Davis Investment Partners LLC Takes $511,000 Position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Davis Investment Partners LLC acquired a new stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,619 shares of the company’s stock, valued at approximately $511,000.

Several other hedge funds have also recently modified their holdings of NBIX. Golden State Wealth Management LLC acquired a new position in shares of Neurocrine Biosciences during the fourth quarter valued at about $25,000. Huntington National Bank increased its holdings in shares of Neurocrine Biosciences by 73.5% during the fourth quarter. Huntington National Bank now owns 229 shares of the company’s stock valued at $31,000 after acquiring an additional 97 shares in the last quarter. GeoWealth Management LLC increased its holdings in shares of Neurocrine Biosciences by 65.4% during the fourth quarter. GeoWealth Management LLC now owns 258 shares of the company’s stock valued at $35,000 after acquiring an additional 102 shares in the last quarter. Versant Capital Management Inc increased its holdings in shares of Neurocrine Biosciences by 404.9% during the first quarter. Versant Capital Management Inc now owns 409 shares of the company’s stock valued at $45,000 after acquiring an additional 328 shares in the last quarter. Finally, Harbor Capital Advisors Inc. purchased a new stake in Neurocrine Biosciences in the first quarter valued at approximately $48,000. Institutional investors and hedge funds own 92.59% of the company’s stock.

Insider Activity at Neurocrine Biosciences

In other Neurocrine Biosciences news, Director William H. Rastetter sold 30,000 shares of the firm’s stock in a transaction on Monday, May 5th. The stock was sold at an average price of $110.20, for a total value of $3,306,000.00. Following the completion of the sale, the director now directly owns 37,491 shares of the company’s stock, valued at $4,131,508.20. This trade represents a 44.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kevin Charles Gorman sold 9,613 shares of the firm’s stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $120.38, for a total value of $1,157,212.94. Following the completion of the sale, the director now directly owns 514,596 shares of the company’s stock, valued at $61,947,066.48. This trade represents a 1.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently commented on NBIX shares. Guggenheim upped their target price on Neurocrine Biosciences from $155.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, May 6th. Wall Street Zen lowered Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 20th. BMO Capital Markets upped their price objective on Neurocrine Biosciences from $96.00 to $115.00 and gave the stock a “market perform” rating in a research report on Tuesday, May 6th. Piper Sandler restated an “overweight” rating and issued a $154.00 price objective (down previously from $160.00) on shares of Neurocrine Biosciences in a research report on Tuesday, May 6th. Finally, Wedbush restated an “outperform” rating on shares of Neurocrine Biosciences in a research report on Tuesday, May 6th. Three equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $162.00.

Neurocrine Biosciences Stock Performance

NASDAQ NBIX opened at $124.17 on Thursday. The business has a fifty day moving average price of $111.75 and a 200 day moving average price of $121.94. Neurocrine Biosciences, Inc. has a one year low of $84.23 and a one year high of $157.98. The company has a market cap of $12.29 billion, a P/E ratio of 37.74, a P/E/G ratio of 0.77 and a beta of 0.24.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its quarterly earnings data on Monday, May 5th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.62). Neurocrine Biosciences had a net margin of 14.49% and a return on equity of 13.38%. The firm had revenue of $572.60 million during the quarter, compared to analyst estimates of $587.06 million. During the same period in the prior year, the company posted $1.20 earnings per share. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, sell-side analysts predict that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current fiscal year.

Neurocrine Biosciences announced that its Board of Directors has initiated a share repurchase program on Friday, February 21st that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are generally a sign 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.