Handelsbanken Fonder AB Grows Stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Handelsbanken Fonder AB lifted its position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 220.3% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 86,067 shares of the company's stock after purchasing an additional 59,200 shares during the quarter. Handelsbanken Fonder AB owned about 0.09% of Neurocrine Biosciences worth $9,519,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in NBIX. Golden State Wealth Management LLC bought a new stake in shares of Neurocrine Biosciences during the fourth quarter valued at approximately $25,000. Savant Capital LLC bought a new stake in shares of Neurocrine Biosciences during the fourth quarter valued at approximately $2,258,000. Louisiana State Employees Retirement System boosted its position in shares of Neurocrine Biosciences by 0.4% during the fourth quarter. Louisiana State Employees Retirement System now owns 28,100 shares of the company's stock valued at $3,836,000 after purchasing an additional 100 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Neurocrine Biosciences by 11.8% during the fourth quarter. Van ECK Associates Corp now owns 93,406 shares of the company's stock valued at $12,750,000 after purchasing an additional 9,824 shares in the last quarter. Finally, Stanley Laman Group Ltd. boosted its position in shares of Neurocrine Biosciences by 12.3% during the fourth quarter. Stanley Laman Group Ltd. now owns 42,158 shares of the company's stock valued at $5,755,000 after purchasing an additional 4,627 shares in the last quarter. 92.59% of the stock is currently owned by institutional investors.

Neurocrine Biosciences Stock Performance

Shares of NASDAQ:NBIX traded down $0.62 during midday trading on Friday, reaching $124.39. 775,176 shares of the company's stock traded hands, compared to its average volume of 1,145,538. The company has a market cap of $12.31 billion, a price-to-earnings ratio of 37.81, a P/E/G ratio of 0.77 and a beta of 0.24. Neurocrine Biosciences, Inc. has a one year low of $84.23 and a one year high of $157.98. The stock has a 50 day moving average of $113.13 and a 200 day moving average of $121.91.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last posted its earnings results 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). Neurocrine Biosciences had a net margin of 14.49% and a return on equity of 13.38%. The firm had revenue of $572.60 million during the quarter, compared to the consensus estimate of $587.06 million. During the same period in the prior year, the company posted $1.20 EPS. The firm's revenue was up 11.1% compared to the same quarter last year. Sell-side analysts predict that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current fiscal year.

Neurocrine Biosciences announced that its Board of Directors has approved a share repurchase program on Friday, February 21st that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy up to 4.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms recently weighed in on NBIX. UBS Group lifted their price target on Neurocrine Biosciences from $137.00 to $152.00 and gave the company a "buy" rating in a research report on Tuesday, May 6th. Needham & Company LLC boosted their target price on Neurocrine Biosciences from $138.00 to $139.00 and gave the stock a "buy" rating in a report on Tuesday, May 6th. Evercore ISI dropped their target price on Neurocrine Biosciences from $190.00 to $185.00 and set an "outperform" rating on the stock in a report on Thursday, April 24th. BMO Capital Markets boosted their target price on Neurocrine Biosciences from $96.00 to $115.00 and gave the stock a "market perform" rating in a report on Tuesday, May 6th. Finally, HC Wainwright dropped their target price on Neurocrine Biosciences from $185.00 to $168.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Three analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat.com, Neurocrine Biosciences has an average rating of "Moderate Buy" and an average price target of $162.00.

Insider Buying and Selling at Neurocrine Biosciences

In other Neurocrine Biosciences news, Director Kevin Charles Gorman sold 9,613 shares of the company's stock in a transaction dated 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 completion of the sale, 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 sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director William H. Rastetter sold 30,000 shares of the company's stock in a transaction dated 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 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 disclosure for this sale can be found here. 4.80% of the stock is owned by corporate insiders.

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.