Iron Triangle Partners LP Acquires Shares of 318,195 Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Iron Triangle Partners LP bought a new stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 318,195 shares of the company's stock, valued at approximately $43,434,000. Neurocrine Biosciences accounts for about 4.8% of Iron Triangle Partners LP's portfolio, making the stock its 7th biggest holding. Iron Triangle Partners LP owned 0.31% of Neurocrine Biosciences at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC bought a new position in Neurocrine Biosciences in the 4th quarter valued at about $25,000. Huntington National Bank lifted its position in Neurocrine Biosciences by 73.5% in the fourth quarter. Huntington National Bank now owns 229 shares of the company's stock worth $31,000 after purchasing an additional 97 shares during the period. Brooklyn Investment Group boosted its stake in Neurocrine Biosciences by 99.1% during the 4th quarter. Brooklyn Investment Group now owns 231 shares of the company's stock valued at $32,000 after purchasing an additional 115 shares in the last quarter. GeoWealth Management LLC boosted its stake in 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 purchasing an additional 102 shares in the last quarter. Finally, Lindbrook Capital LLC raised its stake in shares of Neurocrine Biosciences by 53.5% in the 4th quarter. Lindbrook Capital LLC now owns 373 shares of the company's stock worth $51,000 after buying an additional 130 shares in the last quarter. Institutional investors own 92.59% of the company's stock.

Insider Buying and Selling at Neurocrine Biosciences

In related news, Director Kevin Charles Gorman sold 5,844 shares of the company's stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $116.69, for a total value of $681,936.36. Following the completion of the transaction, the director now directly owns 521,618 shares in the company, valued at approximately $60,867,604.42. This represents a 1.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William H. Rastetter sold 30,000 shares of Neurocrine Biosciences stock in a transaction 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 disclosure for this sale can be found here. Insiders sold 39,953 shares of company stock worth $4,467,990 over the last ninety days. Company insiders own 4.80% of the company's stock.

Neurocrine Biosciences Price Performance

NASDAQ:NBIX traded up $1.91 during mid-day trading on Wednesday, reaching $118.78. The stock had a trading volume of 1,722,389 shares, compared to its average volume of 1,124,084. The stock has a market cap of $11.76 billion, a P/E ratio of 36.10, a PEG ratio of 0.77 and a beta of 0.26. Neurocrine Biosciences, Inc. has a fifty-two week low of $84.23 and a fifty-two week high of $157.98. The business's 50 day moving average is $106.56 and its 200 day moving average is $121.87.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported $0.08 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $587.06 million. During the same period in the previous year, the company earned $1.20 earnings per share. The company's quarterly revenue was up 11.1% compared to the same quarter last year. Equities analysts expect that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current year.

Neurocrine Biosciences announced that its board has authorized a stock repurchase plan on Friday, February 21st that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 4.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on NBIX. Morgan Stanley reaffirmed an "overweight" rating and set a $150.00 target price (down from $185.00) on shares of Neurocrine Biosciences in a report on Friday, March 7th. William Blair reiterated an "outperform" rating on shares of Neurocrine Biosciences in a research report on Friday, February 7th. BMO Capital Markets raised their price objective on Neurocrine Biosciences from $96.00 to $115.00 and gave the stock a "market perform" rating in a research note on Tuesday, May 6th. JPMorgan Chase & Co. upped their target price on Neurocrine Biosciences from $183.00 to $184.00 and gave the company an "overweight" rating in a report on Wednesday, March 26th. Finally, Royal Bank of Canada lifted their price target on Neurocrine Biosciences from $137.00 to $145.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 6th. Three equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $162.00.

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.