Stanley Laman Group Ltd. Reduces Position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Stanley Laman Group Ltd. lowered its stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 22.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 32,659 shares of the company’s stock after selling 9,499 shares during the period. Stanley Laman Group Ltd.’s holdings in Neurocrine Biosciences were worth $3,612,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Golden State Wealth Management LLC acquired a new position in shares of Neurocrine Biosciences in the 4th quarter valued at $25,000. Savant Capital LLC acquired a new stake in Neurocrine Biosciences during the 4th quarter worth about $2,258,000. Louisiana State Employees Retirement System grew its stake in Neurocrine Biosciences by 0.4% during the 4th quarter. Louisiana State Employees Retirement System now owns 28,100 shares of the company’s stock valued at $3,836,000 after purchasing an additional 100 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Neurocrine Biosciences by 11.8% in the fourth quarter. Van ECK Associates Corp now owns 93,406 shares of the company’s stock valued at $12,750,000 after purchasing an additional 9,824 shares during the period. Finally, Asset Management One Co. Ltd. raised its stake in shares of Neurocrine Biosciences by 1.7% in the fourth quarter. Asset Management One Co. Ltd. now owns 70,431 shares of the company’s stock worth $9,821,000 after purchasing an additional 1,201 shares during the last quarter. 92.59% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on NBIX shares. Piper Sandler reiterated an “overweight” rating and issued a $154.00 price target (down previously from $160.00) on shares of Neurocrine Biosciences in a report on Tuesday, May 6th. HC Wainwright dropped their price objective on shares of Neurocrine Biosciences from $185.00 to $168.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. Morgan Stanley restated an “overweight” rating and set a $150.00 target price (down from $185.00) on shares of Neurocrine Biosciences in a research report on Friday, March 7th. JPMorgan Chase & Co. upped their price target on shares of Neurocrine Biosciences from $183.00 to $184.00 and gave the company an “overweight” rating in a report on Wednesday, March 26th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $145.00 target price on shares of Neurocrine Biosciences in a research note on Monday, June 2nd. Three research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $162.00.

Insider Buying and Selling

In other news, Director Kevin Charles Gorman sold 9,613 shares of the firm’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 transaction, the director now directly owns 514,596 shares of the company’s stock, valued at approximately $61,947,066.48. This trade represents a 1.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 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 transaction, the director now owns 37,491 shares in the company, valued at $4,131,508.20. The trade was 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 insiders.

Neurocrine Biosciences Stock Performance

Shares of NASDAQ NBIX opened at $125.01 on Friday. The firm has a fifty day moving average of $112.39 and a 200 day moving average of $121.93. The firm has a market cap of $12.37 billion, a PE ratio of 38.00, a PEG ratio of 0.77 and a beta of 0.24. Neurocrine Biosciences, Inc. has a one year low of $84.23 and a one year high of $157.98.

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

Neurocrine Biosciences declared that its board has authorized a share 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 purchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Neurocrine Biosciences 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.