16,659 Shares in Neurocrine Biosciences, Inc. $NBIX Purchased by Grandfield & Dodd LLC

Key Points

• Grandfield & Dodd LLC purchased 16,659 Neurocrine Biosciences shares worth approximately $2.81 million during the second quarter. Institutional investors and hedge funds collectively own 92.59% of NBIX.
• Neurocrine reported quarterly EPS of $2.85, beating estimates of $1.65, while revenue rose 39.5% year over year to $959 million. The company’s market capitalization is approximately $15.7 billion.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus rating and an average price target of $200.86. However, insiders sold 131,524 shares worth roughly $21.67 million over the past 90 days.

Grandfield & Dodd LLC purchased a new stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The firm purchased 16,659 shares of the company's stock, valued at approximately $2,808,000.

Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Neurocrine Biosciences during the second quarter valued at approximately $2,310,886,000. Pallas Capital Advisors LLC purchased a new position in shares of Neurocrine Biosciences in the second quarter valued at approximately $1,561,000. Deutsche Bank AG acquired a new stake in shares of Neurocrine Biosciences in the second quarter worth approximately $56,402,000. Rice Hall James & Associates LLC acquired a new stake in shares of Neurocrine Biosciences in the second quarter worth approximately $16,886,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Neurocrine Biosciences during the second quarter worth approximately $18,789,000. 92.59% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Stephen A. Sherwin sold 25,000 shares of the firm's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $165.32, for a total transaction of $4,133,000.00. Following the completion of the sale, the director directly owned 15,860 shares in the company, valued at approximately $2,621,975.20. This trade represents a 61.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jude Onyia sold 11,000 shares of Neurocrine Biosciences stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $160.25, for a total transaction of $1,762,750.00. Following the transaction, the insider directly owned 25,846 shares in the company, valued at $4,141,821.50. This trade represents a 29.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 131,524 shares of company stock worth $21,668,924. Insiders own 4.60% of the company's stock.

Neurocrine Biosciences Stock Performance

Shares of Neurocrine Biosciences stock opened at $154.49 on Tuesday. The business's 50 day moving average price is $167.81 and its 200 day moving average price is $148.47. The company has a market cap of $15.70 billion, a price-to-earnings ratio of 22.65, a PEG ratio of 0.67 and a beta of 0.39. Neurocrine Biosciences, Inc. has a one year low of $122.14 and a one year high of $186.12.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued its earnings results on Friday, July 31st. The company reported $2.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.65 by $1.20. Neurocrine Biosciences had a return on equity of 22.43% and a net margin of 20.91%.The company had revenue of $959.00 million during the quarter, compared to analysts' expectations of $891.16 million. During the same period in the prior year, the business earned $1.65 EPS. The firm's quarterly revenue was up 39.5% on a year-over-year basis. On average, analysts predict that Neurocrine Biosciences, Inc. will post 7.77 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on NBIX. Wall Street Zen downgraded Neurocrine Biosciences from a "buy" rating to a "hold" rating in a research note on Sunday, August 9th. Citigroup lifted their target price on shares of Neurocrine Biosciences from $246.00 to $249.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Cantor Fitzgerald increased their target price on shares of Neurocrine Biosciences from $210.00 to $215.00 and gave the company an "overweight" rating in a research report on Friday, July 31st. Truist Financial increased their target price on shares of Neurocrine Biosciences from $200.00 to $213.00 and gave the company a "buy" rating in a research report on Monday, August 3rd. Finally, The Goldman Sachs Group started coverage on shares of Neurocrine Biosciences in a research note on Tuesday, June 2nd. They issued a "buy" rating and a $213.00 price target on the stock. One 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 stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $200.86.

Neurocrine Biosciences Profile

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.

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