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

Davis Investment Partners LLC acquired a new stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 4,619 shares of the company's stock, valued at approximately $511,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Golden State Wealth Management LLC purchased a new position in Neurocrine Biosciences during the fourth quarter worth about $25,000. Huntington National Bank increased its stake in Neurocrine Biosciences by 73.5% in the 4th 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 period. GeoWealth Management LLC boosted its position in shares of Neurocrine Biosciences by 65.4% during the 4th quarter. GeoWealth Management LLC now owns 258 shares of the company's stock worth $35,000 after purchasing an additional 102 shares in the last quarter. Lindbrook Capital LLC grew its stake in Neurocrine Biosciences by 53.5% in the 4th quarter. Lindbrook Capital LLC now owns 373 shares of the company's stock valued at $51,000 after acquiring an additional 130 shares during the last quarter. Finally, Versant Capital Management Inc lifted its holdings in shares of Neurocrine Biosciences by 404.9% in 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 in the last quarter. 92.59% of the stock is owned by hedge funds and other institutional investors.

Neurocrine Biosciences Stock Down 0.5%

Shares of NASDAQ:NBIX traded down $0.62 on Friday, hitting $124.39. 775,176 shares of the company traded hands, compared to its average volume of 1,145,538. Neurocrine Biosciences, Inc. has a 52 week low of $84.23 and a 52 week high of $157.98. The company has a market cap of $12.31 billion, a PE ratio of 37.81, a PEG ratio of 0.77 and a beta of 0.24. The stock has a 50 day simple moving average of $113.13 and a 200-day simple moving average of $121.87.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $0.08 earnings per share for the quarter, missing analysts' consensus estimates 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 firm's quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.20 earnings per share. As a group, sell-side analysts anticipate that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current year.

Neurocrine Biosciences announced that its board has approved a share buyback program on Friday, February 21st that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 4.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

Insiders Place Their Bets

In other news, 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 $61,947,066.48. This trade represents a 1.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William H. Rastetter sold 30,000 shares of the firm's stock in a transaction on Monday, May 5th. The stock was sold at an average price of $110.20, for a total value of $3,306,000.00. Following the sale, the director now directly owns 37,491 shares of the company's stock, valued at approximately $4,131,508.20. This trade represents a 44.45% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 4.80% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on NBIX shares. Evercore ISI decreased their price objective on shares of Neurocrine Biosciences from $190.00 to $185.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. UBS Group raised their target price 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. BMO Capital Markets raised their target price on shares of Neurocrine Biosciences from $96.00 to $115.00 and gave the stock a "market perform" rating in a report on Tuesday, May 6th. Wedbush restated an "outperform" rating on shares of Neurocrine Biosciences in a report on Tuesday, May 6th. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $145.00 target price on shares of Neurocrine Biosciences in a research note on Monday, June 2nd. Three investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus 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.