AlphaQuest LLC Decreases Stock Holdings in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

AlphaQuest LLC cut its stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 46.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,869 shares of the company’s stock after selling 1,626 shares during the period. AlphaQuest LLC’s holdings in Neurocrine Biosciences were worth $255,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Caprock Group LLC purchased a new position in Neurocrine Biosciences in the 4th quarter valued at approximately $236,000. Charles Schwab Investment Management Inc. increased its position in shares of Neurocrine Biosciences by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 762,557 shares of the company’s stock valued at $104,089,000 after buying an additional 15,266 shares in the last quarter. Swiss National Bank raised its stake in shares of Neurocrine Biosciences by 1.4% during the 3rd quarter. Swiss National Bank now owns 298,700 shares of the company’s stock worth $34,416,000 after buying an additional 4,100 shares during the last quarter. Tri Ri Asset Management Corp acquired a new position in shares of Neurocrine Biosciences during the 3rd quarter worth $3,236,000. Finally, KBC Group NV boosted its position in shares of Neurocrine Biosciences by 78.3% in the 3rd quarter. KBC Group NV now owns 18,972 shares of the company’s stock worth $2,186,000 after buying an additional 8,332 shares in the last quarter. 92.59% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Matt Abernethy sold 2,558 shares of Neurocrine Biosciences stock in a transaction 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 sale, the chief financial officer now owns 34,775 shares of the company’s stock, valued at $4,063,806.50. The trade was a 6.85 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Kevin Charles Gorman sold 5,844 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $60,867,604.42. The trade was a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 234,269 shares of company stock valued at $34,053,879. Corporate insiders own 4.30% of the company’s stock.

Neurocrine Biosciences Trading Up 1.6 %

Shares of NBIX stock opened at $110.75 on Friday. The company has a market cap of $11.04 billion, a PE ratio of 33.66, a P/E/G ratio of 0.77 and a beta of 0.35. The company’s fifty day simple moving average is $129.69 and its 200-day simple moving average is $125.69. Neurocrine Biosciences, Inc. has a 52 week low of $105.18 and a 52 week high of $157.98.

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

Neurocrine Biosciences declared that its board has approved a stock buyback plan on Friday, February 21st that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to repurchase up to 4.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

NBIX has been the subject of a number of research reports. Barclays lifted their target price on shares of Neurocrine Biosciences from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday, December 23rd. Needham & Company LLC reaffirmed a “hold” rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. Morgan Stanley reissued an “overweight” rating and set a $150.00 price target (down previously from $185.00) on shares of Neurocrine Biosciences in a research report on Friday, March 7th. Bank of America reduced their price objective on Neurocrine Biosciences from $184.00 to $179.00 and set a “buy” rating on the stock in a research report on Friday, February 7th. Finally, StockNews.com raised shares of Neurocrine Biosciences from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. Five analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $165.24.

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.