Aberdeen Group plc Acquires 1,160,489 Shares of Neurocrine Biosciences, Inc. $NBIX

Key Points

• Aberdeen Group increased its Neurocrine Biosciences stake by 5,055.5%, buying 1,160,489 shares in the third quarter to hold 1,183,444 shares, or 1.17% of the company.
• Neurocrine reported quarterly EPS of $3.29, beating the $1.91 consensus, while revenue of $1.12 billion exceeded expectations and rose 41.3% year over year.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $202.59; 19 analysts rate the stock Buy, four Hold, and one Strong Buy.

Aberdeen Group plc boosted its stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 5,055.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,183,444 shares of the company's stock after acquiring an additional 1,160,489 shares during the period. Aberdeen Group plc owned 1.17% of Neurocrine Biosciences worth $167,860,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in NBIX. Bank of America Corp DE increased its stake in shares of Neurocrine Biosciences by 10.6% in the first quarter. Bank of America Corp DE now owns 583,827 shares of the company's stock worth $76,913,000 after purchasing an additional 55,723 shares in the last quarter. ABN AMRO Bank N.V. bought a new position in Neurocrine Biosciences in the 2nd quarter valued at $2,510,000. Focus Partners Advisor Solutions LLC bought a new position in Neurocrine Biosciences in the 2nd quarter valued at $1,927,000. Engineers Gate Manager LP increased its holdings in shares of Neurocrine Biosciences by 64.0% in the second quarter. Engineers Gate Manager LP now owns 18,361 shares of the company's stock worth $3,094,000 after purchasing an additional 7,163 shares during the period. Finally, SEB Asset Management AB purchased a new stake in shares of Neurocrine Biosciences in the first quarter worth $10,483,000. 92.59% of the stock is owned by institutional investors.

Insider Transactions at Neurocrine Biosciences

In other news, insider David W. Boyer sold 826 shares of the business's stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $157.45, for a total value of $130,053.70. Following the completion of the sale, the insider owned 8,722 shares in the company, valued at approximately $1,373,278.90. The trade was a 8.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 the 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 directly owned 42,808 shares of the company's stock, valued at approximately $6,729,417.60. The trade was a 5.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 90 days, insiders sold 18,137 shares of company stock worth $2,829,332. 4.60% of the stock is currently owned by company insiders.

Neurocrine Biosciences Price Performance

Shares of Neurocrine Biosciences stock opened at $167.40 on Friday. Neurocrine Biosciences, Inc. has a 1 year low of $122.14 and a 1 year high of $186.12. The firm's 50-day moving average is $148.58 and its 200 day moving average is $148.91. The stock has a market cap of $16.94 billion, a price-to-earnings ratio of 21.23, a PEG ratio of 0.69 and a beta of 0.36.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last posted its earnings results on Monday, November 2nd. The company reported $3.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.91 by $1.38. The business had revenue of $1.12 billion for the quarter, compared to analysts' expectations of $1.04 billion. Neurocrine Biosciences had a net margin of 18.98% and a return on equity of 23.39%. The business's revenue for the quarter was up 41.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.04 EPS. On average, equities analysts expect that Neurocrine Biosciences, Inc. will post 8.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Citigroup upped their price objective on shares of Neurocrine Biosciences from $249.00 to $253.00 and gave the stock a "buy" rating in a research report on Thursday, September 3rd. Canaccord Genuity Group boosted their price target on shares of Neurocrine Biosciences from $210.00 to $220.00 and gave the stock a "buy" rating in a research note on Tuesday, November 3rd. Morgan Stanley increased their price target on shares of Neurocrine Biosciences from $185.00 to $191.00 and gave the stock an "equal weight" rating in a report on Friday. Stifel Nicolaus raised their price objective on shares of Neurocrine Biosciences from $188.00 to $215.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Finally, UBS Group dropped their price objective on shares of Neurocrine Biosciences from $231.00 to $214.00 and set a "buy" rating for the company in a report on Tuesday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $202.59.

About Neurocrine Biosciences

Neurocrine Biosciences is a biopharmaceutical company focused on developing and commercializing treatments for neurological, endocrine and related disorders. Founded in 1992 and headquartered in San Diego, California, the company conducts research and development alongside its commercial operations. Its marketed medicines include INGREZZA (valbenazine), approved in the United States for tardive dyskinesia and chorea associated with Huntington disease, and CRENESSITY (crinecerfont), used with glucocorticoid replacement therapy to treat classic congenital adrenal hyperplasia in adults and children.

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