ProShare Advisors LLC Decreases Stock Holdings in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

ProShare Advisors LLC decreased its holdings in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 54.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,532 shares of the company's stock after selling 11,206 shares during the period. ProShare Advisors LLC's holdings in Neurocrine Biosciences were worth $1,301,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Caprock Group LLC bought a new stake in Neurocrine Biosciences during the 4th quarter worth approximately $236,000. Charles Schwab Investment Management Inc. boosted its stake in Neurocrine Biosciences by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 762,557 shares of the company's stock worth $104,089,000 after purchasing an additional 15,266 shares during the period. Oakworth Capital Inc. purchased a new stake in Neurocrine Biosciences during the 4th quarter valued at approximately $379,000. Avantax Advisory Services Inc. grew its holdings in Neurocrine Biosciences by 11.4% during the 4th quarter. Avantax Advisory Services Inc. now owns 2,895 shares of the company's stock valued at $395,000 after buying an additional 297 shares in the last quarter. Finally, Synergy Asset Management LLC purchased a new position in shares of Neurocrine Biosciences in the fourth quarter worth $996,000. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on NBIX shares. HC Wainwright lowered their target price on shares of Neurocrine Biosciences from $185.00 to $168.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Morgan Stanley reissued an "overweight" rating and issued a $150.00 target price (down previously from $185.00) on shares of Neurocrine Biosciences in a report on Friday, March 7th. Piper Sandler reissued an "overweight" rating and issued a $154.00 target price (down previously from $160.00) on shares of Neurocrine Biosciences in a report on Tuesday, May 6th. JPMorgan Chase & Co. boosted their price target on shares of Neurocrine Biosciences from $183.00 to $184.00 and gave the stock an "overweight" rating in a research report on Wednesday, March 26th. Finally, BMO Capital Markets boosted their price target on shares of Neurocrine Biosciences from $96.00 to $115.00 and gave the stock a "market perform" rating in a research report on Tuesday, May 6th. Three analysts have rated the stock with a hold rating and twenty have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus 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 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 completion of the sale, the director now directly owns 37,491 shares of the company's stock, valued at approximately $4,131,508.20. This represents a 44.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 4.80% of the stock is owned by insiders.

Neurocrine Biosciences Trading Up 1.7%

Shares of NBIX traded up $2.04 during trading hours on Tuesday, reaching $122.22. 167,850 shares of the company traded hands, compared to its average volume of 1,132,508. The firm has a market cap of $12.10 billion, a price-to-earnings ratio of 37.07, a PEG ratio of 0.77 and a beta of 0.26. Neurocrine Biosciences, Inc. has a 12-month low of $84.23 and a 12-month high of $157.98. The stock's fifty day moving average price is $108.33 and its 200 day moving average price is $121.83.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released 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). Neurocrine Biosciences had a return on equity of 13.38% and a net margin of 14.49%. The business had revenue of $572.60 million during the quarter, compared to analysts' expectations of $587.06 million. During the same period last year, the company earned $1.20 earnings per share. The firm's revenue was up 11.1% compared to the same quarter last year. On average, research analysts forecast that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current year.

Neurocrine Biosciences announced that its board has approved a stock buyback plan on Friday, February 21st that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 4.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board believes its stock is undervalued.

Neurocrine Biosciences Company 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.