Man Group plc Sells 151,015 Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Man Group plc reduced its holdings in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 51.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 145,164 shares of the company's stock after selling 151,015 shares during the quarter. Man Group plc owned 0.14% of Neurocrine Biosciences worth $19,815,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of NBIX. Nissay Asset Management Corp Japan ADV lifted its stake in Neurocrine Biosciences by 1.2% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 12,186 shares of the company's stock valued at $1,699,000 after purchasing an additional 146 shares during the last quarter. Nomura Holdings Inc. increased its holdings in shares of Neurocrine Biosciences by 16.8% during the fourth quarter. Nomura Holdings Inc. now owns 13,434 shares of the company's stock worth $1,834,000 after buying an additional 1,934 shares in the last quarter. OMERS ADMINISTRATION Corp increased its holdings in shares of Neurocrine Biosciences by 20.9% during the fourth quarter. OMERS ADMINISTRATION Corp now owns 4,134 shares of the company's stock worth $564,000 after buying an additional 714 shares in the last quarter. Orbimed Advisors LLC lifted its stake in shares of Neurocrine Biosciences by 210.4% in the 4th quarter. Orbimed Advisors LLC now owns 938,120 shares of the company's stock valued at $128,053,000 after acquiring an additional 635,900 shares during the last quarter. Finally, Lighthouse Investment Partners LLC bought a new stake in Neurocrine Biosciences during the 4th quarter worth $2,048,000. 92.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on NBIX. Bank of America lowered their price objective on Neurocrine Biosciences from $184.00 to $179.00 and set a "buy" rating for the company in a research note on Friday, February 7th. Piper Sandler restated an "overweight" rating and issued a $154.00 price target (down from $160.00) on shares of Neurocrine Biosciences in a research report on Tuesday, May 6th. Royal Bank of Canada raised their price target on shares of Neurocrine Biosciences from $137.00 to $145.00 and gave the company an "outperform" rating in a research note on Tuesday, May 6th. UBS Group lifted their price target on shares of Neurocrine Biosciences from $137.00 to $152.00 and gave the stock a "buy" rating in a report on Tuesday, May 6th. Finally, William Blair restated an "outperform" rating on shares of Neurocrine Biosciences in a report on Friday, February 7th. Three analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $162.00.

Insiders Place Their Bets

In related 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 transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.30% of the company's stock.

Neurocrine Biosciences Trading Down 1.3%

NBIX stock traded down $1.59 during mid-day trading on Thursday, reaching $118.97. The company's stock had a trading volume of 219,153 shares, compared to its average volume of 1,129,963. Neurocrine Biosciences, Inc. has a 12 month low of $84.23 and a 12 month high of $157.98. The business's 50 day moving average price is $107.77 and its 200 day moving average price is $121.93. The company has a market cap of $11.77 billion, a price-to-earnings ratio of 36.17, a price-to-earnings-growth ratio of 0.77 and a beta of 0.26.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $572.60 million for the quarter, compared to analyst estimates of $587.06 million. During the same period last year, the business earned $1.20 EPS. The business's quarterly revenue was up 11.1% compared to the same quarter last year. As a group, equities analysts expect that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current fiscal year.

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