Fifth Third Bancorp Increases Stock Position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Fifth Third Bancorp raised its stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 31.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,056 shares of the company’s stock after acquiring an additional 254 shares during the quarter. Fifth Third Bancorp’s holdings in Neurocrine Biosciences were worth $117,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Huntington National Bank boosted its stake in Neurocrine Biosciences by 73.5% during the 4th quarter. Huntington National Bank now owns 229 shares of the company’s stock valued at $31,000 after acquiring an additional 97 shares during the last quarter. GeoWealth Management LLC boosted its stake in Neurocrine Biosciences by 65.4% during the 4th quarter. GeoWealth Management LLC now owns 258 shares of the company’s stock valued at $35,000 after acquiring an additional 102 shares during the last quarter. Lindbrook Capital LLC boosted its stake in Neurocrine Biosciences by 53.5% during the 4th quarter. Lindbrook Capital LLC now owns 373 shares of the company’s stock valued at $51,000 after acquiring an additional 130 shares during the last quarter. Versant Capital Management Inc boosted its stake in Neurocrine Biosciences by 404.9% during the 1st quarter. Versant Capital Management Inc now owns 409 shares of the company’s stock valued at $45,000 after acquiring an additional 328 shares during the last quarter. Finally, Harbor Capital Advisors Inc. bought a new position in Neurocrine Biosciences during the 1st quarter valued at $48,000. 92.59% of the stock is currently owned by institutional investors.

Insider Transactions at Neurocrine Biosciences

In other news, Director William H. Rastetter sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $110.20, for a total transaction of $3,306,000.00. Following the sale, the director now owns 37,491 shares in the company, valued at $4,131,508.20. The trade was a 44.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kevin Charles Gorman sold 9,613 shares of the business’s stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $120.38, for a total transaction of $1,157,212.94. Following the sale, the director now owns 514,596 shares in the company, valued at $61,947,066.48. This represents a 1.83% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 4.80% of the company’s stock.

Neurocrine Biosciences Price Performance

Shares of NBIX opened at $127.31 on Friday. The firm’s 50 day moving average is $115.11 and its 200-day moving average is $121.89. The stock has a market capitalization of $12.60 billion, a P/E ratio of 43.16, a P/E/G ratio of 1.31 and a beta of 0.24. Neurocrine Biosciences, Inc. has a 12-month low of $84.23 and a 12-month high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its quarterly earnings data on Monday, May 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.62). The business had revenue of $572.60 million during the quarter, compared to analyst estimates of $587.06 million. Neurocrine Biosciences had a return on equity of 11.81% and a net margin of 12.68%. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.20 EPS. As a group, equities research analysts forecast that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current fiscal year.

Neurocrine Biosciences announced that its board has initiated a share buyback plan on Friday, February 21st that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 4.2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on NBIX shares. Needham & Company LLC raised their price target on shares of Neurocrine Biosciences from $138.00 to $139.00 and gave the stock a “buy” rating in a research report on Tuesday, May 6th. Guggenheim raised their price target on shares of Neurocrine Biosciences from $155.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday, May 6th. Evercore ISI reduced their price target on shares of Neurocrine Biosciences from $190.00 to $185.00 and set an “outperform” rating on the stock in a research report on Thursday, April 24th. HC Wainwright reduced their price target on shares of Neurocrine Biosciences from $185.00 to $168.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. Finally, Piper Sandler restated an “overweight” rating and issued a $154.00 price target (down from $160.00) on shares of Neurocrine Biosciences in a research report on Tuesday, May 6th. Three analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $162.00.

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.