76,788 Neurocrine Biosciences, Inc. $NBIX Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management reduced its Neurocrine Biosciences stake by 34.5%, selling 76,788 shares and retaining 145,818 shares valued at approximately $20.7 million. Institutional investors and hedge funds collectively own 92.59% of NBIX.
• Neurocrine reported quarterly EPS of $2.85, exceeding estimates of $1.65, while revenue rose 39.5% year over year to $959 million. The stock opened at $135.71, below its 50-day and 200-day moving averages.
• Analysts maintain a favorable outlook, with a consensus rating of “Moderate Buy” and an average price target of $201.14, despite some firms recently lowering their targets.

Assenagon Asset Management S.A. cut its position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 34.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 145,818 shares of the company's stock after selling 76,788 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.14% of Neurocrine Biosciences worth $20,683,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Basecamp Wealth Advisors LLC boosted its stake in Neurocrine Biosciences by 582.9% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 239 shares of the company's stock valued at $31,000 after purchasing an additional 204 shares during the period. Cassaday & Co Wealth Management LLC acquired a new stake in Neurocrine Biosciences in the 1st quarter valued at approximately $33,000. Ascentis Independent Advisors acquired a new stake in Neurocrine Biosciences in the 1st quarter valued at approximately $40,000. SJS Investment Consulting Inc. increased its position in Neurocrine Biosciences by 67.2% in the 1st quarter. SJS Investment Consulting Inc. now owns 341 shares of the company's stock worth $45,000 after buying an additional 137 shares during the period. Finally, TrinityBridge Ltd bought a new position in Neurocrine Biosciences in the 2nd quarter worth approximately $45,000. 92.59% of the stock is currently owned by institutional investors and hedge funds.

Neurocrine Biosciences Stock Performance

Shares of NASDAQ:NBIX opened at $135.71 on Monday. Neurocrine Biosciences, Inc. has a 1-year low of $122.14 and a 1-year high of $186.12. The firm has a market capitalization of $13.79 billion, a PE ratio of 19.90, a PEG ratio of 0.60 and a beta of 0.40. The business's 50 day moving average is $149.10 and its 200-day moving average is $153.62.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.65 by $1.20. Neurocrine Biosciences had a return on equity of 22.43% and a net margin of 20.91%. The business had revenue of $959.00 million for the quarter, compared to analysts' expectations of $891.16 million. During the same period in the previous year, the business posted $1.65 earnings per share. Neurocrine Biosciences's quarterly revenue was up 39.5% on a year-over-year basis. On average, sell-side analysts predict that Neurocrine Biosciences, Inc. will post 7.70 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently commented on NBIX. Citigroup upped their price target on Neurocrine Biosciences from $249.00 to $253.00 and gave the stock a "buy" rating in a report on Thursday, September 3rd. UBS Group lowered their price objective on shares of Neurocrine Biosciences from $231.00 to $214.00 and set a "buy" rating on the stock in a research note on Tuesday, September 29th. Weiss Ratings raised shares of Neurocrine Biosciences from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday. Wall Street Zen lowered shares of Neurocrine Biosciences from a "buy" rating to a "hold" rating in a research report on Sunday, August 9th. Finally, Truist Financial upped their target price on shares of Neurocrine Biosciences from $200.00 to $213.00 and gave the company a "buy" rating in a research note on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $201.14.

Insider Transactions at Neurocrine Biosciences

In other news, insider David Boyer sold 826 shares of the firm's stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $157.45, for a total transaction of $130,053.70. Following the completion of the transaction, the insider directly owned 8,722 shares of the company's stock, valued at approximately $1,373,278.90. This trade represents a 8.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Matt Abernethy sold 2,311 shares of Neurocrine Biosciences stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $157.20, for a total transaction of $363,289.20. Following the sale, the chief financial officer owned 42,808 shares in the company, valued at approximately $6,729,417.60. This trade represents a 5.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 4,387 shares of company stock valued at $720,855. Company insiders own 4.60% of the company's stock.

Neurocrine Biosciences Company Profile

Neurocrine Biosciences, Inc is a San Diego-based biopharmaceutical company focused on discovering, developing and commercializing medicines for neurological, neuroendocrine and psychiatric disorders. The company's research programs target conditions in which treatments may address significant unmet medical needs.

Neurocrine's leading product is INGREZZA (valbenazine), a vesicular monoamine transporter 2 inhibitor approved in the United States for the treatment of tardive dyskinesia and chorea associated with Huntington's disease.

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