California State Teachers Retirement System Grows Position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

California State Teachers Retirement System boosted its stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 1.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 136,549 shares of the company's stock after buying an additional 2,389 shares during the quarter. California State Teachers Retirement System owned approximately 0.14% of Neurocrine Biosciences worth $18,639,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Caprock Group LLC acquired a new stake in Neurocrine Biosciences in the 4th quarter valued at $236,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Neurocrine Biosciences by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 762,557 shares of the company's stock valued at $104,089,000 after acquiring an additional 15,266 shares during the period. Oakworth Capital Inc. acquired a new position in shares of Neurocrine Biosciences during the fourth quarter valued at $379,000. Avantax Advisory Services Inc. lifted its stake in shares of Neurocrine Biosciences by 11.4% during the fourth quarter. Avantax Advisory Services Inc. now owns 2,895 shares of the company's stock valued at $395,000 after acquiring an additional 297 shares during the period. Finally, Synergy Asset Management LLC acquired a new position in shares of Neurocrine Biosciences during the fourth quarter valued at $996,000. Institutional investors and hedge funds own 92.59% of the company's stock.

Insiders Place Their Bets

In other news, Director William H. Rastetter sold 30,000 shares of the stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $110.20, for a total transaction of $3,306,000.00. Following the transaction, the director now directly owns 37,491 shares in the company, valued at approximately $4,131,508.20. This represents a 44.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kevin Charles Gorman sold 9,613 shares of the firm's stock in a transaction that occurred 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 transaction, the director now owns 514,596 shares in the company, valued at approximately $61,947,066.48. The trade was a 1.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.80% of the company's stock.

Neurocrine Biosciences Stock Up 0.6%

Shares of NBIX stock traded up $0.69 during mid-day trading on Tuesday, reaching $125.25. 225,947 shares of the stock traded hands, compared to its average volume of 1,135,900. The stock's fifty day simple moving average is $109.30 and its two-hundred day simple moving average is $121.81. Neurocrine Biosciences, Inc. has a 1-year low of $84.23 and a 1-year high of $157.98. The company has a market cap of $12.40 billion, a price-to-earnings ratio of 38.07, a price-to-earnings-growth ratio of 0.77 and a beta of 0.26.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.70 by ($0.62). Neurocrine Biosciences had a return on equity of 13.38% and a net margin of 14.49%. The company had revenue of $572.60 million for the quarter, compared to the consensus estimate of $587.06 million. During the same quarter last year, the business earned $1.20 earnings per share. Neurocrine Biosciences's revenue was up 11.1% compared to the same quarter last year. On average, equities research analysts anticipate that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current fiscal year.

Neurocrine Biosciences declared that its board has initiated a stock repurchase program on Friday, February 21st that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 4.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

NBIX has been the subject of a number of recent analyst reports. UBS Group upped their price objective on Neurocrine Biosciences from $137.00 to $152.00 and gave the company a "buy" rating in a report on Tuesday, May 6th. Piper Sandler reaffirmed an "overweight" rating and set a $154.00 price target (down previously from $160.00) on shares of Neurocrine Biosciences in a research report on Tuesday, May 6th. Needham & Company LLC raised their price target on Neurocrine Biosciences from $138.00 to $139.00 and gave the stock a "buy" rating in a research report on Tuesday, May 6th. Guggenheim raised their price target on Neurocrine Biosciences from $155.00 to $165.00 and gave the stock a "buy" rating in a research report on Tuesday, May 6th. Finally, Canaccord Genuity Group raised their price target on Neurocrine Biosciences from $158.00 to $160.00 and gave the stock a "buy" rating in a research report on Tuesday, May 6th. Three investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target 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.