Balyasny Asset Management L.P. Invests $26.58 Million in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Balyasny Asset Management L.P. acquired a new stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 194,728 shares of the company’s stock, valued at approximately $26,580,000. Balyasny Asset Management L.P. owned 0.19% of Neurocrine Biosciences at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Algert Global LLC raised its position in Neurocrine Biosciences by 86.0% in the fourth quarter. Algert Global LLC now owns 34,166 shares of the company’s stock worth $4,664,000 after acquiring an additional 15,800 shares in the last quarter. Alyeska Investment Group L.P. acquired a new position in shares of Neurocrine Biosciences in the 4th quarter worth approximately $33,979,000. AXA S.A. raised its holdings in shares of Neurocrine Biosciences by 10.6% in the 4th quarter. AXA S.A. now owns 297,704 shares of the company’s stock worth $40,637,000 after purchasing an additional 28,532 shares in the last quarter. AlTi Global Inc. acquired a new stake in Neurocrine Biosciences during the fourth quarter valued at approximately $729,000. Finally, Mercer Global Advisors Inc. ADV boosted its holdings in Neurocrine Biosciences by 52.0% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 12,112 shares of the company’s stock worth $1,653,000 after buying an additional 4,143 shares in the last quarter. Institutional investors own 92.59% of the company’s stock.

Neurocrine Biosciences Trading Up 8.4 %

NASDAQ:NBIX opened at $118.92 on Wednesday. The stock has a 50 day simple moving average of $106.06 and a 200 day simple moving average of $121.81. The stock has a market cap of $11.77 billion, a P/E ratio of 36.15, a PEG ratio of 0.77 and a beta of 0.26. Neurocrine Biosciences, Inc. has a 1-year low of $84.23 and a 1-year high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its earnings results on Monday, May 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.62). The business had revenue of $572.60 million for the quarter, compared to analyst estimates of $587.06 million. Neurocrine Biosciences had a return on equity of 13.38% and a net margin of 14.49%. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.20 EPS. As a group, sell-side analysts forecast that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current year.

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on NBIX shares. StockNews.com cut Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 20th. Evercore ISI dropped their target price 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. Bank of America reduced their price target on shares of Neurocrine Biosciences from $184.00 to $179.00 and set a “buy” rating for the company in a research report on Friday, February 7th. Deutsche Bank Aktiengesellschaft started coverage on shares of Neurocrine Biosciences in a research report on Tuesday, February 11th. They set a “hold” rating and a $138.00 price objective on the stock. Finally, BMO Capital Markets increased their target price on Neurocrine Biosciences from $96.00 to $115.00 and gave the company a “market perform” rating in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $162.00.

Insider Buying and Selling

In other news, insider Julie Cooke sold 700 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $118.28, for a total transaction of $82,796.00. Following the completion of the transaction, the insider now directly owns 18,831 shares in the company, valued at approximately $2,227,330.68. This represents a 3.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Matt Abernethy sold 2,558 shares of the stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $116.86, for a total value of $298,927.88. Following the completion of the transaction, the chief financial officer now owns 34,775 shares of the company’s stock, valued at $4,063,806.50. This represents a 6.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,907 shares of company stock worth $1,629,982. Corporate insiders own 4.30% of the company’s stock.

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.