Congress Asset Management Co. Purchases New Position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

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

Several other hedge funds also recently modified their holdings of NBIX. Golden State Wealth Management LLC bought a new stake in shares of Neurocrine Biosciences during the fourth quarter valued at approximately $25,000. Huntington National Bank grew its stake in shares of 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 grew its stake in shares of Neurocrine Biosciences by 65.4% during the fourth quarter. GeoWealth Management LLC now owns 258 shares of the company's stock valued at $35,000 after purchasing an additional 102 shares during the last quarter. Versant Capital Management Inc grew its stake in shares of Neurocrine Biosciences by 404.9% during the first quarter. Versant Capital Management Inc now owns 409 shares of the company's stock valued at $45,000 after purchasing an additional 328 shares during the last quarter. Finally, Lindbrook Capital LLC grew its stake in shares of Neurocrine Biosciences by 53.5% during the fourth quarter. Lindbrook Capital LLC now owns 373 shares of the company's stock valued at $51,000 after purchasing an additional 130 shares during the last quarter. Institutional investors and hedge funds own 92.59% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on NBIX. Morgan Stanley reaffirmed an "overweight" rating and issued a $150.00 price objective (down from $185.00) on shares of Neurocrine Biosciences in a research note on Friday, March 7th. Piper Sandler reaffirmed an "overweight" rating and issued a $154.00 price objective (down from $160.00) on shares of Neurocrine Biosciences in a research note on Tuesday, May 6th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $145.00 price objective on shares of Neurocrine Biosciences in a research note on Monday, June 2nd. UBS Group raised their price objective on shares of Neurocrine Biosciences from $137.00 to $152.00 and gave the company a "buy" rating in a research note on Tuesday, May 6th. Finally, Canaccord Genuity Group lifted their price target on shares of Neurocrine Biosciences from $158.00 to $160.00 and gave the stock a "buy" rating in a research report on Tuesday, May 6th. Three analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $162.00.

Insider Buying and Selling at Neurocrine Biosciences

In other news, 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 transaction of $3,306,000.00. Following the transaction, the director now directly owns 37,491 shares in the company, valued at $4,131,508.20. The trade was a 44.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kevin Charles Gorman sold 9,613 shares of the business's stock in a transaction dated 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 transaction, the director now owns 514,596 shares in the company, valued at $61,947,066.48. This represents a 1.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 4.80% of the company's stock.

Neurocrine Biosciences Price Performance

NBIX stock traded down $0.62 during midday trading on Friday, hitting $124.39. The company's stock had a trading volume of 775,176 shares, compared to its average volume of 1,142,687. Neurocrine Biosciences, Inc. has a twelve month low of $84.23 and a twelve month high of $157.98. The company's fifty day moving average price is $112.39 and its 200 day moving average price is $121.93. The stock has a market capitalization of $12.31 billion, a P/E ratio of 37.81, a PEG ratio of 0.77 and a beta of 0.24.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued 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 analyst estimates of $587.06 million. During the same quarter in the previous year, the firm posted $1.20 earnings per share. The firm's quarterly revenue was up 11.1% on a year-over-year basis. Equities analysts expect that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current fiscal year.

Neurocrine Biosciences declared that its board has authorized a stock 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 purchase up to 4.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

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.