E Fund Management Co. Ltd. Cuts Position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

E Fund Management Co. Ltd. lowered its position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 16.3% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 7,441 shares of the company’s stock after selling 1,446 shares during the period. E Fund Management Co. Ltd.’s holdings in Neurocrine Biosciences were worth $1,016,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Golden State Wealth Management LLC purchased a new stake in Neurocrine Biosciences during the 4th quarter worth about $25,000. Brooklyn Investment Group increased its position in Neurocrine Biosciences by 99.1% during the 4th quarter. Brooklyn Investment Group now owns 231 shares of the company’s stock worth $32,000 after purchasing an additional 115 shares in the last quarter. Lindbrook Capital LLC increased its position in Neurocrine Biosciences by 53.5% during the 4th quarter. Lindbrook Capital LLC now owns 373 shares of the company’s stock worth $51,000 after purchasing an additional 130 shares in the last quarter. R Squared Ltd acquired a new stake in Neurocrine Biosciences in the 4th quarter worth about $61,000. Finally, UMB Bank n.a. boosted its stake in Neurocrine Biosciences by 211.6% in the 4th quarter. UMB Bank n.a. now owns 455 shares of the company’s stock worth $62,000 after buying an additional 309 shares during the last quarter. Hedge funds and other institutional investors own 92.59% of the company’s stock.

Neurocrine Biosciences Stock Performance

NBIX opened at $113.04 on Friday. The company has a market cap of $11.27 billion, a PE ratio of 34.36, a price-to-earnings-growth ratio of 0.77 and a beta of 0.35. The stock has a 50-day moving average of $132.47 and a 200-day moving average of $127.35. Neurocrine Biosciences, Inc. has a 52-week low of $110.25 and a 52-week high of $157.98.

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

Neurocrine Biosciences declared that its board has authorized a stock buyback program on Friday, February 21st that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 4.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Guggenheim reduced their price objective on Neurocrine Biosciences from $165.00 to $163.00 and set a “buy” rating on the stock in a research note on Monday, February 10th. Royal Bank of Canada reduced their price objective on Neurocrine Biosciences from $154.00 to $148.00 and set a “sector perform” rating on the stock in a research note on Friday, February 7th. Morgan Stanley reaffirmed an “overweight” rating and issued a $150.00 price objective (down from $185.00) on shares of Neurocrine Biosciences in a research note on Friday. Barclays lifted their price objective on Neurocrine Biosciences from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, December 23rd. Finally, Needham & Company LLC reissued a “hold” rating on shares of Neurocrine Biosciences in a research report on Friday, February 7th. Five research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Neurocrine Biosciences has a consensus rating of “Moderate Buy” and a consensus target price of $165.24.

Insider Activity at Neurocrine Biosciences

In other news, insider Ingrid Delaet sold 272 shares of the firm’s stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $138.10, for a total value of $37,563.20. Following the transaction, the insider now directly owns 2,507 shares in the company, valued at $346,216.70. This trade represents a 9.79 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Matt Abernethy sold 1,283 shares of the firm’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $152.87, for a total value of $196,132.21. Following the completion of the transaction, the chief financial officer now owns 32,681 shares in the company, valued at $4,995,944.47. This represents a 3.78 % 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 in the last three months. Corporate insiders own 4.30% of the company’s stock.

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.