85,123 Shares in Neurocrine Biosciences, Inc. $NBIX Acquired by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• The Virginia Retirement Systems ET Al acquired 85,123 shares of Neurocrine Biosciences, Inc. valued at approximately $10.7 million, representing 0.09% of the company.
• Neurocrine Biosciences reported a 16.5% year-over-year increase in revenue, totaling $687.5 million for the latest quarter, surpassing estimates.
• Brokerages have adjusted their price targets for Neurocrine Biosciences, with Piper Sandler and Guggenheim raising theirs to $175, solidifying a consensus rating of "Moderate Buy".

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 85,123 shares of the company's stock, valued at approximately $10,699,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.09% of Neurocrine Biosciences as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. increased its stake in Neurocrine Biosciences by 143.6% in the first quarter. Geneos Wealth Management Inc. now owns 229 shares of the company's stock valued at $25,000 after purchasing an additional 135 shares during the last quarter. WPG Advisers LLC purchased a new position in Neurocrine Biosciences in the first quarter valued at approximately $32,000. Smallwood Wealth Investment Management LLC purchased a new position in Neurocrine Biosciences in the first quarter valued at approximately $34,000. SVB Wealth LLC purchased a new position in Neurocrine Biosciences in the first quarter valued at approximately $35,000. Finally, Golden State Wealth Management LLC increased its stake in Neurocrine Biosciences by 116.9% in the first quarter. Golden State Wealth Management LLC now owns 397 shares of the company's stock valued at $44,000 after purchasing an additional 214 shares during the last quarter. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Neurocrine Biosciences Trading Up 0.9%

Shares of NBIX opened at $141.33 on Tuesday. The firm has a market cap of $14.02 billion, a PE ratio of 41.81, a price-to-earnings-growth ratio of 1.01 and a beta of 0.21. The company's 50 day simple moving average is $139.00 and its 200-day simple moving average is $126.56. Neurocrine Biosciences, Inc. has a 12-month low of $84.23 and a 12-month high of $154.61.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.08. Neurocrine Biosciences had a return on equity of 13.22% and a net margin of 13.88%.The firm had revenue of $687.50 million during the quarter, compared to the consensus estimate of $653.09 million. During the same period last year, the company earned $1.63 earnings per share. The company's revenue for the quarter was up 16.5% on a year-over-year basis. As a group, equities research analysts forecast that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current fiscal year.

Insider Buying and Selling at Neurocrine Biosciences

In related news, Director Kevin Charles Gorman sold 106,322 shares of the stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $126.41, for a total transaction of $13,440,164.02. Following the completion of the sale, the director directly owned 514,596 shares of the company's stock, valued at $65,050,080.36. This trade represents a 17.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.80% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have commented on NBIX. Weiss Ratings reiterated a "hold (c+)" rating on shares of Neurocrine Biosciences in a research note on Wednesday, October 8th. Piper Sandler increased their price target on shares of Neurocrine Biosciences from $154.00 to $175.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Stifel Nicolaus increased their price target on shares of Neurocrine Biosciences from $166.00 to $174.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. JPMorgan Chase & Co. raised their target price on shares of Neurocrine Biosciences from $140.00 to $145.00 and gave the stock a "neutral" rating in a research report on Thursday, July 31st. Finally, Guggenheim raised their target price on shares of Neurocrine Biosciences from $165.00 to $175.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $163.72.

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.

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