Teacher Retirement System of Texas Purchases 3,974 Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Teacher Retirement System of Texas lifted its position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 14.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,812 shares of the company’s stock after buying an additional 3,974 shares during the quarter. Teacher Retirement System of Texas’ holdings in Neurocrine Biosciences were worth $4,206,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in NBIX. Raymond James Financial Inc. bought a new position in Neurocrine Biosciences during the 4th quarter worth about $115,193,000. Thrivent Financial for Lutherans lifted its position in shares of Neurocrine Biosciences by 2,759.4% in the 4th quarter. Thrivent Financial for Lutherans now owns 737,772 shares of the company’s stock worth $100,705,000 after purchasing an additional 711,970 shares during the period. State Street Corp boosted its stake in shares of Neurocrine Biosciences by 11.7% during the third quarter. State Street Corp now owns 5,148,293 shares of the company’s stock valued at $593,186,000 after purchasing an additional 539,936 shares in the last quarter. Jennison Associates LLC increased its holdings in Neurocrine Biosciences by 145.1% during the fourth quarter. Jennison Associates LLC now owns 820,694 shares of the company’s stock valued at $112,025,000 after buying an additional 485,894 shares during the period. Finally, Impax Asset Management Group plc raised its stake in Neurocrine Biosciences by 207.8% in the fourth quarter. Impax Asset Management Group plc now owns 261,599 shares of the company’s stock worth $35,708,000 after buying an additional 176,599 shares in the last quarter. Hedge funds and other institutional investors own 92.59% of the company’s stock.

Neurocrine Biosciences Price Performance

NASDAQ:NBIX opened at $115.60 on Tuesday. The firm has a market capitalization of $11.53 billion, a P/E ratio of 35.14, a PEG ratio of 0.77 and a beta of 0.35. The company’s fifty day moving average price is $126.35 and its 200-day moving average price is $125.13. Neurocrine Biosciences, Inc. has a 1-year low of $105.18 and a 1-year high of $157.98.

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

Neurocrine Biosciences declared that its Board of Directors has initiated 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 reacquire up to 4.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Activity at Neurocrine Biosciences

In other news, insider Ingrid Delaet sold 272 shares of Neurocrine Biosciences stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $138.10, for a total transaction of $37,563.20. Following the completion of the transaction, the insider now directly owns 2,507 shares of the company’s stock, valued at $346,216.70. The trade was a 9.79 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kyle Gano sold 65,000 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $141.50, for a total transaction of $9,197,500.00. Following the sale, the chief executive officer now directly owns 135,392 shares in the company, valued at $19,157,968. This trade represents a 32.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 233,178 shares of company stock worth $33,906,594. 4.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Morgan Stanley reiterated 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. HC Wainwright reiterated a “buy” rating and issued a $185.00 target price on shares of Neurocrine Biosciences in a research note on Friday, February 21st. Needham & Company LLC restated a “hold” rating on shares of Neurocrine Biosciences in a report on Friday, February 7th. Canaccord Genuity Group reduced their price objective 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. Finally, StockNews.com downgraded shares of Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 20th. 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $165.24.

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.