Ethic Inc. Buys 1,073 Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Ethic Inc. grew its holdings in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 34.4% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,192 shares of the company’s stock after purchasing an additional 1,073 shares during the quarter. Ethic Inc.’s holdings in Neurocrine Biosciences were worth $572,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in NBIX. Park Avenue Securities LLC increased its position in shares of Neurocrine Biosciences by 23.3% during the 4th quarter. Park Avenue Securities LLC now owns 7,080 shares of the company’s stock valued at $966,000 after purchasing an additional 1,336 shares during the last quarter. Sendero Wealth Management LLC increased its position in shares of Neurocrine Biosciences by 3.3% during the 4th quarter. Sendero Wealth Management LLC now owns 20,944 shares of the company’s stock valued at $2,859,000 after purchasing an additional 672 shares during the last quarter. Avanza Fonder AB purchased a new stake in shares of Neurocrine Biosciences during the 4th quarter valued at about $1,804,000. Merit Financial Group LLC purchased a new stake in Neurocrine Biosciences in the 4th quarter worth approximately $520,000. Finally, Brooklyn Investment Group increased its holdings in Neurocrine Biosciences by 99.1% in the 4th quarter. Brooklyn Investment Group now owns 231 shares of the company’s stock worth $32,000 after acquiring an additional 115 shares in the last quarter. Hedge funds and other institutional investors own 92.59% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Morgan Stanley reissued an “overweight” rating and issued a $150.00 target price (down from $185.00) on shares of Neurocrine Biosciences in a report on Friday, March 7th. BMO Capital Markets increased their target price on shares of Neurocrine Biosciences from $96.00 to $115.00 and gave the stock a “market perform” rating in a report on Tuesday, May 6th. Piper Sandler reissued an “overweight” rating and issued a $154.00 target price (down from $160.00) on shares of Neurocrine Biosciences in a report on Tuesday, May 6th. Canaccord Genuity Group increased 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. Finally, William Blair reissued an “outperform” rating on shares of Neurocrine Biosciences in a report on Friday, February 7th. Three investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, Neurocrine Biosciences has an average rating of “Moderate Buy” and an average target price of $162.00.

Insider Activity

In other news, Director William H. Rastetter sold 30,000 shares of the 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 completion of the transaction, the director now directly owns 37,491 shares in the company, valued at approximately $4,131,508.20. This represents a 44.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.80% of the company’s stock.

Neurocrine Biosciences Stock Performance

NASDAQ NBIX opened at $120.27 on Friday. The company has a market capitalization of $11.90 billion, a P/E ratio of 36.56, a P/E/G ratio of 0.77 and a beta of 0.26. Neurocrine Biosciences, Inc. has a one year low of $84.23 and a one year high of $157.98. The stock has a 50 day moving average price of $106.75 and a 200-day moving average price of $121.90.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its earnings results on Monday, May 5th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.62). The firm 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 firm’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.20 earnings per share. As a group, equities analysts predict that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current fiscal year.

Neurocrine Biosciences announced that its Board of Directors has initiated a share repurchase 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 stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

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.