Invesco Ltd. Has $129.61 Million Stock Position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Invesco Ltd. grew its stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 8.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 949,512 shares of the company’s stock after acquiring an additional 74,847 shares during the period. Invesco Ltd. owned 0.94% of Neurocrine Biosciences worth $129,608,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of NBIX. Raymond James Financial Inc. bought a new position in shares of Neurocrine Biosciences during the fourth quarter worth approximately $115,193,000. Wellington Management Group LLP grew its holdings in Neurocrine Biosciences by 102.9% in the 4th quarter. Wellington Management Group LLP now owns 1,457,425 shares of the company’s stock valued at $198,939,000 after buying an additional 739,199 shares in the last quarter. Thrivent Financial for Lutherans increased 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 during the period. Jennison Associates LLC lifted its holdings in shares of Neurocrine Biosciences by 145.1% during the fourth quarter. Jennison Associates LLC now owns 820,694 shares of the company’s stock worth $112,025,000 after buying an additional 485,894 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Neurocrine Biosciences in the fourth quarter valued at about $44,403,000. 92.59% of the stock is currently owned by institutional investors and hedge funds.

Neurocrine Biosciences Price Performance

NBIX stock opened at $90.87 on Friday. The stock has a market cap of $9.06 billion, a price-to-earnings ratio of 27.62, a P/E/G ratio of 0.77 and a beta of 0.33. The company has a 50 day simple moving average of $111.68 and a 200 day simple moving average of $123.01. Neurocrine Biosciences, Inc. has a 1 year low of $84.23 and a 1 year high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its quarterly earnings results on Thursday, February 6th. The company reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.62 by ($0.62). Neurocrine Biosciences had a return on equity of 13.38% and a net margin of 14.49%. On average, equities research analysts anticipate that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current fiscal year.

Neurocrine Biosciences declared that its Board of Directors has initiated a share buyback program 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 stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Royal Bank of Canada lowered their price target on shares of Neurocrine Biosciences from $154.00 to $148.00 and set a “sector perform” rating on the stock in a research report on Friday, February 7th. William Blair reaffirmed an “outperform” rating on shares of Neurocrine Biosciences in a report on Friday, February 7th. Needham & Company LLC reiterated a “hold” rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. Guggenheim lowered their price objective on Neurocrine Biosciences from $165.00 to $163.00 and set a “buy” rating on the stock in a research note on Monday, February 10th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Neurocrine Biosciences in a report on Tuesday, February 11th. They issued a “hold” rating and a $138.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Neurocrine Biosciences presently has a consensus rating of “Moderate Buy” and a consensus target price of $163.52.

Insiders Place Their Bets

In related news, insider Julie Cooke sold 1,551 shares of the stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $116.78, for a total value of $181,125.78. Following the completion of the sale, the insider now directly owns 19,544 shares in the company, valued at $2,282,348.32. This represents a 7.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kevin Charles Gorman sold 5,844 shares of the firm’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 transaction, the director now directly owns 521,618 shares of the company’s stock, valued at approximately $60,867,604.42. This represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 232,906 shares of company stock valued at $33,869,030 in the last 90 days. Corporate insiders own 4.30% of the company’s stock.

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.