Bank of Nova Scotia Has $558,000 Holdings in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Bank of Nova Scotia cut its stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 16.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,087 shares of the company’s stock after selling 790 shares during the period. Bank of Nova Scotia’s holdings in Neurocrine Biosciences were worth $558,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Golden State Wealth Management LLC acquired a new stake in Neurocrine Biosciences during the fourth quarter worth about $25,000. Huntington National Bank lifted its position in shares of Neurocrine Biosciences by 73.5% in the 4th quarter. Huntington National Bank now owns 229 shares of the company’s stock worth $31,000 after acquiring an additional 97 shares during the period. Brooklyn Investment Group grew 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 worth $32,000 after purchasing an additional 115 shares in the last quarter. Lindbrook Capital LLC raised its stake in shares of Neurocrine Biosciences by 53.5% in the fourth 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. Finally, R Squared Ltd acquired a new position in shares of Neurocrine Biosciences in the fourth quarter valued at $61,000. Institutional investors own 92.59% of the company’s stock.

Wall Street Analysts Forecast Growth

NBIX has been the topic of several analyst reports. Royal Bank of Canada raised shares of Neurocrine Biosciences from a “sector perform” rating to an “outperform” rating and lowered their price target for the company from $138.00 to $137.00 in a report on Monday. HC Wainwright reissued a “buy” rating and issued a $185.00 target price on shares of Neurocrine Biosciences in a research note on Friday, February 21st. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Neurocrine Biosciences in a research note on Tuesday, February 11th. They set a “hold” rating and a $138.00 price target for the company. Wedbush lowered their price objective on Neurocrine Biosciences from $157.00 to $147.00 and set an “outperform” rating on the stock in a research note on Friday, February 7th. Finally, JPMorgan Chase & Co. raised their target price on Neurocrine Biosciences from $183.00 to $184.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 26th. Four research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Neurocrine Biosciences currently has an average rating of “Moderate Buy” and a consensus price target of $163.00.

Neurocrine Biosciences Trading Up 4.4 %

Shares of NBIX stock opened at $94.89 on Tuesday. The firm has a market capitalization of $9.46 billion, a price-to-earnings ratio of 28.84, a PEG ratio of 0.77 and a beta of 0.33. The firm’s 50 day moving average is $110.55 and its 200-day moving average is $122.92. 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 data on Thursday, February 6th. The company reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.62). Neurocrine Biosciences had a net margin of 14.49% and a return on equity of 13.38%. On average, equities research analysts forecast that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current fiscal year.

Neurocrine Biosciences announced that its Board of Directors has approved a share repurchase program on Friday, February 21st that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to repurchase up to 4.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Neurocrine Biosciences

In other news, CFO Matt Abernethy sold 2,558 shares of Neurocrine Biosciences stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $116.86, for a total transaction of $298,927.88. Following the completion of the sale, the chief financial officer now owns 34,775 shares in the company, valued at $4,063,806.50. The trade was a 6.85 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Kyle Gano sold 65,000 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $141.50, for a total transaction of $9,197,500.00. Following the completion of the transaction, the chief executive officer now owns 135,392 shares in the company, valued at $19,157,968. This represents a 32.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 232,906 shares of company stock worth $33,869,030 over the last 90 days. Insiders own 4.30% of the company’s stock.

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.