Tobam Decreases Position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Tobam decreased its holdings in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 29.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 22,012 shares of the company's stock after selling 9,256 shares during the period. Tobam's holdings in Neurocrine Biosciences were worth $2,435,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Davis Investment Partners LLC bought a new position in shares of Neurocrine Biosciences in the first quarter worth about $511,000. Fifth Third Bancorp boosted its stake in shares of Neurocrine Biosciences by 31.7% in the first quarter. Fifth Third Bancorp now owns 1,056 shares of the company's stock worth $117,000 after acquiring an additional 254 shares during the period. Thompson Investment Management Inc. lifted its position in shares of Neurocrine Biosciences by 10.5% in the first quarter. Thompson Investment Management Inc. now owns 9,755 shares of the company's stock worth $1,079,000 after buying an additional 925 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Neurocrine Biosciences by 1,405.2% in the first quarter. Assenagon Asset Management S.A. now owns 393,455 shares of the company's stock worth $43,516,000 after buying an additional 367,315 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its position in shares of Neurocrine Biosciences by 220.3% in the first quarter. Handelsbanken Fonder AB now owns 86,067 shares of the company's stock worth $9,519,000 after buying an additional 59,200 shares in the last quarter. Institutional investors own 92.59% of the company's stock.

Neurocrine Biosciences Stock Down 0.5%

NASDAQ:NBIX traded down $0.62 during midday trading on Friday, hitting $124.39. The stock had a trading volume of 775,176 shares, compared to its average volume of 1,145,538. Neurocrine Biosciences, Inc. has a one year low of $84.23 and a one year high of $157.98. The company has a market capitalization of $12.31 billion, a price-to-earnings ratio of 37.81, a PEG ratio of 0.77 and a beta of 0.24. 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 announced 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). Neurocrine Biosciences had a return on equity of 13.38% and a net margin of 14.49%. The firm had revenue of $572.60 million during the quarter, compared to the consensus estimate of $587.06 million. During the same period last year, the company earned $1.20 EPS. The firm's revenue for the quarter was up 11.1% compared to the same quarter last year. On average, 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 of Directors has initiated a stock repurchase plan on Friday, February 21st that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 4.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on NBIX shares. 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 research report on Tuesday, May 6th. Canaccord Genuity Group boosted their target price on Neurocrine Biosciences from $158.00 to $160.00 and gave the stock a "buy" rating in a research report on Tuesday, May 6th. UBS Group boosted their target price on Neurocrine Biosciences from $137.00 to $152.00 and gave the stock a "buy" rating in a research report on Tuesday, May 6th. Royal Bank of Canada reiterated an "outperform" rating and issued a $145.00 target price on shares of Neurocrine Biosciences in a research report on Monday, June 2nd. Finally, JPMorgan Chase & Co. upped their price objective on Neurocrine Biosciences from $183.00 to $184.00 and gave the company an "overweight" rating in a research report on Wednesday, March 26th. Three analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $162.00.

Insider Buying and Selling

In other Neurocrine Biosciences news, Director William H. Rastetter sold 30,000 shares of the stock in a transaction on Monday, May 5th. The stock was 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. This trade represents 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 value of $1,157,212.94. Following the sale, the director now directly owns 514,596 shares in the company, valued at $61,947,066.48. This trade represents a 1.83% decrease in their position. The disclosure for this sale can be found here. 4.80% of the stock is owned by insiders.

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.