Allianz Asset Management GmbH Lowers Stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Key Points

• Allianz Asset Management GmbH has reduced its stake in Neurocrine Biosciences by 11.9%, owning 25,038 shares valued at approximately $2.77 million following the sale of 3,380 shares.
• Several other institutional investors have increased their holdings in Neurocrine Biosciences, with Dodge & Cox notably raising its position by 134.2%, acquiring over 1.7 million additional shares.
• Analysts maintain a primarily positive outlook for Neurocrine Biosciences, with an average price target of $163.87 and 22 out of 25 analysts recommending a buy rating for the stock.

Allianz Asset Management GmbH cut its holdings in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 11.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,038 shares of the company's stock after selling 3,380 shares during the quarter. Allianz Asset Management GmbH's holdings in Neurocrine Biosciences were worth $2,769,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Huntington National Bank grew its position in Neurocrine Biosciences by 73.5% in the fourth quarter. Huntington National Bank now owns 229 shares of the company's stock worth $31,000 after acquiring an additional 97 shares in the last quarter. Smallwood Wealth Investment Management LLC bought a new stake in Neurocrine Biosciences in the first quarter worth about $34,000. GeoWealth Management LLC lifted its stake in Neurocrine Biosciences by 65.4% in the fourth quarter. GeoWealth Management LLC now owns 258 shares of the company's stock worth $35,000 after purchasing an additional 102 shares during the last quarter. Golden State Wealth Management LLC lifted 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 worth $44,000 after purchasing an additional 214 shares during the last quarter. Finally, Versant Capital Management Inc lifted its stake in Neurocrine Biosciences by 404.9% in the first quarter. Versant Capital Management Inc now owns 409 shares of the company's stock worth $45,000 after purchasing an additional 328 shares during the last quarter. 92.59% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Kevin Charles Gorman sold 9,613 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $120.38, for a total value of $1,157,212.94. Following the completion of the sale, the director owned 514,596 shares of the company's stock, valued at $61,947,066.48. This represents a 1.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director William H. Rastetter sold 30,000 shares of the stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $110.20, for a total transaction of $3,306,000.00. Following the completion of the sale, the director directly owned 37,491 shares of the company's stock, valued at approximately $4,131,508.20. This trade represents a 44.45% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 120,251 shares of company stock worth $14,978,602. Corporate insiders own 4.80% of the company's stock.

Neurocrine Biosciences Stock Performance

Shares of NBIX traded up $0.68 during mid-day trading on Friday, hitting $128.91. 1,395,006 shares of the company were exchanged, compared to its average volume of 901,206. The stock has a market cap of $12.79 billion, a price-to-earnings ratio of 38.14, a price-to-earnings-growth ratio of 1.32 and a beta of 0.25. Neurocrine Biosciences, Inc. has a 1-year low of $84.23 and a 1-year high of $157.40. The company has a 50 day moving average of $128.08 and a 200-day moving average of $121.11.

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

Analysts Set New Price Targets

Several analysts have recently weighed in on NBIX shares. Truist Financial started coverage on shares of Neurocrine Biosciences in a research note on Monday, July 21st. They set a "buy" rating and a $163.00 price target for the company. HC Wainwright decreased their price target on shares of Neurocrine Biosciences from $185.00 to $168.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Canaccord Genuity Group boosted their price objective on shares of Neurocrine Biosciences from $158.00 to $160.00 and gave the stock a "buy" rating in a research note on Tuesday, May 6th. Evercore ISI reduced their price objective on shares of Neurocrine Biosciences from $190.00 to $185.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Finally, Royal Bank Of Canada reduced their price objective on shares of Neurocrine Biosciences from $146.00 to $144.00 and set an "outperform" rating for the company in a research note on Thursday. Four analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $164.00.

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.