Connor Clark & Lunn Investment Management Ltd. Grows Position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 270.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 63,582 shares of the company’s stock after purchasing an additional 46,396 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.06% of Neurocrine Biosciences worth $8,679,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Louisiana State Employees Retirement System increased its position in Neurocrine Biosciences by 0.4% during the 4th quarter. Louisiana State Employees Retirement System now owns 28,100 shares of the company’s stock worth $3,836,000 after purchasing an additional 100 shares in the last quarter. Metis Global Partners LLC grew its stake in Neurocrine Biosciences by 4.3% during the fourth quarter. Metis Global Partners LLC now owns 2,548 shares of the company’s stock worth $348,000 after buying an additional 104 shares during the period. Commerce Bank increased its position in shares of Neurocrine Biosciences by 2.6% in the third quarter. Commerce Bank now owns 4,199 shares of the company’s stock worth $484,000 after acquiring an additional 108 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. raised its stake in shares of Neurocrine Biosciences by 2.7% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,302 shares of the company’s stock valued at $496,000 after acquiring an additional 113 shares during the period. Finally, Brooklyn Investment Group lifted its holdings 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 acquiring an additional 115 shares in the last quarter. 92.59% of the stock is owned by hedge funds and other institutional investors.

Neurocrine Biosciences Price Performance

Shares of NBIX opened at $110.75 on Friday. The stock has a market capitalization of $11.04 billion, a PE ratio of 33.66, a price-to-earnings-growth ratio of 0.77 and a beta of 0.35. The business’s fifty day moving average price is $129.69 and its 200 day moving average price is $125.69. Neurocrine Biosciences, Inc. has a 12-month low of $105.18 and a 12-month high of $157.98.

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

Neurocrine Biosciences announced that its board has authorized a share buyback plan on Friday, February 21st that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 4.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

NBIX has been the topic of several research reports. HC Wainwright reissued a “buy” rating and issued a $185.00 price objective on shares of Neurocrine Biosciences in a research report on Friday, February 21st. Piper Sandler reiterated an “overweight” rating and set a $160.00 target price on shares of Neurocrine Biosciences in a report on Monday, December 23rd. StockNews.com upgraded Neurocrine Biosciences from a “buy” rating to a “strong-buy” rating in a report on Wednesday. Morgan Stanley reiterated an “overweight” rating and set a $150.00 price objective (down previously from $185.00) on shares of Neurocrine Biosciences in a research note on Friday, March 7th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Neurocrine Biosciences in a research note on Tuesday, February 11th. They issued a “hold” rating and a $138.00 target price for the company. Five equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $165.24.

Insider Activity

In other news, insider Ingrid Delaet sold 1,091 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $135.00, for a total transaction of $147,285.00. Following the completion of the transaction, the insider now owns 2,507 shares in the company, valued at approximately $338,445. This represents a 30.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kevin Charles Gorman sold 2,707 shares of Neurocrine Biosciences stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $152.92, for a total transaction of $413,954.44. Following the completion of the sale, the director now owns 517,030 shares in the company, valued at approximately $79,064,227.60. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 234,269 shares of company stock valued at $34,053,879. 4.30% of the stock is currently owned by insiders.

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.