Franklin Resources Inc. Reduces Stock Position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Franklin Resources Inc. decreased its stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 8.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 608,935 shares of the company’s stock after selling 55,401 shares during the quarter. Franklin Resources Inc.’s holdings in Neurocrine Biosciences were worth $83,120,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. B. Metzler seel. Sohn & Co. AG raised its holdings in shares of Neurocrine Biosciences by 5.1% during the 4th quarter. B. Metzler seel. Sohn & Co. AG now owns 5,044 shares of the company’s stock worth $689,000 after acquiring an additional 245 shares during the period. Pier 88 Investment Partners LLC raised its stake in Neurocrine Biosciences by 51.8% during the fourth quarter. Pier 88 Investment Partners LLC now owns 4,690 shares of the company’s stock worth $640,000 after purchasing an additional 1,600 shares during the period. AIA Group Ltd acquired a new position in Neurocrine Biosciences in the 4th quarter valued at about $232,000. Wellington Management Group LLP boosted its holdings in Neurocrine Biosciences by 102.9% in the 4th quarter. Wellington Management Group LLP now owns 1,457,425 shares of the company’s stock valued at $198,939,000 after purchasing an additional 739,199 shares during the last quarter. Finally, Physician Wealth Advisors Inc. purchased a new stake in shares of Neurocrine Biosciences in the 4th quarter valued at approximately $66,000. Institutional investors and hedge funds own 92.59% of the company’s stock.

Neurocrine Biosciences Stock Performance

Shares of NBIX opened at $102.88 on Friday. Neurocrine Biosciences, Inc. has a 1 year low of $102.55 and a 1 year high of $157.98. The stock has a market capitalization of $10.26 billion, a PE ratio of 31.27, a PEG ratio of 0.77 and a beta of 0.35. The stock has a 50-day simple moving average of $121.07 and a 200-day simple moving average of $124.51.

Neurocrine Biosciences (NASDAQ:NBIX) last issued its quarterly earnings results on Thursday, February 6th. The company reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.62). Neurocrine Biosciences had a return on equity of 13.38% and a net margin of 14.49%. 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 stock repurchase program 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 shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other news, insider Julie Cooke sold 1,551 shares of the company’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $116.78, for a total value of $181,125.78. Following the completion of the transaction, the insider now owns 19,544 shares in the company, valued at approximately $2,282,348.32. This represents a 7.35 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Kevin Charles Gorman sold 5,844 shares of Neurocrine Biosciences stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $116.69, for a total transaction of $681,936.36. Following the sale, the director now owns 521,618 shares in the company, valued at $60,867,604.42. This represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 232,906 shares of company stock worth $33,869,030. Corporate insiders own 4.30% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on NBIX shares. William Blair reiterated an “outperform” rating on shares of Neurocrine Biosciences in a report on Friday, February 7th. Barclays upped their price target on Neurocrine Biosciences from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Monday, December 23rd. Royal Bank of Canada cut their price objective on Neurocrine Biosciences from $154.00 to $148.00 and set a “sector perform” rating for the company in a research report on Friday, February 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Neurocrine Biosciences in a research report on Friday, February 7th. Finally, Wedbush dropped their price target on shares of Neurocrine Biosciences from $157.00 to $147.00 and set an “outperform” rating for the company in a research report on Friday, February 7th. Five equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $165.38.

Neurocrine Biosciences 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.