Sawgrass Asset Management LLC Invests $13.12 Million in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Sawgrass Asset Management LLC acquired a new position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 99,557 shares of the company’s stock, valued at approximately $13,118,000. Neurocrine Biosciences comprises approximately 1.5% of Sawgrass Asset Management LLC’s holdings, making the stock its 21st largest holding. Sawgrass Asset Management LLC owned about 0.10% of Neurocrine Biosciences as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Forsta AP Fonden bought a new position in Neurocrine Biosciences during the third quarter valued at $2,048,000. New York State Teachers Retirement System increased its holdings in Neurocrine Biosciences by 0.8% in the 3rd quarter. New York State Teachers Retirement System now owns 96,989 shares of the company’s stock worth $10,911,000 after acquiring an additional 740 shares during the last quarter. BluePath Capital Management LLC bought a new stake in Neurocrine Biosciences in the 3rd quarter valued at about $35,000. Mackenzie Financial Corp boosted its position in Neurocrine Biosciences by 3.5% during the third quarter. Mackenzie Financial Corp now owns 95,631 shares of the company’s stock worth $10,568,000 after purchasing an additional 3,277 shares during the period. Finally, IFM Investors Pty Ltd increased its stake in shares of Neurocrine Biosciences by 2.9% in the third quarter. IFM Investors Pty Ltd now owns 18,233 shares of the company’s stock worth $2,051,000 after purchasing an additional 511 shares in the last quarter. Institutional investors own 92.59% of the company’s stock.

Neurocrine Biosciences Stock Down 2.9 %

Shares of NBIX traded down $4.17 during mid-day trading on Wednesday, hitting $139.02. 653,593 shares of the company’s stock traded hands, compared to its average volume of 845,459. The business’s 50-day moving average price is $137.63 and its 200-day moving average price is $129.45. Neurocrine Biosciences, Inc. has a 1 year low of $89.04 and a 1 year high of $148.37. The firm has a market capitalization of $13.99 billion, a P/E ratio of 38.63 and a beta of 0.28.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its quarterly earnings results on Wednesday, February 7th. The company reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.31. The company had revenue of $515.20 million for the quarter, compared to analysts’ expectations of $518.52 million. Neurocrine Biosciences had a net margin of 18.65% and a return on equity of 17.45%. Neurocrine Biosciences’s quarterly revenue was up 25.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.88 earnings per share. Sell-side analysts anticipate that Neurocrine Biosciences, Inc. will post 4.78 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on NBIX. HC Wainwright lifted their price objective on shares of Neurocrine Biosciences from $150.00 to $160.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Barclays lifted their target price on Neurocrine Biosciences from $150.00 to $169.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. Oppenheimer upped their target price on shares of Neurocrine Biosciences from $200.00 to $216.00 and gave the stock an “outperform” rating in a report on Thursday, May 2nd. Mizuho boosted their price target on shares of Neurocrine Biosciences from $116.00 to $140.00 and gave the company a “neutral” rating in a research report on Thursday, February 8th. Finally, JPMorgan Chase & Co. increased their price objective on Neurocrine Biosciences from $148.00 to $158.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 20th. Six investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $147.88.

Insider Activity

In other news, insider Ingrid Delaet sold 5,000 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $145.06, for a total transaction of $725,300.00. Following the sale, the insider now owns 7,507 shares in the company, valued at approximately $1,088,965.42. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Neurocrine Biosciences news, insider Eric Benevich sold 19,818 shares of the business’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $133.36, for a total value of $2,642,928.48. Following the sale, the insider now directly owns 40,778 shares of the company’s stock, valued at $5,438,154.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ingrid Delaet sold 5,000 shares of the firm’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $145.06, for a total value of $725,300.00. Following the transaction, the insider now owns 7,507 shares of the company’s stock, valued at $1,088,965.42. The disclosure for this sale can be found here. Insiders sold a total of 177,044 shares of company stock worth $24,399,293 in the last quarter. 4.30% of the stock is owned by company insiders.

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.