Forum Financial Management LP Takes Position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Forum Financial Management LP acquired a new position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) during the 4th quarter, Holdings Channel reports. The fund acquired 1,859 shares of the company’s stock, valued at approximately $254,000.

Several other large investors have also recently bought and sold shares of NBIX. Janney Montgomery Scott LLC increased its position in shares of Neurocrine Biosciences by 7.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 17,545 shares of the company’s stock valued at $2,395,000 after buying an additional 1,150 shares in the last quarter. Exchange Traded Concepts LLC raised its position in shares of Neurocrine Biosciences by 2.1% during the fourth quarter. Exchange Traded Concepts LLC now owns 8,133 shares of the company’s stock worth $1,110,000 after purchasing an additional 169 shares during the period. Blue Trust Inc. lifted its holdings in shares of Neurocrine Biosciences by 75.0% during the 4th quarter. Blue Trust Inc. now owns 609 shares of the company’s stock valued at $83,000 after purchasing an additional 261 shares in the last quarter. Pacer Advisors Inc. grew its position in shares of Neurocrine Biosciences by 10.6% in the 4th quarter. Pacer Advisors Inc. now owns 31,837 shares of the company’s stock valued at $4,346,000 after purchasing an additional 3,044 shares during the period. Finally, R Squared Ltd acquired a new position in shares of Neurocrine Biosciences in the 4th quarter valued at approximately $61,000. Institutional investors own 92.59% of the company’s stock.

Neurocrine Biosciences Stock Up 2.0%

NBIX stock opened at $122.64 on Wednesday. The business has a 50 day moving average price of $108.59 and a two-hundred day moving average price of $121.84. The company has a market cap of $12.14 billion, a price-to-earnings ratio of 37.28, a P/E/G ratio of 0.77 and a beta of 0.26. Neurocrine Biosciences, Inc. has a twelve month low of $84.23 and a twelve month high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its quarterly earnings results on Monday, May 5th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.62). The company had revenue of $572.60 million during the quarter, compared to the consensus estimate of $587.06 million. Neurocrine Biosciences had a net margin of 14.49% and a return on equity of 13.38%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.20 earnings per share. On average, equities research analysts anticipate that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current fiscal year.

Neurocrine Biosciences declared that its Board of Directors has approved a stock buyback program on Friday, February 21st that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to repurchase up to 4.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Neurocrine Biosciences

In other news, Director William H. Rastetter sold 30,000 shares of Neurocrine Biosciences stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $110.20, for a total transaction of $3,306,000.00. Following the completion of the transaction, the director now directly owns 37,491 shares in the company, valued at approximately $4,131,508.20. The trade was a 44.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 4.80% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on NBIX. Evercore ISI dropped their target price on shares of Neurocrine Biosciences from $190.00 to $185.00 and set an “outperform” rating on the stock in a report on Thursday, April 24th. UBS Group increased their price objective on shares of Neurocrine Biosciences from $137.00 to $152.00 and gave the stock a “buy” rating in a research report on Tuesday, May 6th. Piper Sandler reaffirmed an “overweight” rating and issued a $154.00 price objective (down from $160.00) on shares of Neurocrine Biosciences in a research report on Tuesday, May 6th. Deutsche Bank Aktiengesellschaft began coverage on Neurocrine Biosciences in a report on Tuesday, February 11th. They set a “hold” rating and a $138.00 target price for the company. Finally, William Blair reissued an “outperform” rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $162.00.

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.