Rafferty Asset Management LLC Decreases Position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Rafferty Asset Management LLC cut its position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 24.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 107,011 shares of the company's stock after selling 33,824 shares during the quarter. Rafferty Asset Management LLC owned approximately 0.11% of Neurocrine Biosciences worth $14,607,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Dodge & Cox boosted its holdings in shares of Neurocrine Biosciences by 134.2% in 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 during the last quarter. Raymond James Financial Inc. purchased a new position in Neurocrine Biosciences in the fourth quarter valued at approximately $115,193,000. Wellington Management Group LLP lifted its stake in Neurocrine Biosciences by 102.9% in the fourth quarter. Wellington Management Group LLP now owns 1,457,425 shares of the company's stock valued at $198,939,000 after purchasing an additional 739,199 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in Neurocrine Biosciences by 2,759.4% during the fourth quarter. Thrivent Financial for Lutherans now owns 737,772 shares of the company's stock valued at $100,705,000 after purchasing an additional 711,970 shares during the period. Finally, Orbimed Advisors LLC increased its position in Neurocrine Biosciences by 210.4% in the fourth quarter. Orbimed Advisors LLC now owns 938,120 shares of the company's stock worth $128,053,000 after buying an additional 635,900 shares during the last quarter. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on NBIX shares. Evercore ISI lowered their price objective on Neurocrine Biosciences from $190.00 to $185.00 and set an "outperform" rating on the stock in a research note on Thursday, April 24th. Canaccord Genuity Group upped their target price on shares of Neurocrine Biosciences from $158.00 to $160.00 and gave the stock a "buy" rating in a report on Tuesday, May 6th. Royal Bank of Canada lifted their price objective on shares of Neurocrine Biosciences from $137.00 to $145.00 and gave the stock an "outperform" rating in a report on Tuesday, May 6th. Deutsche Bank Aktiengesellschaft started coverage on Neurocrine Biosciences in a research note on Tuesday, February 11th. They issued a "hold" rating and a $138.00 target price for the company. Finally, HC Wainwright decreased their target price on shares of Neurocrine Biosciences from $185.00 to $168.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Three equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $162.00.

Neurocrine Biosciences Stock Up 0.1%

Shares of Neurocrine Biosciences stock traded up $0.14 during trading hours on Tuesday, reaching $122.96. 1,194,146 shares of the stock traded hands, compared to its average volume of 1,131,830. The firm has a market capitalization of $12.17 billion, a price-to-earnings ratio of 37.37, a P/E/G ratio of 0.77 and a beta of 0.26. The company has a 50 day moving average price of $107.30 and a 200 day moving average price of $121.93. Neurocrine Biosciences, Inc. has a one year low of $84.23 and a one year high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.62). The company had revenue of $572.60 million for 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 for the quarter was up 11.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.20 EPS. Sell-side analysts anticipate that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current year.

Neurocrine Biosciences declared that its board has authorized a stock buyback plan on Friday, February 21st that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to purchase up to 4.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Insider Transactions at Neurocrine Biosciences

In related news, Director William H. Rastetter sold 30,000 shares of the 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 sale, 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 can be accessed through this hyperlink. Corporate insiders own 4.80% of the company's stock.

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.