Neurocrine Biosciences, Inc. (NASDAQ:NBIX) Position Cut by Daiwa Securities Group Inc.

Daiwa Securities Group Inc. trimmed its stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 30.8% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 8,160 shares of the company’s stock after selling 3,638 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Neurocrine Biosciences were worth $1,114,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC bought a new stake in Neurocrine Biosciences in the fourth quarter valued at $25,000. Brooklyn Investment Group raised its stake in shares of Neurocrine Biosciences by 99.1% during the fourth quarter. Brooklyn Investment Group now owns 231 shares of the company’s stock valued at $32,000 after purchasing an additional 115 shares in the last quarter. Lindbrook Capital LLC raised its stake in shares of Neurocrine Biosciences by 53.5% during the fourth quarter. Lindbrook Capital LLC now owns 373 shares of the company’s stock valued at $51,000 after purchasing an additional 130 shares in the last quarter. R Squared Ltd bought a new stake in shares of Neurocrine Biosciences during the fourth quarter valued at about $61,000. Finally, UMB Bank n.a. raised its stake in shares of Neurocrine Biosciences by 211.6% during the fourth quarter. UMB Bank n.a. now owns 455 shares of the company’s stock valued at $62,000 after purchasing an additional 309 shares in the last quarter. 92.59% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Kevin Charles Gorman sold 5,844 shares of the business’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $116.69, for a total value of $681,936.36. Following the completion of the sale, the director now directly owns 521,618 shares in the company, valued at approximately $60,867,604.42. The trade was a 1.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Kyle Gano sold 65,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 234,269 shares of company stock worth $34,053,879. 4.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on NBIX. Wedbush cut their price objective on shares of Neurocrine Biosciences from $157.00 to $147.00 and set an “outperform” rating on the stock in a research note on Friday, February 7th. Piper Sandler restated an “overweight” rating and set a $160.00 price objective on shares of Neurocrine Biosciences in a research note on Monday, December 23rd. Royal Bank of Canada dropped their price target on shares of Neurocrine Biosciences from $154.00 to $148.00 and set a “sector perform” rating on the stock in a research report on Friday, February 7th. Morgan Stanley reiterated an “overweight” rating and issued a $150.00 price target (down from $185.00) on shares of Neurocrine Biosciences in a research report on Friday, March 7th. Finally, StockNews.com upgraded shares of Neurocrine Biosciences from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Five investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $165.24.

Neurocrine Biosciences Price Performance

Shares of Neurocrine Biosciences stock opened at $110.75 on Friday. The firm has a market cap of $11.04 billion, a price-to-earnings ratio of 33.66, a P/E/G ratio of 0.77 and a beta of 0.35. Neurocrine Biosciences, Inc. has a 52-week low of $105.18 and a 52-week high of $157.98. The stock has a 50-day simple moving average of $129.69 and a 200-day simple moving average of $125.69.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its quarterly 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%. As a group, equities research analysts predict that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current year.

Neurocrine Biosciences declared that its Board of Directors has approved a share repurchase program on Friday, February 21st that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to repurchase up to 4.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Neurocrine Biosciences 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.