Davis Investment Partners LLC Purchases New Shares in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Davis Investment Partners LLC purchased a new stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 4,619 shares of the company’s stock, valued at approximately $511,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Golden State Wealth Management LLC purchased a new stake in Neurocrine Biosciences during the 4th quarter valued at $25,000. Huntington National Bank raised its holdings in Neurocrine Biosciences by 73.5% during the 4th quarter. Huntington National Bank now owns 229 shares of the company’s stock valued at $31,000 after buying an additional 97 shares during the period. GeoWealth Management LLC raised its holdings in Neurocrine Biosciences by 65.4% during the 4th quarter. GeoWealth Management LLC now owns 258 shares of the company’s stock valued at $35,000 after buying an additional 102 shares during the period. Lindbrook Capital LLC raised its holdings in Neurocrine Biosciences by 53.5% during the 4th quarter. Lindbrook Capital LLC now owns 373 shares of the company’s stock valued at $51,000 after buying an additional 130 shares during the period. Finally, Versant Capital Management Inc raised its holdings in Neurocrine Biosciences by 404.9% during the 1st quarter. Versant Capital Management Inc now owns 409 shares of the company’s stock valued at $45,000 after buying an additional 328 shares during the period. Hedge funds and other institutional investors own 92.59% of the company’s stock.

Insiders Place Their Bets

In other Neurocrine Biosciences news, Director Kevin Charles Gorman sold 9,613 shares of the business’s stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $120.38, for a total value of $1,157,212.94. Following the completion of the transaction, the director now directly owns 514,596 shares in the company, valued at approximately $61,947,066.48. The trade was a 1.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director William H. Rastetter sold 30,000 shares of the business’s stock in a transaction dated 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 owns 37,491 shares of the company’s stock, valued at $4,131,508.20. This represents a 44.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.80% of the stock is currently owned by corporate insiders.

Neurocrine Biosciences Price Performance

NBIX stock opened at $124.17 on Thursday. The business has a 50-day moving average price of $111.75 and a 200 day moving average price of $121.94. The company has a market capitalization of $12.29 billion, a P/E ratio of 37.74, a PEG ratio of 0.77 and a beta of 0.24. Neurocrine Biosciences, Inc. has a 1-year low of $84.23 and a 1-year high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX) last released its quarterly earnings data on Monday, May 5th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.62). The firm 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 business’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.20 earnings per share. On average, analysts anticipate that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current fiscal year.

Neurocrine Biosciences declared that its board has initiated a stock buyback plan on Friday, February 21st that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 4.2% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on NBIX shares. Wedbush restated an “outperform” rating on shares of Neurocrine Biosciences in a report on Tuesday, May 6th. JPMorgan Chase & Co. increased their target price on Neurocrine Biosciences from $183.00 to $184.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 26th. UBS Group increased their target price on Neurocrine Biosciences from $137.00 to $152.00 and gave the stock a “buy” rating in a research note on Tuesday, May 6th. Wall Street Zen lowered Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 20th. Finally, Evercore ISI reduced their target price on Neurocrine Biosciences from $190.00 to $185.00 and set an “outperform” rating on the stock in a research note on Thursday, April 24th. Three research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, 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.