Neurocrine Biosciences, Inc. (NASDAQ:NBIX) Shares Purchased by Avantax Advisory Services Inc.

Avantax Advisory Services Inc. lifted its stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 11.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,895 shares of the company’s stock after acquiring an additional 297 shares during the period. Avantax Advisory Services Inc.’s holdings in Neurocrine Biosciences were worth $395,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Raymond James Financial Inc. acquired a new stake in Neurocrine Biosciences in the fourth quarter worth approximately $115,193,000. State Street Corp raised its stake in shares of Neurocrine Biosciences by 11.7% in the 3rd quarter. State Street Corp now owns 5,148,293 shares of the company’s stock worth $593,186,000 after buying an additional 539,936 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Neurocrine Biosciences by 145.1% in the 4th quarter. Jennison Associates LLC now owns 820,694 shares of the company’s stock worth $112,025,000 after buying an additional 485,894 shares in the last quarter. Impax Asset Management Group plc lifted its holdings in shares of Neurocrine Biosciences by 207.8% in the fourth quarter. Impax Asset Management Group plc now owns 261,599 shares of the company’s stock valued at $35,708,000 after buying an additional 176,599 shares during the period. Finally, Braidwell LP grew its holdings in Neurocrine Biosciences by 20.9% during the third quarter. Braidwell LP now owns 917,674 shares of the company’s stock worth $105,734,000 after acquiring an additional 158,665 shares during the period. 92.59% of the stock is currently owned by institutional investors.

Neurocrine Biosciences Stock Up 3.3 %

Neurocrine Biosciences stock opened at $115.60 on Tuesday. Neurocrine Biosciences, Inc. has a 12 month low of $105.18 and a 12 month high of $157.98. The stock has a market cap of $11.53 billion, a P/E ratio of 35.14, a P/E/G ratio of 0.77 and a beta of 0.35. The company’s fifty day simple moving average is $126.35 and its 200-day simple moving average is $125.13.

Neurocrine Biosciences (NASDAQ:NBIX) last released 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 return on equity of 13.38% and a net margin of 14.49%. On average, equities research analysts expect that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current fiscal year.

Neurocrine Biosciences declared that its board has authorized a share buyback program on Friday, February 21st that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to buy up to 4.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other Neurocrine Biosciences news, Director Kevin Charles Gorman sold 146,105 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $149.46, for a total transaction of $21,836,853.30. Following the completion of the sale, the director now owns 514,596 shares of the company’s stock, valued at $76,911,518.16. This represents a 22.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction, the chief financial officer now directly owns 34,775 shares in the company, valued at approximately $4,063,806.50. This represents a 6.85 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 233,178 shares of company stock worth $33,906,594. 4.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on NBIX. Morgan Stanley reissued an “overweight” rating and issued a $150.00 price target (down from $185.00) on shares of Neurocrine Biosciences in a report on Friday, March 7th. Piper Sandler restated an “overweight” rating and set a $160.00 target price on shares of Neurocrine Biosciences in a report on Monday, December 23rd. Barclays upped their price target on Neurocrine Biosciences from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, December 23rd. Deutsche Bank Aktiengesellschaft started coverage on Neurocrine Biosciences in a research note on Tuesday, February 11th. They set a “hold” rating and a $138.00 price objective for the company. Finally, Guggenheim cut their target price on Neurocrine Biosciences from $165.00 to $163.00 and set a “buy” rating on the stock in a research report on Monday, February 10th. Five equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average 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.