Hudson Bay Capital Management LP Has $4.14 Million Holdings in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Hudson Bay Capital Management LP decreased its stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 24.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,342 shares of the company's stock after selling 9,658 shares during the period. Hudson Bay Capital Management LP's holdings in Neurocrine Biosciences were worth $4,142,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in NBIX. Dodge & Cox lifted its position in Neurocrine Biosciences by 134.2% during the 4th quarter. Dodge & Cox now owns 3,016,425 shares of the company's stock worth $411,742,000 after buying an additional 1,728,605 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Neurocrine Biosciences during the 4th quarter worth about $115,193,000. Wellington Management Group LLP lifted its position in Neurocrine Biosciences by 102.9% during the 4th quarter. Wellington Management Group LLP now owns 1,457,425 shares of the company's stock worth $198,939,000 after buying an additional 739,199 shares in the last quarter. Thrivent Financial for Lutherans lifted its position in Neurocrine Biosciences by 2,759.4% during the 4th quarter. Thrivent Financial for Lutherans now owns 737,772 shares of the company's stock worth $100,705,000 after buying an additional 711,970 shares in the last quarter. Finally, Jennison Associates LLC raised its holdings in Neurocrine Biosciences by 145.1% during the 4th quarter. Jennison Associates LLC now owns 820,694 shares of the company's stock worth $112,025,000 after purchasing an additional 485,894 shares during the last quarter. Institutional investors and hedge funds own 92.59% of the company's stock.

Insiders Place Their Bets

In related news, Director William H. Rastetter sold 30,000 shares of Neurocrine Biosciences 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 completion of the transaction, the director now owns 37,491 shares in the company, valued at approximately $4,131,508.20. This trade represents a 44.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 4.80% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on NBIX. BMO Capital Markets boosted their price objective on Neurocrine Biosciences from $96.00 to $115.00 and gave the stock a "market perform" rating in a report on Tuesday, May 6th. Royal Bank of Canada boosted their price objective on Neurocrine Biosciences from $137.00 to $145.00 and gave the stock an "outperform" rating in a report on Tuesday, May 6th. UBS Group boosted their price objective on Neurocrine Biosciences from $137.00 to $152.00 and gave the stock a "buy" rating in a report on Tuesday, May 6th. Bank of America dropped their price objective 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, Needham & Company LLC boosted their price objective on Neurocrine Biosciences from $138.00 to $139.00 and gave the stock a "buy" rating in a report on Tuesday, May 6th. Three investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $162.00.

Neurocrine Biosciences Stock Performance

Neurocrine Biosciences stock traded up $0.75 during mid-day trading on Friday, reaching $121.02. The company's stock had a trading volume of 970,641 shares, compared to its average volume of 1,125,517. The business's 50 day simple moving average is $106.75 and its 200 day simple moving average is $121.90. Neurocrine Biosciences, Inc. has a 12 month low of $84.23 and a 12 month high of $157.98. The company has a market capitalization of $11.98 billion, a price-to-earnings ratio of 36.78, a price-to-earnings-growth ratio of 0.77 and a beta of 0.26.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.70 by ($0.62). Neurocrine Biosciences had a net margin of 14.49% and a return on equity of 13.38%. The company had revenue of $572.60 million during the quarter, compared to analyst estimates of $587.06 million. During the same period in the prior year, the firm posted $1.20 EPS. Neurocrine Biosciences's revenue was up 11.1% compared to the same quarter last year. As a group, sell-side analysts expect that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current year.

Neurocrine Biosciences announced that its Board of Directors has initiated a stock repurchase plan on Friday, February 21st that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to buy up to 4.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors 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.