Congress Asset Management Co. Buys Shares of 2,363 Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Congress Asset Management Co. acquired a new stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,363 shares of the company's stock, valued at approximately $261,000.

Other hedge funds also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its holdings in shares of Neurocrine Biosciences by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 762,557 shares of the company's stock valued at $104,089,000 after purchasing an additional 15,266 shares in the last quarter. Avantax Advisory Services Inc. raised its stake in Neurocrine Biosciences by 11.4% in the fourth quarter. Avantax Advisory Services Inc. now owns 2,895 shares of the company's stock worth $395,000 after buying an additional 297 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Neurocrine Biosciences by 21.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,358 shares of the company's stock worth $2,251,000 after buying an additional 2,925 shares during the period. Smartleaf Asset Management LLC lifted its holdings in Neurocrine Biosciences by 37.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 538 shares of the company's stock worth $74,000 after buying an additional 146 shares during the period. Finally, Corient Private Wealth LLC boosted its position in Neurocrine Biosciences by 64.0% during the 4th quarter. Corient Private Wealth LLC now owns 7,927 shares of the company's stock valued at $1,082,000 after acquiring an additional 3,094 shares in the last quarter. 92.59% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director William H. Rastetter sold 30,000 shares of the business's stock in a transaction on 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 sale, the director now owns 37,491 shares of the company's stock, valued at approximately $4,131,508.20. The trade was a 44.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kevin Charles Gorman sold 9,613 shares of the stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $120.38, for a total transaction of $1,157,212.94. Following the transaction, the director now directly 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 Down 0.8%

Shares of NASDAQ:NBIX traded down $0.96 during midday trading on Tuesday, reaching $124.77. The company's stock had a trading volume of 703,232 shares, compared to its average volume of 1,138,035. The stock has a fifty day moving average of $110.74 and a 200 day moving average of $121.91. Neurocrine Biosciences, Inc. has a twelve month low of $84.23 and a twelve month high of $157.98. The firm has a market capitalization of $12.35 billion, a PE ratio of 37.92, a P/E/G ratio of 0.77 and a beta of 0.24.

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 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 analyst estimates of $587.06 million. Neurocrine Biosciences had a return on equity of 13.38% and a net margin of 14.49%. Neurocrine Biosciences's revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.20 earnings per share. Sell-side analysts anticipate 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 authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire up to 4.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts have recently commented on NBIX shares. Guggenheim boosted 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. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Neurocrine Biosciences in a report on Tuesday, February 11th. They issued a "hold" rating and a $138.00 target price for the company. Canaccord Genuity Group raised their price target on shares of Neurocrine Biosciences from $158.00 to $160.00 and gave the company a "buy" rating in a report on Tuesday, May 6th. Evercore ISI cut their price objective 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. Finally, UBS Group increased their target price on shares of Neurocrine Biosciences from $137.00 to $152.00 and gave the company a "buy" rating in a research report on Tuesday, May 6th. Three research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $162.00.

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.