Orbimed Advisors LLC Has $128.05 Million Stock Position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Orbimed Advisors LLC lifted its holdings in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 210.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 938,120 shares of the company's stock after purchasing an additional 635,900 shares during the period. Neurocrine Biosciences accounts for about 2.8% of Orbimed Advisors LLC's portfolio, making the stock its 6th biggest position. Orbimed Advisors LLC owned 0.93% of Neurocrine Biosciences worth $128,053,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in NBIX. Golden State Wealth Management LLC bought a new stake in shares of Neurocrine Biosciences during the 4th quarter valued at about $25,000. Huntington National Bank boosted its position in shares of Neurocrine Biosciences by 73.5% during the 4th quarter. Huntington National Bank now owns 229 shares of the company's stock valued at $31,000 after purchasing an additional 97 shares in the last quarter. Brooklyn Investment Group boosted its position in shares of 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 position in shares of 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 boosted its position in shares of Neurocrine Biosciences by 53.5% during the 4th quarter. Lindbrook Capital LLC now owns 373 shares of the company's stock valued at $51,000 after purchasing an additional 130 shares in the last quarter. Institutional investors own 92.59% of the company's stock.

Insiders Place Their Bets

In other news, Director William H. Rastetter sold 30,000 shares of the firm's stock in a transaction on Monday, May 5th. The stock was sold at an average price of $110.20, for a total value of $3,306,000.00. Following the completion of the transaction, the director now directly owns 37,491 shares of the company's stock, valued at $4,131,508.20. This trade represents a 44.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 4.80% of the company's stock.

Neurocrine Biosciences Stock Performance

NASDAQ:NBIX traded up $0.75 during trading hours on Friday, reaching $121.02. The stock had a trading volume of 970,641 shares, compared to its average volume of 1,129,285. The stock has a 50 day simple moving average of $107.02 and a 200 day simple moving average of $121.91. Neurocrine Biosciences, Inc. has a 12-month low of $84.23 and a 12-month high of $157.98. The stock has a market cap of $11.98 billion, a P/E 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 return on equity of 13.38% and a net margin of 14.49%. The firm had revenue of $572.60 million during the quarter, compared to analysts' expectations of $587.06 million. During the same period in the prior year, the business earned $1.20 earnings per share. The business's quarterly revenue was up 11.1% compared to the same quarter last year. On average, equities analysts expect that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current fiscal year.

Neurocrine Biosciences declared that its board has approved a share buyback program on Friday, February 21st that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on NBIX shares. HC Wainwright cut their target price on Neurocrine Biosciences from $185.00 to $168.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Deutsche Bank Aktiengesellschaft assumed coverage on Neurocrine Biosciences in a research note on Tuesday, February 11th. They set a "hold" rating and a $138.00 price target on the stock. Canaccord Genuity Group upped their price target on Neurocrine Biosciences from $158.00 to $160.00 and gave the stock a "buy" rating in a research note on Tuesday, May 6th. Needham & Company LLC upped their price target on Neurocrine Biosciences from $138.00 to $139.00 and gave the stock a "buy" rating in a research note on Tuesday, May 6th. Finally, Evercore ISI dropped their price target 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. Three investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $162.00.

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.