Resona Asset Management Co. Ltd. Makes New $6.81 Million Investment in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Resona Asset Management Co. Ltd. purchased a new stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 49,838 shares of the company's stock, valued at approximately $6,814,000.

A number of other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Neurocrine Biosciences by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 10,119,641 shares of the company's stock valued at $1,381,331,000 after purchasing an additional 122,681 shares during the last quarter. State Street Corp raised its position in shares of Neurocrine Biosciences by 11.7% in the third quarter. State Street Corp now owns 5,148,293 shares of the company's stock valued at $593,186,000 after purchasing an additional 539,936 shares during the period. Geode Capital Management LLC lifted its stake in shares of Neurocrine Biosciences by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 1,875,062 shares of the company's stock valued at $255,523,000 after buying an additional 15,830 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Neurocrine Biosciences by 102.9% in the 4th quarter. Wellington Management Group LLP now owns 1,457,425 shares of the company's stock worth $198,939,000 after buying an additional 739,199 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in Neurocrine Biosciences by 1.4% in the 4th quarter. Bank of New York Mellon Corp now owns 870,290 shares of the company's stock valued at $118,795,000 after buying an additional 12,040 shares in the last quarter. Hedge funds and other institutional investors own 92.59% of the company's stock.

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Neurocrine Biosciences Trading Up 0.2 %

Shares of NBIX traded up $0.15 during midday trading on Friday, reaching $90.87. The stock had a trading volume of 1,620,786 shares, compared to its average volume of 1,030,863. The company has a market capitalization of $9.06 billion, a price-to-earnings ratio of 27.62, a price-to-earnings-growth ratio of 0.77 and a beta of 0.33. The company's 50-day moving average is $111.68 and its 200 day moving average is $123.06. Neurocrine Biosciences, Inc. has a 12-month low of $84.23 and a 12-month 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 (EPS) 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%. Research analysts forecast that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current fiscal year.

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

Insider Activity

In other news, CFO Matt Abernethy sold 1,283 shares of the business's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $152.87, for a total value of $196,132.21. Following the completion of the sale, the chief financial officer now owns 32,681 shares of the company's stock, valued at approximately $4,995,944.47. The trade was a 3.78 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Ingrid Delaet sold 623 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $149.29, for a total value of $93,007.67. Following the sale, the insider now owns 3,442 shares of the company's stock, valued at $513,856.18. This represents a 15.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 232,906 shares of company stock valued at $33,869,030. Corporate insiders own 4.30% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on NBIX. Deutsche Bank Aktiengesellschaft started coverage on Neurocrine Biosciences in a research report on Tuesday, February 11th. They set a "hold" rating and a $138.00 target price on the stock. Bank of America dropped their price objective on Neurocrine Biosciences from $184.00 to $179.00 and set a "buy" rating on the stock in a report on Friday, February 7th. William Blair reaffirmed an "outperform" rating on shares of Neurocrine Biosciences in a report on Friday, February 7th. Canaccord Genuity Group decreased their price target on Neurocrine Biosciences from $172.00 to $163.00 and set a "buy" rating on the stock in a research report on Friday, February 7th. Finally, Guggenheim cut their price objective on shares of Neurocrine Biosciences from $165.00 to $163.00 and set a "buy" rating for the company in a research report on Monday, February 10th. 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 company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $163.52.

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.