Neurocrine Biosciences, Inc. (NASDAQ:NBIX) is Avidity Partners Management LP's 10th Largest Position

Avidity Partners Management LP reduced its position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 52.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 220,400 shares of the company's stock after selling 239,600 shares during the quarter. Neurocrine Biosciences comprises about 3.0% of Avidity Partners Management LP's portfolio, making the stock its 10th biggest position. Avidity Partners Management LP owned approximately 0.22% of Neurocrine Biosciences worth $30,085,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Neurocrine Biosciences by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 10,119,641 shares of the company's stock worth $1,381,331,000 after purchasing an additional 122,681 shares during the period. Dodge & Cox lifted its stake in shares of Neurocrine Biosciences by 134.2% in the fourth quarter. Dodge & Cox now owns 3,016,425 shares of the company's stock valued at $411,742,000 after buying an additional 1,728,605 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Neurocrine Biosciences by 2.9% during the fourth quarter. AQR Capital Management LLC now owns 1,896,891 shares of the company's stock valued at $258,926,000 after buying an additional 53,610 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Neurocrine Biosciences by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 1,875,062 shares of the company's stock worth $255,523,000 after acquiring an additional 15,830 shares in the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Neurocrine Biosciences by 102.9% in the 4th quarter. Wellington Management Group LLP now owns 1,457,425 shares of the company's stock worth $198,939,000 after acquiring an additional 739,199 shares during the last quarter. Institutional investors own 92.59% of the company's stock.

Neurocrine Biosciences Trading Up 2.2 %

NASDAQ:NBIX traded up $2.62 during trading hours on Wednesday, reaching $121.54. The company had a trading volume of 2,875,637 shares, compared to its average volume of 1,103,267. The firm's 50 day moving average price is $106.06 and its 200-day moving average price is $121.81. The firm has a market cap of $12.02 billion, a price-to-earnings ratio of 36.94, a PEG ratio of 0.77 and a beta of 0.26. Neurocrine Biosciences, Inc. has a 52 week low of $84.23 and a 52 week high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $0.08 EPS for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $587.06 million. During the same quarter last year, the company posted $1.20 EPS. The firm's revenue was up 11.1% compared to the same quarter last year. On average, analysts forecast that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current fiscal year.

Neurocrine Biosciences announced that its board has approved a share repurchase program on Friday, February 21st that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 4.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company's management believes its shares are undervalued.

Insider Activity

In other Neurocrine Biosciences news, insider Julie Cooke sold 700 shares of the business's stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $118.28, for a total transaction of $82,796.00. Following the completion of the sale, the insider now owns 18,831 shares of the company's stock, valued at approximately $2,227,330.68. The trade was a 3.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director William H. Rastetter sold 30,000 shares of the firm's stock in a transaction dated 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 transaction, the director now directly owns 37,491 shares in the company, valued at $4,131,508.20. This trade represents a 44.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,907 shares of company stock valued at $4,935,982 in the last quarter. 4.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

NBIX has been the topic of a number of recent analyst reports. Evercore ISI dropped their price target on shares of Neurocrine Biosciences from $190.00 to $185.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Morgan Stanley reiterated an "overweight" rating and issued a $150.00 price objective (down previously from $185.00) on shares of Neurocrine Biosciences in a research note on Friday, March 7th. JPMorgan Chase & Co. boosted their target price on Neurocrine Biosciences from $183.00 to $184.00 and gave the stock an "overweight" rating in a research note on Wednesday, March 26th. Royal Bank of Canada lifted their price target on Neurocrine Biosciences from $137.00 to $145.00 and gave the stock an "outperform" rating in a report on Tuesday. Finally, HC Wainwright cut their price target on shares of Neurocrine Biosciences from $185.00 to $168.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Three investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. According to MarketBeat, Neurocrine Biosciences currently has a consensus rating of "Moderate Buy" and an average target price of $162.00.

Neurocrine Biosciences Company 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.