172,989 Shares in Neurocrine Biosciences, Inc. $NBIX Purchased by Korea Investment CORP

Key Points

• Korea Investment CORP acquired 172,989 Neurocrine Biosciences shares during the second quarter, worth approximately $29.2 million and representing about 0.17% of the company. Institutional investors collectively own 92.59% of NBIX.
• Neurocrine reported strong quarterly results, with earnings of $2.85 per share versus the $1.65 consensus estimate and revenue of $959 million, up 39.5% year over year.
• Insiders sold 131,524 shares worth approximately $21.7 million over the past 90 days, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $200.86.

Korea Investment CORP acquired a new position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 172,989 shares of the company's stock, valued at approximately $29,155,000. Korea Investment CORP owned about 0.17% of Neurocrine Biosciences at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. NewEdge Advisors LLC boosted its holdings in shares of Neurocrine Biosciences by 0.5% in the 1st quarter. NewEdge Advisors LLC now owns 13,066 shares of the company's stock worth $1,721,000 after purchasing an additional 68 shares during the period. Huntington National Bank raised its holdings in Neurocrine Biosciences by 12.6% during the 4th quarter. Huntington National Bank now owns 678 shares of the company's stock valued at $96,000 after buying an additional 76 shares during the period. Motley Fool Asset Management LLC raised its holdings in Neurocrine Biosciences by 4.8% during the 4th quarter. Motley Fool Asset Management LLC now owns 1,693 shares of the company's stock valued at $240,000 after buying an additional 78 shares during the period. Main Management ETF Advisors LLC lifted its position 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 buying an additional 80 shares during the last quarter. Finally, Westpac Banking Corp lifted its position in Neurocrine Biosciences by 6.0% in the first quarter. Westpac Banking Corp now owns 1,615 shares of the company's stock worth $213,000 after buying an additional 91 shares during the last quarter. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Neurocrine Biosciences news, insider Ingrid Delaet sold 4,367 shares of the firm's stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $181.02, for a total value of $790,514.34. Following the completion of the sale, the insider directly owned 16,225 shares in the company, valued at $2,937,049.50. This trade represents a 21.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen A. Sherwin sold 25,000 shares of the firm's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $165.32, for a total value of $4,133,000.00. Following the completion of the sale, the director directly owned 15,860 shares of the company's stock, valued at $2,621,975.20. The trade was a 61.18% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 131,524 shares of company stock valued at $21,668,924. Company insiders own 4.60% of the company's stock.

Neurocrine Biosciences Stock Down 0.2%

NBIX opened at $152.57 on Friday. The stock's fifty day moving average is $167.14 and its two-hundred day moving average is $148.88. The company has a market capitalization of $15.51 billion, a P/E ratio of 22.37, a PEG ratio of 0.71 and a beta of 0.39. Neurocrine Biosciences, Inc. has a 52 week low of $122.14 and a 52 week high of $186.12.

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

Analyst Upgrades and Downgrades

NBIX has been the subject of several recent analyst reports. The Goldman Sachs Group initiated coverage on shares of Neurocrine Biosciences in a research note on Tuesday, June 2nd. They set a "buy" rating and a $213.00 price objective for the company. Weiss Ratings lowered shares of Neurocrine Biosciences from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, August 11th. Wall Street Zen lowered shares of Neurocrine Biosciences from a "buy" rating to a "hold" rating in a report on Sunday, August 9th. Sanford C. Bernstein initiated coverage on shares of Neurocrine Biosciences in a research note on Friday, May 22nd. They set an "outperform" rating and a $221.00 price target for the company. Finally, Morgan Stanley decreased their price objective on shares of Neurocrine Biosciences from $196.00 to $182.00 and set an "equal weight" rating for the company in a research note on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, Neurocrine Biosciences has a consensus rating of "Moderate Buy" and an average price target 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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