Raymond James Financial Inc. Invests $115.19 Million in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Raymond James Financial Inc. acquired a new position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 843,902 shares of the company’s stock, valued at approximately $115,193,000. Raymond James Financial Inc. owned about 0.83% of Neurocrine Biosciences as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in NBIX. Golden State Wealth Management LLC acquired a new stake in shares of Neurocrine Biosciences during the fourth quarter worth $25,000. Brooklyn Investment Group boosted its holdings in shares of Neurocrine Biosciences by 99.1% during the fourth quarter. Brooklyn Investment Group now owns 231 shares of the company’s stock worth $32,000 after purchasing an additional 115 shares during the last quarter. R Squared Ltd acquired a new stake in shares of Neurocrine Biosciences during the fourth quarter worth $61,000. UMB Bank n.a. boosted its holdings in shares of Neurocrine Biosciences by 211.6% during the fourth quarter. UMB Bank n.a. now owns 455 shares of the company’s stock worth $62,000 after purchasing an additional 309 shares during the last quarter. Finally, Truvestments Capital LLC acquired a new position in Neurocrine Biosciences in the third quarter valued at $63,000. Institutional investors and hedge funds own 92.59% of the company’s stock.

Insider Transactions at Neurocrine Biosciences

In related news, insider Ingrid Delaet sold 272 shares of the business’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $138.10, for a total transaction of $37,563.20. Following the sale, the insider now owns 2,507 shares of the company’s stock, valued at $346,216.70. The trade was a 9.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kyle Gano sold 65,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $141.50, for a total value of $9,197,500.00. Following the sale, the chief executive officer now directly owns 135,392 shares in the company, valued at approximately $19,157,968. The trade was a 32.44 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 234,269 shares of company stock worth $34,053,879. Company insiders own 4.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on NBIX shares. William Blair reiterated an “outperform” rating on shares of Neurocrine Biosciences in a report on Friday, February 7th. Guggenheim reduced their target price on Neurocrine Biosciences from $165.00 to $163.00 and set a “buy” rating on the stock in a report on Monday, February 10th. Needham & Company LLC reiterated a “hold” rating on shares of Neurocrine Biosciences in a report on Friday, February 7th. Canaccord Genuity Group reduced their target price on Neurocrine Biosciences from $172.00 to $163.00 and set a “buy” rating on the stock in a report on Friday, February 7th. Finally, Wedbush reduced their target price on Neurocrine Biosciences from $157.00 to $147.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. Five equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Neurocrine Biosciences has a consensus rating of “Moderate Buy” and a consensus target price of $165.24.

Neurocrine Biosciences Trading Up 0.3 %

Shares of NASDAQ NBIX opened at $113.04 on Friday. The stock has a 50 day simple moving average of $132.47 and a 200-day simple moving average of $127.19. The company has a market cap of $11.27 billion, a PE ratio of 34.36, a P/E/G ratio of 0.77 and a beta of 0.35. Neurocrine Biosciences, Inc. has a 12-month low of $110.25 and a 12-month high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX) last issued its quarterly earnings data on Thursday, February 6th. The company reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.62 by ($0.62). Neurocrine Biosciences had a return on equity of 13.38% and a net margin of 14.49%. Sell-side 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 stock buyback program on Friday, February 21st that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to buy up to 4.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are 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.