Summit Global Investments Has $1.20 Million Stock Holdings in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Summit Global Investments lowered its position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 66.1% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,878 shares of the company's stock after selling 21,182 shares during the quarter. Summit Global Investments' holdings in Neurocrine Biosciences were worth $1,203,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC increased its position in shares of Neurocrine Biosciences by 9,446.8% in the first quarter. GAMMA Investing LLC now owns 219,099 shares of the company's stock worth $24,232,000 after purchasing an additional 216,804 shares during the period. Versant Capital Management Inc increased its position in shares of Neurocrine Biosciences by 404.9% in the first quarter. Versant Capital Management Inc now owns 409 shares of the company's stock worth $45,000 after purchasing an additional 328 shares during the period. California State Teachers Retirement System increased its position in shares of Neurocrine Biosciences by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 136,549 shares of the company's stock worth $18,639,000 after purchasing an additional 2,389 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in shares of Neurocrine Biosciences by 199.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 16,886 shares of the company's stock worth $2,305,000 after purchasing an additional 11,240 shares during the period. Finally, NorthCrest Asset Manangement LLC increased its position in shares of Neurocrine Biosciences by 29.0% in the fourth quarter. NorthCrest Asset Manangement LLC now owns 6,643 shares of the company's stock worth $907,000 after purchasing an additional 1,493 shares during the period. Institutional investors and hedge funds own 92.59% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on NBIX shares. Piper Sandler restated an "overweight" rating and issued a $154.00 price target (down previously from $160.00) on shares of Neurocrine Biosciences in a research report on Tuesday, May 6th. Needham & Company LLC raised their price target on Neurocrine Biosciences from $138.00 to $139.00 and gave the stock a "buy" rating in a research report on Tuesday, May 6th. Royal Bank of Canada restated an "outperform" rating and issued a $145.00 price target on shares of Neurocrine Biosciences in a research report on Monday. William Blair restated an "outperform" rating on shares of Neurocrine Biosciences in a research report on Friday, February 7th. Finally, UBS Group lifted their target price on Neurocrine Biosciences from $137.00 to $152.00 and gave the company a "buy" rating in a research report on Tuesday, May 6th. Three investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $162.00.

Insider Transactions at Neurocrine Biosciences

In related news, 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 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 Securities & Exchange Commission, which is available at the SEC website. Also, Director Kevin Charles Gorman sold 9,613 shares of the firm'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 directly owns 514,596 shares of the company's stock, valued at $61,947,066.48. This represents 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.

Neurocrine Biosciences Stock Performance

Shares of NBIX stock remained flat at $125.00 during mid-day trading on Wednesday. The stock had a trading volume of 273,163 shares, compared to its average volume of 1,137,918. The stock has a market capitalization of $12.37 billion, a P/E ratio of 37.99, a price-to-earnings-growth 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 business has a fifty day moving average price of $109.52 and a two-hundred day moving average price of $121.83.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released 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 company's quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.20 EPS. Equities research analysts expect that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current fiscal year.

Neurocrine Biosciences declared that its board has initiated a share buyback plan on Friday, February 21st that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 4.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company's leadership believes its shares are 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.