Pier 88 Investment Partners LLC Purchases 1,600 Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Pier 88 Investment Partners LLC lifted its position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 51.8% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,690 shares of the company’s stock after purchasing an additional 1,600 shares during the quarter. Pier 88 Investment Partners LLC’s holdings in Neurocrine Biosciences were worth $640,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NBIX. Golden State Wealth Management LLC bought a new stake in shares of Neurocrine Biosciences during the 4th quarter valued at $25,000. Brooklyn Investment Group lifted its position in Neurocrine Biosciences by 99.1% during the 4th quarter. Brooklyn Investment Group now owns 231 shares of the company’s stock valued at $32,000 after acquiring an additional 115 shares during the period. Lindbrook Capital LLC boosted its stake 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 acquiring an additional 130 shares in the last quarter. R Squared Ltd purchased a new stake in Neurocrine Biosciences in the fourth quarter worth about $61,000. Finally, UMB Bank n.a. increased its stake 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 valued at $62,000 after purchasing an additional 309 shares in the last quarter. 92.59% of the stock is owned by hedge funds and other institutional investors.

Neurocrine Biosciences Stock Down 0.7 %

NASDAQ NBIX opened at $113.16 on Monday. The company has a 50-day moving average price of $124.17 and a 200-day moving average price of $124.96. Neurocrine Biosciences, Inc. has a 52 week low of $105.18 and a 52 week high of $157.98. The firm has a market capitalization of $11.28 billion, a P/E ratio of 34.40, a PEG ratio of 0.77 and a beta of 0.35.

Neurocrine Biosciences (NASDAQ:NBIX) last released its quarterly earnings results on Thursday, February 6th. The company reported $1.00 earnings per share 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%. As a group, equities research analysts anticipate that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current year.

Neurocrine Biosciences declared that its board has authorized a share repurchase program on Friday, February 21st that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to reacquire up to 4.2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, insider Julie Cooke sold 1,740 shares of the firm’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $152.89, for a total transaction of $266,028.60. Following the sale, the insider now directly owns 18,202 shares in the company, valued at $2,782,903.78. This trade represents a 8.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kevin Charles Gorman sold 5,844 shares of the company’s stock in a transaction on Thursday, February 13th. The stock was 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 $60,867,604.42. This represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 233,178 shares of company stock valued at $33,906,594. 4.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

NBIX has been the topic of a number of analyst reports. HC Wainwright reissued a “buy” rating and issued a $185.00 price target on shares of Neurocrine Biosciences in a research report on Friday, February 21st. William Blair reissued an “outperform” rating on shares of Neurocrine Biosciences in a report on Friday, February 7th. Piper Sandler restated an “overweight” rating and set a $160.00 price target on shares of Neurocrine Biosciences in a report on Monday, December 23rd. Wedbush dropped their price target on shares of 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, Canaccord Genuity Group cut their price objective on shares of Neurocrine Biosciences from $172.00 to $163.00 and set a “buy” rating on the stock in a research report on Friday, February 7th. Five 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 MarketBeat, Neurocrine Biosciences presently has an average rating of “Moderate Buy” and an average target price of $165.38.

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.