Wellington Management Group LLP Grows Stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Wellington Management Group LLP grew its holdings in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 102.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,457,425 shares of the company's stock after buying an additional 739,199 shares during the period. Wellington Management Group LLP owned approximately 1.46% of Neurocrine Biosciences worth $198,939,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Physician Wealth Advisors Inc. bought a new position in Neurocrine Biosciences during the fourth quarter worth $66,000. Allstate Corp acquired a new position in shares of Neurocrine Biosciences during the fourth quarter valued at about $397,000. DnB Asset Management AS boosted its position in shares of Neurocrine Biosciences by 3.1% during the 4th quarter. DnB Asset Management AS now owns 118,227 shares of the company's stock worth $16,138,000 after purchasing an additional 3,500 shares in the last quarter. denkapparat Operations GmbH acquired a new stake in shares of Neurocrine Biosciences in the 4th quarter valued at about $285,000. Finally, New Age Alpha Advisors LLC bought a new stake in Neurocrine Biosciences in the 4th quarter valued at about $3,053,000. Institutional investors and hedge funds own 92.59% of the company's stock.

Neurocrine Biosciences Price Performance

Shares of NBIX traded down $2.40 during mid-day trading on Monday, hitting $93.25. The stock had a trading volume of 2,468,500 shares, compared to its average volume of 1,007,072. Neurocrine Biosciences, Inc. has a 52 week low of $90.33 and a 52 week high of $157.98. The business has a fifty day moving average price of $118.91 and a 200-day moving average price of $124.18. The firm has a market cap of $9.30 billion, a P/E ratio of 28.34, a PEG ratio of 0.77 and a beta of 0.33.

Remove Ads

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last announced its quarterly earnings data 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, research analysts expect that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current fiscal year.

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

Insider Activity at Neurocrine Biosciences

In other Neurocrine Biosciences news, insider Ingrid Delaet sold 623 shares of the business's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $149.29, for a total transaction of $93,007.67. Following the sale, the insider now owns 3,442 shares of the company's stock, valued at $513,856.18. The trade was a 15.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kevin Charles Gorman sold 5,844 shares of the firm's stock in a transaction on 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 transaction, the director now directly owns 521,618 shares of the company's stock, valued at $60,867,604.42. The trade was 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 232,906 shares of company stock worth $33,869,030. 4.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Guggenheim reduced their price objective on Neurocrine Biosciences from $165.00 to $163.00 and set a "buy" rating for the company in a research note on Monday, February 10th. JPMorgan Chase & Co. boosted their price target on shares of Neurocrine Biosciences from $183.00 to $184.00 and gave the company an "overweight" rating in a research note on Wednesday, March 26th. Wedbush lowered their price objective on shares of Neurocrine Biosciences from $157.00 to $147.00 and set an "outperform" rating on the stock in a report on Friday, February 7th. Canaccord Genuity Group reduced their price objective on shares of Neurocrine Biosciences from $172.00 to $163.00 and set a "buy" rating for the company in a report on Friday, February 7th. Finally, Royal Bank of Canada lowered their target price on shares of Neurocrine Biosciences from $154.00 to $148.00 and set a "sector perform" rating on the stock in a report on Friday, February 7th. Five equities 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's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $163.52.

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.