine Biosciences from $160.00 to $165.00 and gave the stock an "overweight" rating in a report on Monday, December 23rd. Bank of America lowered their target price on Neurocrine Biosciences from $184.00 to $179.00 and set a "buy" rating for the company in a research note on Friday, February 7th. William Blair restated an "outperform" rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. StockNews.com cut shares of Neurocrine Biosciences from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, February 18th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. Five analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $165.24.

Insider Transactions at Neurocrine Biosciences

In other Neurocrine Biosciences news, insider Ingrid Delaet sold 272 shares of the 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 transaction, the insider now owns 2,507 shares in the company, valued at approximately $346,216.70. This represents a 9.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Matt Abernethy sold 1,283 shares of the business's stock in a transaction on Friday, January 31st. The shares were sold at an average price of $152.87, for a total transaction of $196,132.21. Following the sale, the chief financial officer now owns 32,681 shares of the company's stock, valued at $4,995,944.47. This trade represents a 3.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 234,269 shares of company stock valued at $34,053,879 in the last 90 days. 4.30% of the stock is currently owned by corporate insiders.

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.