9,265 Shares in Neurocrine Biosciences, Inc. $NBIX Acquired by Pallas Capital Advisors LLC

Key Points

• Pallas Capital Advisors acquired 9,265 shares of Neurocrine Biosciences worth approximately $1.56 million, while institutional investors collectively own 92.59% of the company.
• Analysts maintain a favorable outlook, with a consensus rating of “Moderate Buy” and an average price target of $200.86; several firms recently raised their targets.
• Neurocrine reported quarterly earnings of $2.85 per share, exceeding estimates of $1.65, while revenue rose 39.5% year over year to $959 million. Insiders have sold $21.7 million of stock over the past 90 days.

Pallas Capital Advisors LLC acquired a new stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 9,265 shares of the company's stock, valued at approximately $1,561,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Deutsche Bank AG acquired a new position in shares of Neurocrine Biosciences during the second quarter worth $56,402,000. Rice Hall James & Associates LLC bought a new position in shares of Neurocrine Biosciences in the 2nd quarter valued at $16,886,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Neurocrine Biosciences during the 2nd quarter valued at $18,789,000. Persistent Asset Partners Ltd bought a new stake in Neurocrine Biosciences during the 2nd quarter worth $74,000. Finally, OneDigital Investment Advisors LLC bought a new stake in Neurocrine Biosciences during the 2nd quarter worth $589,000. Institutional investors and hedge funds own 92.59% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on the company. Sanford C. Bernstein began coverage on Neurocrine Biosciences in a research report on Friday, May 22nd. They issued an "outperform" rating and a $221.00 target price for the company. JPMorgan Chase & Co. upped their price objective on Neurocrine Biosciences from $177.00 to $185.00 and gave the company an "overweight" rating in a research note on Friday, May 8th. Leerink Partners raised their price objective on shares of Neurocrine Biosciences from $160.00 to $170.00 and gave the company an "outperform" rating in a report on Wednesday, April 22nd. Royal Bank Of Canada lifted their target price on shares of Neurocrine Biosciences from $195.00 to $198.00 and gave the stock an "outperform" rating in a research report on Friday, July 31st. Finally, Canaccord Genuity Group boosted their target price on shares of Neurocrine Biosciences from $200.00 to $210.00 and gave the stock a "buy" rating in a report on Monday, August 3rd. 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. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $200.86.

Insiders Place Their Bets

In other news, insider Ingrid Delaet sold 4,367 shares of Neurocrine Biosciences stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $181.02, for a total value of $790,514.34. Following the completion of the transaction, the insider directly owned 16,225 shares of the company's stock, valued at approximately $2,937,049.50. This trade represents a 21.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Darin Lippoldt sold 10,000 shares of the business's stock in a transaction dated 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 completion of the transaction, the insider directly owned 54,729 shares in the company, valued at $9,829,328.40. This represents a 15.45% 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 valued at $21,668,924. 4.60% of the stock is currently owned by insiders.

Neurocrine Biosciences Stock Performance

Neurocrine Biosciences stock opened at $154.49 on Tuesday. The firm 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 52-week low of $122.14 and a 52-week high of $186.12. The firm has a 50 day moving average price of $167.81 and a two-hundred day moving average price of $148.47.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The company reported $2.85 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 company had revenue of $959.00 million for the quarter, compared to analyst estimates of $891.16 million. During the same period in the prior year, the firm posted $1.65 EPS. The company's quarterly revenue was up 39.5% on a year-over-year basis. As a group, equities research analysts predict that Neurocrine Biosciences, Inc. will post 7.77 EPS for the current fiscal year.

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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