Bank of Nova Scotia Has $558,000 Position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Bank of Nova Scotia lessened its position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 16.2% in the 4th quarter, Holdings Channel reports. The firm owned 4,087 shares of the company’s stock after selling 790 shares during the period. Bank of Nova Scotia’s holdings in Neurocrine Biosciences were worth $558,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of NBIX. Raymond James Financial Inc. acquired a new position in shares of Neurocrine Biosciences in the 4th quarter valued at $115,193,000. Wellington Management Group LLP lifted its holdings in Neurocrine Biosciences by 102.9% during the fourth quarter. Wellington Management Group LLP now owns 1,457,425 shares of the company’s stock worth $198,939,000 after acquiring an additional 739,199 shares in the last quarter. Thrivent Financial for Lutherans grew its stake in Neurocrine Biosciences by 2,759.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 737,772 shares of the company’s stock valued at $100,705,000 after acquiring an additional 711,970 shares during the period. Jennison Associates LLC increased its holdings in shares of Neurocrine Biosciences by 145.1% in the fourth quarter. Jennison Associates LLC now owns 820,694 shares of the company’s stock worth $112,025,000 after acquiring an additional 485,894 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Neurocrine Biosciences during the fourth quarter worth about $44,403,000. 92.59% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Julie Cooke sold 1,740 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $152.89, for a total transaction of $266,028.60. Following the completion of the sale, the insider now owns 18,202 shares in the company, valued at $2,782,903.78. The trade was a 8.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Kevin Charles Gorman sold 2,707 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $152.92, for a total value of $413,954.44. Following the completion of the transaction, the director now directly owns 517,030 shares in the company, valued at $79,064,227.60. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 232,906 shares of company stock valued at $33,869,030 over the last ninety days. 4.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Piper Sandler reissued an “overweight” rating and set a $160.00 target price on shares of Neurocrine Biosciences in a research note on Monday, December 23rd. Royal Bank of Canada upgraded shares of Neurocrine Biosciences from a “sector perform” rating to an “outperform” rating and dropped their price objective for the stock from $138.00 to $137.00 in a report on Monday. Needham & Company LLC reiterated a “hold” rating on shares of Neurocrine Biosciences in a report on Friday, February 7th. Bank of America cut their price target on Neurocrine Biosciences from $184.00 to $179.00 and set a “buy” rating on the stock in a report on Friday, February 7th. Finally, Guggenheim decreased their price objective on Neurocrine Biosciences from $165.00 to $163.00 and set a “buy” rating for the company in a report on Monday, February 10th. Four investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Neurocrine Biosciences has a consensus rating of “Moderate Buy” and a consensus price target of $163.00.

Neurocrine Biosciences Price Performance

Neurocrine Biosciences stock opened at $94.89 on Tuesday. Neurocrine Biosciences, Inc. has a fifty-two week low of $84.23 and a fifty-two week high of $157.98. The firm has a market capitalization of $9.46 billion, a PE ratio of 28.84, a P/E/G ratio of 0.77 and a beta of 0.33. The company’s 50-day moving average is $110.55 and its 200-day moving average is $122.92.

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

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

Neurocrine Biosciences 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.