Deerfield Management Company L.P. Series C Has $117.66 Million Holdings in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Deerfield Management Company L.P. Series C reduced its position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 34.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 862,000 shares of the company’s stock after selling 454,590 shares during the quarter. Neurocrine Biosciences accounts for approximately 2.2% of Deerfield Management Company L.P. Series C’s holdings, making the stock its 11th biggest position. Deerfield Management Company L.P. Series C’s holdings in Neurocrine Biosciences were worth $117,663,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of NBIX. Golden State Wealth Management LLC bought a new stake in shares of Neurocrine Biosciences during the fourth quarter worth about $25,000. Huntington National Bank boosted its stake in 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 during the last quarter. Brooklyn Investment Group increased its holdings in 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. GeoWealth Management LLC raised its stake in shares of Neurocrine Biosciences by 65.4% in the fourth quarter. GeoWealth Management LLC now owns 258 shares of the company’s stock worth $35,000 after purchasing an additional 102 shares during the last quarter. Finally, Lindbrook Capital LLC grew its holdings in Neurocrine Biosciences by 53.5% during the fourth quarter. Lindbrook Capital LLC now owns 373 shares of the company’s stock worth $51,000 after buying an additional 130 shares in the last quarter. Institutional investors and hedge funds own 92.59% of the company’s stock.

Insider Transactions at Neurocrine Biosciences

In other news, Director Kevin Charles Gorman sold 5,844 shares of Neurocrine Biosciences stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $116.69, for a total transaction of $681,936.36. Following the completion of the transaction, the director now directly owns 521,618 shares in the company, valued at approximately $60,867,604.42. This trade represents a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William H. Rastetter sold 30,000 shares of the company’s stock in a transaction that occurred 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 sale, the director now owns 37,491 shares in the company, valued at $4,131,508.20. The trade was a 44.45 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,907 shares of company stock worth $4,935,982. Company insiders own 4.30% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on NBIX. Evercore ISI cut their price objective on shares of Neurocrine Biosciences from $190.00 to $185.00 and set an “outperform” rating on the stock in a report on Thursday, April 24th. Royal Bank of Canada boosted their target price on Neurocrine Biosciences from $137.00 to $145.00 and gave the stock an “outperform” rating in a research note on Tuesday. HC Wainwright reduced their price objective on Neurocrine Biosciences from $185.00 to $168.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. UBS Group boosted their price objective on Neurocrine Biosciences from $137.00 to $152.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, 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 research note on Tuesday. Three investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $162.00.

Neurocrine Biosciences Trading Up 2.2 %

Shares of NASDAQ:NBIX opened at $121.54 on Thursday. The stock has a market capitalization of $12.02 billion, a P/E ratio of 36.94, a price-to-earnings-growth ratio of 0.77 and a beta of 0.26. Neurocrine Biosciences, Inc. has a 12-month low of $84.23 and a 12-month high of $157.98. The stock’s 50-day moving average price is $106.12 and its 200-day moving average price is $121.80.

Neurocrine Biosciences (NASDAQ:NBIX) last issued its earnings results on Monday, May 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.62). The firm had revenue of $572.60 million during the quarter, compared to the consensus estimate of $587.06 million. Neurocrine Biosciences had a return on equity of 13.38% and a net margin of 14.49%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.20 EPS. As a group, research analysts predict that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current year.

Neurocrine Biosciences announced that its board has approved a share repurchase program on Friday, February 21st that authorizes the company to repurchase $500.00 million in outstanding 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 an indication that the company’s management believes its stock is undervalued.

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.