Norges Bank Makes New Investment in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Norges Bank purchased a new position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) in the 4th quarter, Holdings Channel reports. The firm purchased 325,295 shares of the company’s stock, valued at approximately $44,403,000.

Other large investors also recently modified their holdings of the company. Eagle Health Investments LP increased its holdings in Neurocrine Biosciences by 20.5% in the 4th quarter. Eagle Health Investments LP now owns 155,000 shares of the company’s stock worth $21,158,000 after purchasing an additional 26,400 shares in the last quarter. Elo Mutual Pension Insurance Co acquired a new position in shares of Neurocrine Biosciences in the fourth quarter valued at approximately $1,509,000. WINTON GROUP Ltd bought a new position in Neurocrine Biosciences in the 4th quarter valued at approximately $1,027,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Neurocrine Biosciences by 13.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 76,922 shares of the company’s stock worth $10,623,000 after buying an additional 9,086 shares during the period. Finally, Segall Bryant & Hamill LLC grew its holdings in Neurocrine Biosciences by 28.5% during the 4th quarter. Segall Bryant & Hamill LLC now owns 46,870 shares of the company’s stock worth $6,398,000 after acquiring an additional 10,398 shares during the last quarter. 92.59% of the stock is currently owned by institutional investors.

Neurocrine Biosciences Stock Down 7.0 %

Shares of Neurocrine Biosciences stock opened at $95.65 on Friday. Neurocrine Biosciences, Inc. has a 52 week low of $93.59 and a 52 week high of $157.98. The business has a 50 day moving average price of $120.01 and a 200-day moving average price of $124.33. The company has a market cap of $9.54 billion, a PE ratio of 29.07, a price-to-earnings-growth ratio of 0.77 and a beta of 0.35.

Neurocrine Biosciences (NASDAQ:NBIX) last released its quarterly earnings results on Thursday, February 6th. The company reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.62). Neurocrine Biosciences had a net margin of 14.49% and a return on equity of 13.38%. As a group, research analysts anticipate that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current year.

Neurocrine Biosciences declared that its Board of Directors has authorized a stock repurchase plan on Friday, February 21st that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 4.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Activity

In related news, CEO Kyle Gano sold 65,000 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $141.50, for a total transaction of $9,197,500.00. Following the completion of the sale, the chief executive officer now directly owns 135,392 shares of the company’s stock, valued at approximately $19,157,968. This trade represents a 32.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kevin Charles Gorman sold 146,105 shares of the stock in a transaction dated Monday, January 27th. The shares were 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 of the company’s stock, valued at approximately $76,911,518.16. The trade was a 22.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 232,906 shares of company stock worth $33,869,030 over the last quarter. Insiders own 4.30% of the company’s stock.

Analyst Ratings Changes

NBIX has been the subject of several recent research reports. Barclays upped their price target on shares of Neurocrine Biosciences from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Monday, December 23rd. Wedbush lowered their target price on Neurocrine Biosciences from $157.00 to $147.00 and set an “outperform” rating for the company in a research report on Friday, February 7th. Piper Sandler reiterated an “overweight” rating and issued a $160.00 price target on shares of Neurocrine Biosciences in a research report on Monday, December 23rd. Morgan Stanley restated an “overweight” rating and set a $150.00 price objective (down from $185.00) on shares of Neurocrine Biosciences in a research report on Friday, March 7th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Neurocrine Biosciences in a report on Tuesday, February 11th. They issued a “hold” rating and a $138.00 target price on the stock. Five investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Neurocrine Biosciences has an average rating of “Moderate Buy” and a consensus target price of $163.52.

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.