Davis Investment Partners LLC Takes $511,000 Position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Davis Investment Partners LLC bought a new stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,619 shares of the company's stock, valued at approximately $511,000.

Other institutional investors have also added to or reduced their stakes in the company. Golden State Wealth Management LLC bought a new position in Neurocrine Biosciences in the fourth quarter valued at $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 buying 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 buying 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 buying an additional 328 shares during the last quarter. Finally, Harbor Capital Advisors Inc. bought a new position in shares of Neurocrine Biosciences during the first quarter valued at about $48,000. Institutional investors own 92.59% of the company's stock.

Insider Activity

In related 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 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kevin Charles Gorman sold 9,613 shares of Neurocrine Biosciences 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 of the company's stock, valued at approximately $61,947,066.48. The trade was a 1.83% decrease in their position. The disclosure for this sale can be found here. Insiders own 4.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on NBIX. Royal Bank of Canada reaffirmed an "outperform" rating and set a $145.00 price objective on shares of Neurocrine Biosciences in a research note on Monday, June 2nd. Wedbush reissued an "outperform" rating on shares of Neurocrine Biosciences in a research note on Tuesday, May 6th. Needham & Company LLC lifted their price objective on Neurocrine Biosciences from $138.00 to $139.00 and gave the company a "buy" rating in a research report on Tuesday, May 6th. BMO Capital Markets lifted their target price on shares of Neurocrine Biosciences from $96.00 to $115.00 and gave the company a "market perform" rating in a report on Tuesday, May 6th. Finally, Guggenheim boosted their price target on Neurocrine Biosciences from $155.00 to $165.00 and gave the stock a "buy" rating in a research note on Tuesday, May 6th. Three analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $162.00.

Neurocrine Biosciences Stock Performance

Neurocrine Biosciences stock traded up $0.84 during midday trading on Thursday, hitting $125.01. 596,493 shares of the company's stock were exchanged, compared to its average volume of 1,141,922. Neurocrine Biosciences, Inc. has a 12-month low of $84.23 and a 12-month high of $157.98. The stock has a market cap of $12.37 billion, a price-to-earnings ratio of 38.00, a price-to-earnings-growth ratio of 0.77 and a beta of 0.24. The firm's 50 day simple moving average is $111.75 and its 200 day simple moving average is $121.94.

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 the consensus estimate of $0.70 by ($0.62). The business had revenue of $572.60 million for the quarter, compared to analysts' expectations of $587.06 million. Neurocrine Biosciences had a return on equity of 13.38% and a net margin of 14.49%. The company's revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.20 earnings per share. On average, equities research analysts forecast that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current fiscal year.

Neurocrine Biosciences declared that its board has authorized a share repurchase plan on Friday, February 21st that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board of directors believes its stock is undervalued.

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.