Central Pacific Bank Trust Division Sells 2,077 Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Central Pacific Bank Trust Division trimmed its position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 56.1% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,625 shares of the company's stock after selling 2,077 shares during the period. Central Pacific Bank Trust Division's holdings in Neurocrine Biosciences were worth $180,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Golden State Wealth Management LLC bought a new stake in shares of Neurocrine Biosciences in the 4th quarter valued at approximately $25,000. Huntington National Bank increased its stake in 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 purchasing an additional 97 shares during the last quarter. GeoWealth Management LLC raised 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 worth $35,000 after purchasing an additional 102 shares during the period. Lindbrook Capital LLC raised its holdings in shares of Neurocrine Biosciences by 53.5% during the fourth quarter. Lindbrook Capital LLC now owns 373 shares of the company's stock worth $51,000 after purchasing an additional 130 shares during the period. Finally, R Squared Ltd bought a new position in shares of Neurocrine Biosciences in the 4th quarter worth about $61,000. 92.59% of the stock is owned by institutional investors.

Neurocrine Biosciences Price Performance

Shares of NASDAQ:NBIX remained flat at $125.00 on Wednesday. The stock had a trading volume of 273,163 shares, compared to its average volume of 1,137,900. Neurocrine Biosciences, Inc. has a one year low of $84.23 and a one year high of $157.98. The firm has a fifty day simple moving average of $109.52 and a 200 day simple moving average of $121.83. The stock has a market cap of $12.37 billion, a PE ratio of 37.99, a PEG ratio of 0.77 and a beta of 0.26.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.62). The company had revenue of $572.60 million for the quarter, compared to analysts' expectations of $587.06 million. Neurocrine Biosciences had a net margin of 14.49% and a return on equity of 13.38%. The company's revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.20 earnings per share. As a group, research 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 allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 4.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages have recently issued reports on NBIX. Bank of America reduced their price target on shares of Neurocrine Biosciences from $184.00 to $179.00 and set a "buy" rating for the company in a report on Friday, February 7th. Morgan Stanley restated an "overweight" rating and issued a $150.00 target price (down previously from $185.00) on shares of Neurocrine Biosciences in a research report on Friday, March 7th. BMO Capital Markets lifted their price target on Neurocrine Biosciences from $96.00 to $115.00 and gave the company a "market perform" rating in a report on Tuesday, May 6th. Wedbush reissued an "outperform" rating on shares of Neurocrine Biosciences in a report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. raised their target price on Neurocrine Biosciences from $183.00 to $184.00 and gave the company an "overweight" rating in a research report on Wednesday, March 26th. Three research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company's stock. According to MarketBeat.com, Neurocrine Biosciences currently has an average rating of "Moderate Buy" and an average price target of $162.00.

Insider Buying and Selling at Neurocrine Biosciences

In related news, Director Kevin Charles Gorman sold 9,613 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $120.38, for a total transaction of $1,157,212.94. Following the completion of the sale, the director now directly owns 514,596 shares in the company, valued at approximately $61,947,066.48. This trade represents a 1.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William H. Rastetter sold 30,000 shares of the business's stock in a transaction dated Monday, May 5th. The shares were 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 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. Company insiders own 4.80% of the company's stock.

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.