Teachers Retirement System of The State of Kentucky Has $7.66 Million Stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Teachers Retirement System of The State of Kentucky grew its holdings in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 84.6% during the 4th quarter, HoldingsChannel reports. The firm owned 56,120 shares of the company’s stock after acquiring an additional 25,720 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Neurocrine Biosciences were worth $7,661,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in NBIX. Trajan Wealth LLC acquired a new stake in Neurocrine Biosciences in the 4th quarter valued at approximately $213,000. MML Investors Services LLC boosted its position in shares of Neurocrine Biosciences by 15.9% in the fourth quarter. MML Investors Services LLC now owns 11,392 shares of the company’s stock valued at $1,555,000 after acquiring an additional 1,559 shares during the period. Natixis grew its stake in shares of Neurocrine Biosciences by 161.9% in the fourth quarter. Natixis now owns 1,485 shares of the company’s stock worth $203,000 after acquiring an additional 918 shares during the last quarter. MetLife Investment Management LLC increased its position in Neurocrine Biosciences by 8.3% during the fourth quarter. MetLife Investment Management LLC now owns 61,442 shares of the company’s stock worth $8,387,000 after acquiring an additional 4,735 shares during the period. Finally, Ossiam increased its position in Neurocrine Biosciences by 16.1% during the fourth quarter. Ossiam now owns 3,485 shares of the company’s stock worth $476,000 after acquiring an additional 484 shares during the period. 92.59% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on NBIX. Barclays increased their price target on shares of Neurocrine Biosciences from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Monday, December 23rd. Canaccord Genuity Group reduced their target price on shares of Neurocrine Biosciences from $172.00 to $163.00 and set a “buy” rating for the company in a research note on Friday, February 7th. Guggenheim lowered their price target on Neurocrine Biosciences from $165.00 to $163.00 and set a “buy” rating on the stock in a research note on Monday, February 10th. Needham & Company LLC upgraded Neurocrine Biosciences from a “hold” rating to a “buy” rating and set a $138.00 price objective for the company in a research report on Tuesday, April 15th. Finally, StockNews.com cut Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 20th. Three analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $161.86.

Insider Transactions at Neurocrine Biosciences

In related news, Director Kevin Charles Gorman sold 5,844 shares of the business’s stock in a transaction that occurred on 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 sale, the director now directly owns 521,618 shares of the company’s stock, valued at $60,867,604.42. The trade was a 1.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Matt Abernethy sold 2,558 shares of the firm’s 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. The trade was a 6.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 167,906 shares of company stock worth $24,671,530 over the last 90 days. 4.30% of the stock is owned by insiders.

Neurocrine Biosciences Trading Down 0.7 %

NBIX opened at $100.68 on Tuesday. Neurocrine Biosciences, Inc. has a 1-year low of $84.23 and a 1-year high of $157.98. The stock has a market capitalization of $9.96 billion, a PE ratio of 30.60, a PEG ratio of 0.77 and a beta of 0.33. The firm has a 50-day moving average price of $108.02 and a two-hundred day moving average price of $122.44.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its quarterly earnings data 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%. On average, research analysts predict that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current year.

Neurocrine Biosciences declared that its Board of Directors has initiated a share buyback program on Friday, February 21st that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 4.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

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.