AGF Management Ltd. Takes Position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

AGF Management Ltd. purchased a new position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,633 shares of the company’s stock, valued at approximately $632,000.

A number of other large investors have also modified their holdings of NBIX. State Street Corp grew its position in Neurocrine Biosciences by 11.7% in the 3rd quarter. State Street Corp now owns 5,148,293 shares of the company’s stock worth $593,186,000 after purchasing an additional 539,936 shares during the last quarter. Geode Capital Management LLC grew its holdings in Neurocrine Biosciences by 2.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,859,232 shares of the company’s stock worth $213,773,000 after buying an additional 39,610 shares in the last quarter. Braidwell LP increased its position in Neurocrine Biosciences by 20.9% in the 3rd quarter. Braidwell LP now owns 917,674 shares of the company’s stock valued at $105,734,000 after acquiring an additional 158,665 shares during the period. Bank of New York Mellon Corp increased its position 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 valued at $118,795,000 after acquiring an additional 12,040 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Neurocrine Biosciences during the 4th quarter valued at $115,193,000. Institutional investors and hedge funds own 92.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on NBIX shares. Guggenheim lowered their price target on Neurocrine Biosciences from $165.00 to $163.00 and set a “buy” rating on the stock in a report on Monday, February 10th. StockNews.com raised shares of Neurocrine Biosciences from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. Piper Sandler reaffirmed an “overweight” rating and issued a $160.00 price target on shares of Neurocrine Biosciences in a research note on Monday, December 23rd. Morgan Stanley reiterated an “overweight” rating and issued a $150.00 price objective (down from $185.00) on shares of Neurocrine Biosciences in a report on Friday, March 7th. Finally, Barclays boosted their target price on Neurocrine Biosciences from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Monday, December 23rd. Five investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $165.24.

Neurocrine Biosciences Stock Up 1.6 %

Shares of NASDAQ:NBIX opened at $110.75 on Friday. The company’s fifty day moving average is $129.69 and its two-hundred day moving average is $125.88. The company has a market cap of $11.04 billion, a P/E ratio of 33.66, a price-to-earnings-growth ratio of 0.77 and a beta of 0.35. Neurocrine Biosciences, Inc. has a 12-month low of $105.18 and a 12-month high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its quarterly earnings results on Thursday, February 6th. The company reported $1.00 earnings per share 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%. Equities research analysts anticipate that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current year.

Neurocrine Biosciences declared that its board has approved a share repurchase program on Friday, February 21st that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 4.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Transactions at Neurocrine Biosciences

In other news, CFO Matt Abernethy sold 1,283 shares of the company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $152.87, for a total value of $196,132.21. Following the transaction, the chief financial officer now directly owns 32,681 shares of the company’s stock, valued at approximately $4,995,944.47. This represents a 3.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Kyle Gano sold 65,000 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $141.50, for a total value of $9,197,500.00. Following the sale, the chief executive officer now owns 135,392 shares of the company’s stock, valued at approximately $19,157,968. This represents a 32.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 234,269 shares of company stock valued at $34,053,879 over the last three months. 4.30% of the stock is owned by corporate insiders.

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.