Public Employees Retirement System of Ohio Sells 2,426 Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Public Employees Retirement System of Ohio cut its position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 5.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,518 shares of the company's stock after selling 2,426 shares during the period. Public Employees Retirement System of Ohio's holdings in Neurocrine Biosciences were worth $5,531,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NBIX. Golden State Wealth Management LLC acquired a new position in shares of Neurocrine Biosciences during the 4th quarter valued at about $25,000. Huntington National Bank increased its holdings in shares of Neurocrine Biosciences by 73.5% during the 4th quarter. Huntington National Bank now owns 229 shares of the company's stock valued at $31,000 after acquiring an additional 97 shares during the last quarter. GeoWealth Management LLC increased its holdings in shares of Neurocrine Biosciences by 65.4% during the 4th quarter. GeoWealth Management LLC now owns 258 shares of the company's stock valued at $35,000 after acquiring an additional 102 shares during the last quarter. Lindbrook Capital LLC increased its holdings in shares of Neurocrine Biosciences by 53.5% during 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, R Squared Ltd acquired a new stake in Neurocrine Biosciences in the 4th quarter valued at approximately $61,000. 92.59% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Neurocrine Biosciences

In other news, Director William H. Rastetter sold 30,000 shares of the company's stock in a transaction that occurred 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 in the company, valued at $4,131,508.20. This represents a 44.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Kevin Charles Gorman sold 9,613 shares of the company'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 sale, the director now owns 514,596 shares in the company, valued at approximately $61,947,066.48. This 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.

Wall Street Analyst Weigh In

A number of analysts have issued reports on NBIX shares. 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 report on Tuesday, May 6th. Evercore ISI cut their target price on Neurocrine Biosciences from $190.00 to $185.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. William Blair restated an "outperform" rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. Bank of America cut their price target on Neurocrine Biosciences from $184.00 to $179.00 and set a "buy" rating for the company in a report on Friday, February 7th. Finally, Guggenheim lifted their price target on Neurocrine Biosciences from $155.00 to $165.00 and gave the company a "buy" rating in a report on Tuesday, May 6th. Three equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $162.00.

Neurocrine Biosciences Trading Down 0.8%

Shares of NBIX stock traded down $0.95 on Friday, reaching $122.71. The company had a trading volume of 1,827,832 shares, compared to its average volume of 1,140,365. The stock has a market cap of $12.14 billion, a PE ratio of 37.30, a PEG ratio of 0.77 and a beta of 0.26. The company has a 50-day moving average of $108.97 and a 200-day moving average of $121.82. Neurocrine Biosciences, Inc. has a 12 month low of $84.23 and a 12 month high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $0.08 EPS for the quarter, missing analysts' consensus estimates of $0.70 by ($0.62). The company had revenue of $572.60 million during the quarter, compared to the consensus estimate of $587.06 million. Neurocrine Biosciences had a net margin of 14.49% and a return on equity of 13.38%. The business's revenue was up 11.1% compared to the same quarter last year. During the same period last year, the company earned $1.20 earnings per share. 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 of Directors has initiated a share repurchase program 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 stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its stock is undervalued.

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.