Pallas Capital Advisors LLC Has $288,000 Position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Pallas Capital Advisors LLC trimmed its holdings in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 66.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,600 shares of the company's stock after selling 5,073 shares during the period. Pallas Capital Advisors LLC's holdings in Neurocrine Biosciences were worth $288,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of NBIX. Huntington National Bank raised 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 worth $31,000 after buying an additional 97 shares during the last quarter. GeoWealth Management LLC raised 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 worth $35,000 after buying an additional 102 shares during the last quarter. Versant Capital Management Inc raised 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 worth $45,000 after buying an additional 328 shares during the last quarter. Lindbrook Capital LLC raised 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 worth $51,000 after buying an additional 130 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Neurocrine Biosciences by 107.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 466 shares of the company's stock worth $64,000 after buying an additional 241 shares during the last quarter. 92.59% of the stock is owned by institutional investors.

Insider Activity

In related news, Director William H. Rastetter sold 30,000 shares of the stock in a transaction on 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 completion of the transaction, the director now owns 37,491 shares in the company, valued at approximately $4,131,508.20. This represents a 44.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, 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 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 $61,947,066.48. The trade was a 1.83% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 4.80% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on NBIX shares. Wedbush reissued an "outperform" rating on shares of Neurocrine Biosciences in a research note on Tuesday, May 6th. Morgan Stanley reaffirmed an "overweight" rating and issued a $150.00 target price (down previously from $185.00) on shares of Neurocrine Biosciences in a research note on Friday, March 7th. BMO Capital Markets upped their target price on shares of Neurocrine Biosciences from $96.00 to $115.00 and gave the company a "market perform" rating in a research note on Tuesday, May 6th. Piper Sandler reaffirmed an "overweight" rating and issued a $154.00 target price (down previously from $160.00) on shares of Neurocrine Biosciences in a research note on Tuesday, May 6th. Finally, Needham & Company LLC upped their target price on shares of Neurocrine Biosciences from $138.00 to $139.00 and gave the company a "buy" rating in a research note on Tuesday, May 6th. Three equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $162.00.

Neurocrine Biosciences Price Performance

Shares of Neurocrine Biosciences stock traded down $0.62 on Friday, hitting $124.39. The company had a trading volume of 775,176 shares, compared to its average volume of 1,145,538. The firm has a market capitalization of $12.31 billion, a P/E ratio of 37.81, a P/E/G ratio of 0.77 and a beta of 0.24. Neurocrine Biosciences, Inc. has a twelve month low of $84.23 and a twelve month high of $157.98. The stock has a 50-day moving average of $113.13 and a 200-day moving average of $121.87.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.62). The company had revenue of $572.60 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter last year, the company earned $1.20 EPS. Equities analysts predict that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current year.

Neurocrine Biosciences declared that its Board of Directors has approved a stock buyback program on Friday, February 21st that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 4.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management 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.