KLP Kapitalforvaltning AS Takes $4.75 Million Position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

KLP Kapitalforvaltning AS purchased a new position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) during the 4th quarter, Holdings Channel reports. The fund purchased 34,800 shares of the company’s stock, valued at approximately $4,750,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Neurocrine Biosciences by 0.5% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 22,361 shares of the company’s stock worth $3,052,000 after acquiring an additional 103 shares during the period. Teacher Retirement System of Texas increased its holdings in Neurocrine Biosciences by 14.8% during the 4th quarter. Teacher Retirement System of Texas now owns 30,812 shares of the company’s stock worth $4,206,000 after purchasing an additional 3,974 shares during the period. First Financial Bankshares Inc lifted its holdings in shares of Neurocrine Biosciences by 51.9% in the 4th quarter. First Financial Bankshares Inc now owns 26,942 shares of the company’s stock worth $3,678,000 after buying an additional 9,208 shares during the period. Harvest Fund Management Co. Ltd bought a new position in shares of Neurocrine Biosciences during the 4th quarter worth $161,000. Finally, Xponance Inc. grew its position in shares of Neurocrine Biosciences by 7.7% during the 4th quarter. Xponance Inc. now owns 27,067 shares of the company’s stock worth $3,695,000 after buying an additional 1,941 shares in the last quarter. Institutional investors own 92.59% of the company’s stock.

Neurocrine Biosciences Stock Up 0.5 %

Shares of NASDAQ:NBIX opened at $116.18 on Wednesday. Neurocrine Biosciences, Inc. has a 52-week low of $105.18 and a 52-week high of $157.98. The stock has a market cap of $11.58 billion, a price-to-earnings ratio of 35.31, a PEG ratio of 0.77 and a beta of 0.35. The business has a 50-day moving average price of $125.89 and a 200-day moving average price of $125.10.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its quarterly earnings results 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 return on equity of 13.38% and a net margin of 14.49%. As a group, equities 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 authorized a share repurchase program on Friday, February 21st that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to buy 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.

Insider Buying and Selling

In related news, Director Kevin Charles Gorman sold 5,844 shares of the firm’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $116.69, for a total transaction of $681,936.36. Following the sale, the director now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ingrid Delaet sold 272 shares of the business’s stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $138.10, for a total value of $37,563.20. Following the completion of the transaction, the insider now directly owns 2,507 shares of the company’s stock, valued at $346,216.70. The trade was a 9.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 233,178 shares of company stock valued at $33,906,594 over the last 90 days. Insiders own 4.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $160.00 price objective on shares of Neurocrine Biosciences in a research note on Monday, December 23rd. Barclays upped their price target 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. Canaccord Genuity Group cut their price objective on shares of Neurocrine Biosciences from $172.00 to $163.00 and set a “buy” rating on the stock in a report on Friday, February 7th. Morgan Stanley restated an “overweight” rating and set a $150.00 target price (down previously from $185.00) on shares of Neurocrine Biosciences in a report on Friday, March 7th. Finally, Wedbush cut their price target on Neurocrine Biosciences from $157.00 to $147.00 and set an “outperform” 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 given a strong buy rating to the stock. According to data from MarketBeat, Neurocrine Biosciences has an average rating of “Moderate Buy” and an average target price of $165.24.

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.