Neurocrine Biosciences, Inc. (NASDAQ:NBIX) Shares Sold by Summit Global Investments

Summit Global Investments trimmed its holdings in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 40.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,060 shares of the company's stock after selling 21,517 shares during the period. Summit Global Investments' holdings in Neurocrine Biosciences were worth $4,376,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Golden State Wealth Management LLC acquired a new stake in Neurocrine Biosciences during the 4th quarter valued at $25,000. Brooklyn Investment Group lifted its position in shares of 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 in the last quarter. Lindbrook Capital LLC boosted its stake in shares of Neurocrine Biosciences by 53.5% during the fourth quarter. Lindbrook Capital LLC now owns 373 shares of the company's stock valued at $51,000 after acquiring an additional 130 shares during the last quarter. R Squared Ltd acquired a new stake in shares of Neurocrine Biosciences during the fourth quarter valued at $61,000. Finally, UMB Bank n.a. increased its position in Neurocrine Biosciences by 211.6% during the 4th quarter. UMB Bank n.a. now owns 455 shares of the company's stock worth $62,000 after purchasing an additional 309 shares in the last quarter. 92.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NBIX has been the topic of several analyst reports. William Blair reaffirmed an "outperform" rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. Barclays raised their target price on shares of Neurocrine Biosciences from $160.00 to $165.00 and gave the stock an "overweight" rating in a research report on Monday, December 23rd. JPMorgan Chase & Co. boosted their price target on Neurocrine Biosciences from $183.00 to $184.00 and gave the company an "overweight" rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft started coverage on Neurocrine Biosciences in a report on Tuesday, February 11th. They set a "hold" rating and a $138.00 price objective on the stock. Finally, Guggenheim lowered their price objective on 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 research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $165.38.

Remove Ads

Insider Buying and Selling

In other news, CFO Matt Abernethy sold 2,558 shares of Neurocrine Biosciences stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $116.86, for a total transaction of $298,927.88. Following the sale, the chief financial officer now owns 34,775 shares in the company, valued at $4,063,806.50. This trade represents a 6.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kevin Charles Gorman sold 5,844 shares of the company's stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $116.69, for a total transaction of $681,936.36. Following the completion of the transaction, the director now owns 521,618 shares of the company's stock, valued at $60,867,604.42. This trade represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 233,178 shares of company stock valued at $33,906,594. Corporate insiders own 4.30% of the company's stock.

Neurocrine Biosciences Stock Down 1.5 %

Shares of NBIX stock traded down $1.73 during mid-day trading on Wednesday, reaching $114.45. The company's stock had a trading volume of 974,812 shares, compared to its average volume of 961,379. The company's 50 day simple moving average is $125.89 and its 200-day simple moving average is $125.10. Neurocrine Biosciences, Inc. has a 12-month low of $105.18 and a 12-month high of $157.98. The firm has a market capitalization of $11.41 billion, a PE ratio of 34.79, a price-to-earnings-growth ratio of 0.77 and a beta of 0.35.

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

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

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.