Allspring Global Investments Holdings LLC Has $57.33 Million Position in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Allspring Global Investments Holdings LLC increased its stake in Neurocrine Biosciences by 15.5%, owning 447,900 shares valued at $57.33 million as of the latest SEC filing.
• The company reported better than expected earnings for July 30, with $1.06 earnings per share, exceeding analysts' estimates of $0.98, and revenue of $687.50 million.
• Multiple analysts have upgraded their ratings on Neurocrine Biosciences, with 16 rated it as a Buy, and various target prices being adjusted upward, reflecting positive sentiment for the stock.

Allspring Global Investments Holdings LLC lifted its stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 15.5% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 447,900 shares of the company's stock after buying an additional 60,094 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.45% of Neurocrine Biosciences worth $57,331,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Geneos Wealth Management Inc. increased its holdings in Neurocrine Biosciences by 143.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 229 shares of the company's stock valued at $25,000 after buying an additional 135 shares during the period. WPG Advisers LLC bought a new position in Neurocrine Biosciences in the 1st quarter valued at about $32,000. Smallwood Wealth Investment Management LLC bought a new position in Neurocrine Biosciences in the 1st quarter valued at about $34,000. SVB Wealth LLC bought a new position in Neurocrine Biosciences in the 1st quarter valued at about $35,000. Finally, Golden State Wealth Management LLC increased its holdings in Neurocrine Biosciences by 116.9% in the 1st quarter. Golden State Wealth Management LLC now owns 397 shares of the company's stock valued at $44,000 after buying an additional 214 shares during the period. Institutional investors and hedge funds own 92.59% of the company's stock.

Insiders Place Their Bets

In other Neurocrine Biosciences news, Director Kevin Charles Gorman sold 106,322 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $126.41, for a total transaction of $13,440,164.02. Following the sale, the director directly owned 514,596 shares of the company's stock, valued at $65,050,080.36. The trade was a 17.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.30% of the stock is owned by insiders.

Neurocrine Biosciences Price Performance

NBIX opened at $137.23 on Wednesday. Neurocrine Biosciences, Inc. has a fifty-two week low of $84.23 and a fifty-two week high of $154.61. The firm has a market capitalization of $13.61 billion, a price-to-earnings ratio of 40.60, a PEG ratio of 0.99 and a beta of 0.21. The company's 50 day moving average price is $137.92 and its two-hundred day moving average price is $125.46.

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

Analyst Ratings Changes

Several equities analysts have commented on NBIX shares. Wall Street Zen raised shares of Neurocrine Biosciences from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 2nd. UBS Group raised their target price on shares of Neurocrine Biosciences from $188.00 to $195.00 and gave the company a "buy" rating in a report on Thursday, October 9th. Stifel Nicolaus raised their target price on shares of Neurocrine Biosciences from $166.00 to $174.00 and gave the company a "buy" rating in a report on Thursday, July 31st. Guggenheim lifted their price target on shares of Neurocrine Biosciences from $165.00 to $175.00 and gave the company a "buy" rating in a report on Friday, August 1st. Finally, Royal Bank Of Canada lifted their price target on shares of Neurocrine Biosciences from $144.00 to $149.00 and gave the company an "outperform" rating in a report on Friday, September 5th. Sixteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $163.44.

About Neurocrine Biosciences

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.