Deerfield Management Company L.P. Series C Sells 454,590 Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Deerfield Management Company L.P. Series C lessened its stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 34.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 862,000 shares of the company's stock after selling 454,590 shares during the period. Neurocrine Biosciences makes up about 2.2% of Deerfield Management Company L.P. Series C's holdings, making the stock its 11th biggest holding. Deerfield Management Company L.P. Series C owned 0.85% of Neurocrine Biosciences worth $117,663,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. First Hawaiian Bank raised its stake in Neurocrine Biosciences by 21.3% during the 4th quarter. First Hawaiian Bank now owns 12,243 shares of the company's stock valued at $1,671,000 after buying an additional 2,150 shares during the last quarter. Pallas Capital Advisors LLC grew its stake in Neurocrine Biosciences by 19.0% during the fourth quarter. Pallas Capital Advisors LLC now owns 7,673 shares of the company's stock valued at $1,047,000 after acquiring an additional 1,225 shares in the last quarter. Tealwood Asset Management Inc. boosted its stake in Neurocrine Biosciences by 1.0% during the fourth quarter. Tealwood Asset Management Inc. now owns 11,911 shares of the company's stock valued at $1,626,000 after buying an additional 118 shares during the last quarter. Park Avenue Securities LLC lifted its position in Neurocrine Biosciences by 23.3% during the fourth quarter. Park Avenue Securities LLC now owns 7,080 shares of the company's stock valued at $966,000 after purchasing an additional 1,336 shares during the last quarter. Finally, Clarus Wealth Advisors bought a new position in shares of Neurocrine Biosciences during the 4th quarter valued at approximately $253,000. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Neurocrine Biosciences Trading Down 1.9%

NASDAQ:NBIX traded down $2.31 during mid-day trading on Tuesday, hitting $118.12. 547,993 shares of the company's stock traded hands, compared to its average volume of 1,115,633. Neurocrine Biosciences, Inc. has a 12 month low of $84.23 and a 12 month high of $157.98. The firm has a 50 day moving average of $106.36 and a two-hundred day moving average of $121.93. The firm has a market capitalization of $11.69 billion, a price-to-earnings ratio of 35.90, a price-to-earnings-growth ratio of 0.77 and a beta of 0.26.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $0.08 earnings per share (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 business had revenue of $572.60 million during the quarter, compared to the consensus estimate of $587.06 million. During the same period last year, the firm earned $1.20 EPS. The company's quarterly revenue was up 11.1% compared to the same quarter last year. As a group, equities research analysts expect that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current year.

Neurocrine Biosciences announced that its board has initiated a stock repurchase plan on Friday, February 21st that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 4.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

Insider Activity

In other Neurocrine Biosciences news, insider Julie Cooke sold 1,551 shares of the stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $116.78, for a total value of $181,125.78. Following the sale, the insider now directly owns 19,544 shares in the company, valued at approximately $2,282,348.32. This trade represents a 7.35% 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 company's stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $110.20, for a total transaction of $3,306,000.00. Following the completion of the transaction, the director now 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 39,953 shares of company stock worth $4,467,990. Company insiders own 4.80% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Needham & Company LLC raised their price target on shares of Neurocrine Biosciences from $138.00 to $139.00 and gave the stock a "buy" rating in a research note on Tuesday, May 6th. Wedbush restated an "outperform" rating on shares of Neurocrine Biosciences in a research note on Tuesday, May 6th. UBS Group upped their target price on Neurocrine Biosciences from $137.00 to $152.00 and gave the stock a "buy" rating in a report on Tuesday, May 6th. Evercore ISI reduced their target price on Neurocrine Biosciences from $190.00 to $185.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Finally, StockNews.com lowered Neurocrine Biosciences from a "strong-buy" rating to a "buy" rating in a report on Thursday, March 20th. Three investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $162.00.

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.