Cinctive Capital Management LP Purchases Shares of 16,366 Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Cinctive Capital Management LP purchased a new position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 16,366 shares of the company’s stock, valued at approximately $2,234,000.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in Neurocrine Biosciences by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 10,119,641 shares of the company’s stock worth $1,381,331,000 after purchasing an additional 122,681 shares in the last quarter. State Street Corp lifted its stake in shares of Neurocrine Biosciences by 11.7% during the third quarter. State Street Corp now owns 5,148,293 shares of the company’s stock worth $593,186,000 after buying an additional 539,936 shares during the period. Geode Capital Management LLC grew its holdings in shares of Neurocrine Biosciences by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 1,875,062 shares of the company’s stock valued at $255,523,000 after buying an additional 15,830 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Neurocrine Biosciences by 102.9% in the 4th quarter. Wellington Management Group LLP now owns 1,457,425 shares of the company’s stock valued at $198,939,000 after acquiring an additional 739,199 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in Neurocrine Biosciences by 1.4% in the 4th quarter. Bank of New York Mellon Corp now owns 870,290 shares of the company’s stock worth $118,795,000 after acquiring an additional 12,040 shares during the last quarter. Hedge funds and other institutional investors own 92.59% of the company’s stock.

Insiders Place Their Bets

In other news, insider Julie Cooke sold 1,551 shares of the firm’s stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $116.78, for a total value of $181,125.78. Following the transaction, the insider now directly owns 19,544 shares of the company’s stock, valued at approximately $2,282,348.32. This trade represents a 7.35 % 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 Kevin Charles Gorman sold 146,105 shares of the business’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $149.46, for a total transaction of $21,836,853.30. Following the transaction, the director now owns 514,596 shares in the company, valued at $76,911,518.16. The trade was a 22.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 232,906 shares of company stock worth $33,869,030. Corporate insiders own 4.30% of the company’s stock.

Neurocrine Biosciences Stock Performance

Neurocrine Biosciences stock opened at $108.31 on Thursday. The stock has a market capitalization of $10.80 billion, a P/E ratio of 32.92, a P/E/G ratio of 0.77 and a beta of 0.35. The company’s fifty day moving average price is $121.97 and its 200 day moving average price is $124.66. Neurocrine Biosciences, Inc. has a 1 year low of $105.18 and a 1 year high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its earnings results on Thursday, February 6th. The company reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.62 by ($0.62). Neurocrine Biosciences had a net margin of 14.49% and a return on equity of 13.38%. Sell-side analysts predict that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current year.

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on NBIX. Needham & Company LLC reiterated a “hold” rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. William Blair reiterated an “outperform” rating on shares of Neurocrine Biosciences in a report on Friday, February 7th. Wedbush reduced their price target on shares of Neurocrine Biosciences from $157.00 to $147.00 and set an “outperform” rating for the company in a research report on Friday, February 7th. Canaccord Genuity Group dropped 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. Finally, JPMorgan Chase & Co. raised their target price on shares of Neurocrine Biosciences from $183.00 to $184.00 and gave the stock an “overweight” rating in a report on Wednesday, March 26th. Five investment 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 company. According to MarketBeat, Neurocrine Biosciences currently has an average rating of “Moderate Buy” and a consensus target price of $165.38.

Neurocrine Biosciences Company 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.