10,600 Shares in Neurocrine Biosciences, Inc. $NBIX Purchased by Penn Capital Management Company LLC

Key Points

• Penn Capital Management purchased 10,600 shares of Neurocrine Biosciences worth approximately $1.81 million, while institutional investors collectively own 92.59% of the company.
• Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and an average price target of $200.86, despite some recent target reductions.
• Neurocrine reported strong quarterly results, posting $2.85 in EPS and $959 million in revenue—beating estimates and representing 39.5% year-over-year revenue growth. Shares opened at $154.06, down 1.2%.

Penn Capital Management Company LLC bought a new position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 10,600 shares of the company's stock, valued at approximately $1,807,000.

A number of other hedge funds also recently made changes to their positions in NBIX. NewEdge Advisors LLC grew its stake in shares of Neurocrine Biosciences by 0.5% in the first quarter. NewEdge Advisors LLC now owns 13,066 shares of the company's stock worth $1,721,000 after purchasing an additional 68 shares in the last quarter. Huntington National Bank raised its stake in shares of Neurocrine Biosciences by 12.6% during the fourth quarter. Huntington National Bank now owns 678 shares of the company's stock valued at $96,000 after purchasing an additional 76 shares in the last quarter. Motley Fool Asset Management LLC lifted its holdings in Neurocrine Biosciences by 4.8% in the fourth quarter. Motley Fool Asset Management LLC now owns 1,693 shares of the company's stock worth $240,000 after purchasing an additional 78 shares during the period. Main Management ETF Advisors LLC lifted its holdings in Neurocrine Biosciences by 1.0% in the fourth quarter. Main Management ETF Advisors LLC now owns 7,830 shares of the company's stock worth $1,111,000 after purchasing an additional 80 shares during the period. Finally, Westpac Banking Corp grew its position in Neurocrine Biosciences by 6.0% in the 1st quarter. Westpac Banking Corp now owns 1,615 shares of the company's stock valued at $213,000 after buying an additional 91 shares in the last quarter. Institutional investors own 92.59% of the company's stock.

Analyst Ratings Changes

NBIX has been the subject of several research analyst reports. Sanford C. Bernstein initiated coverage on Neurocrine Biosciences in a report on Friday, May 22nd. They issued an "outperform" rating and a $221.00 price objective for the company. Zacks Research lowered Neurocrine Biosciences from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 4th. Morgan Stanley cut their price target on shares of Neurocrine Biosciences from $196.00 to $182.00 and set an "equal weight" rating for the company in a report on Thursday, August 13th. Wedbush raised their price objective on shares of Neurocrine Biosciences from $185.00 to $194.00 and gave the company an "outperform" rating in a research report on Monday, August 3rd. Finally, Canaccord Genuity Group lifted their price objective on shares of Neurocrine Biosciences from $200.00 to $210.00 and gave the stock a "buy" rating in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $200.86.

Neurocrine Biosciences Trading Down 1.2%

Shares of NBIX opened at $154.06 on Friday. The business's 50-day moving average price is $166.77 and its 200 day moving average price is $149.43. The stock has a market capitalization of $15.66 billion, a P/E ratio of 22.59, a P/E/G ratio of 0.72 and a beta of 0.39. Neurocrine Biosciences, Inc. has a 1-year low of $122.14 and a 1-year high of $186.12.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The company reported $2.85 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.65 by $1.20. Neurocrine Biosciences had a net margin of 20.91% and a return on equity of 22.43%. The business had revenue of $959.00 million for the quarter, compared to analyst estimates of $891.16 million. During the same quarter in the previous year, the business earned $1.65 earnings per share. The firm's revenue was up 39.5% compared to the same quarter last year. On average, research analysts predict that Neurocrine Biosciences, Inc. will post 7.25 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Stephen A. Sherwin sold 25,000 shares of Neurocrine Biosciences stock in a transaction on Friday, June 5th. The stock was sold at an average price of $165.32, for a total transaction of $4,133,000.00. Following the transaction, the director owned 15,860 shares in the company, valued at approximately $2,621,975.20. The trade was a 61.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Darin Lippoldt sold 10,000 shares of the company's stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $179.60, for a total value of $1,796,000.00. Following the transaction, the insider directly owned 54,729 shares in the company, valued at $9,829,328.40. The trade was a 15.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 114,375 shares of company stock worth $18,994,756 over the last three months. Company insiders own 4.60% of the company's stock.

About Neurocrine Biosciences

Neurocrine Biosciences NASDAQ: NBIX is a biopharmaceutical company based in San Diego, California, focused on developing treatments for neurological, endocrine and neuropsychiatric disorders. Since its founding in 1992, the company has pursued a research‐driven strategy aimed at addressing unmet medical needs in movement disorders, reproductive health and central nervous system conditions. Neurocrine's operations encompass drug discovery, clinical development and commercialization activities.

The company's lead marketed product, Ingrezza™ (valbenazine), is indicated for the treatment of tardive dyskinesia, a movement disorder associated with long-term antipsychotic use.

Want to see what other hedge funds are holding NBIX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source