Los Angeles Capital Management LLC Buys 92,072 Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Los Angeles Capital Management LLC grew its stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 21.9% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 512,820 shares of the company’s stock after purchasing an additional 92,072 shares during the period. Los Angeles Capital Management LLC’s holdings in Neurocrine Biosciences were worth $70,000,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NBIX. Bank of New York Mellon Corp boosted its stake in shares of 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 buying an additional 12,040 shares during the last quarter. Blackhawk Capital Partners LLC. purchased a new position in shares of Neurocrine Biosciences in the 4th quarter worth approximately $1,334,000. Impax Asset Management Group plc boosted its stake in shares of Neurocrine Biosciences by 207.8% in the 4th quarter. Impax Asset Management Group plc now owns 261,599 shares of the company’s stock worth $35,708,000 after buying an additional 176,599 shares during the last quarter. IFP Advisors Inc boosted its stake in shares of Neurocrine Biosciences by 7.3% in the 4th quarter. IFP Advisors Inc now owns 2,020 shares of the company’s stock worth $276,000 after buying an additional 137 shares during the last quarter. Finally, HealthInvest Partners AB boosted its stake in shares of Neurocrine Biosciences by 11.8% in the 4th quarter. HealthInvest Partners AB now owns 67,763 shares of the company’s stock worth $9,288,000 after buying an additional 7,156 shares during the last quarter. 92.59% of the stock is owned by institutional investors.

Neurocrine Biosciences Stock Performance

Shares of NASDAQ NBIX opened at $119.11 on Tuesday. Neurocrine Biosciences, Inc. has a fifty-two week low of $110.95 and a fifty-two week high of $157.98. The company has a 50 day simple moving average of $136.35 and a two-hundred day simple moving average of $129.11. The company has a market capitalization of $11.88 billion, a price-to-earnings ratio of 36.20, a P/E/G ratio of 0.77 and a beta of 0.33.

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

Neurocrine Biosciences declared that its board has authorized a share repurchase plan on Friday, February 21st that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to buy up to 4.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

Insider Activity at Neurocrine Biosciences

In related news, insider Ingrid Delaet sold 1,091 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $135.00, for a total value of $147,285.00. Following the sale, the insider now owns 2,507 shares in the company, valued at approximately $338,445. This trade represents a 30.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Julie Cooke sold 700 shares of Neurocrine Biosciences stock in a transaction on Monday, February 10th. The stock was sold at an average price of $118.28, for a total transaction of $82,796.00. Following the transaction, the insider now owns 18,831 shares in the company, valued at $2,227,330.68. This represents a 3.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 236,600 shares of company stock valued at $34,348,261 over the last 90 days. Corporate insiders own 4.30% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. UBS Group boosted their target price on Neurocrine Biosciences from $162.00 to $176.00 and gave the stock a “buy” rating in a research note on Thursday, January 30th. Wedbush dropped their price objective on Neurocrine Biosciences from $157.00 to $147.00 and set an “outperform” rating on the stock in a research note on Friday, February 7th. 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 research note on Friday, February 7th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $160.00 price objective on shares of Neurocrine Biosciences in a research note on Monday, December 23rd. Five research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $166.90.

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.