Allspring Global Investments Holdings LLC Lowers Stock Position in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Allspring Global Investments trimmed its Neurocrine Biosciences stake by 2.1% in the first quarter, selling 7,024 shares and ending with 332,408 shares valued at about $44.1 million.
• Insider selling was notable, with Jude Onyia and Julie Cooke both selling shares under pre-arranged 10b5-1 plans; insiders have sold 394,172 shares worth about $62.2 million over the past three months.
• Wall Street remains generally positive on NBIX, with multiple firms raising price targets and the stock carrying a consensus “Moderate Buy” rating and average target price of $192.86.

Allspring Global Investments Holdings LLC lessened its holdings in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 2.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 332,408 shares of the company's stock after selling 7,024 shares during the period. Allspring Global Investments Holdings LLC owned 0.33% of Neurocrine Biosciences worth $44,064,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. USA Financial Formulas purchased a new stake in shares of Neurocrine Biosciences in the 4th quarter worth approximately $25,000. Geneos Wealth Management Inc. grew its position in Neurocrine Biosciences by 143.6% during the 1st 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. DJE Kapital AG purchased a new stake in Neurocrine Biosciences during the 4th quarter valued at about $28,000. Meeder Asset Management Inc. increased its stake in Neurocrine Biosciences by 651.6% during the 4th quarter. Meeder Asset Management Inc. now owns 233 shares of the company's stock valued at $33,000 after purchasing an additional 202 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new stake in Neurocrine Biosciences during the 4th quarter valued at about $39,000. Institutional investors own 92.59% of the company's stock.

Insider Buying and Selling

In related news, insider Jude Onyia sold 11,000 shares of the company's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $160.25, for a total value of $1,762,750.00. Following the completion of the transaction, the insider owned 25,846 shares of the company's stock, valued at approximately $4,141,821.50. This represents a 29.85% decrease in their position. The sale was disclosed in a 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 Julie Cooke sold 36,937 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $156.22, for a total value of $5,770,298.14. Following the completion of the sale, the insider owned 22,374 shares of the company's stock, valued at $3,495,266.28. The trade was a 62.28% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 394,172 shares of company stock worth $62,221,181 in the last three months. Corporate insiders own 4.60% of the company's stock.

Wall Street Analyst Weigh In

NBIX has been the topic of several analyst reports. Royal Bank Of Canada upped their price objective on Neurocrine Biosciences from $183.00 to $195.00 and gave the company an "outperform" rating in a research report on Tuesday, July 7th. Citigroup lifted their target price on Neurocrine Biosciences from $242.00 to $246.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Morgan Stanley lifted their price objective on Neurocrine Biosciences from $185.00 to $191.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 6th. The Goldman Sachs Group began coverage on shares of Neurocrine Biosciences in a research note on Tuesday, June 2nd. They set a "buy" rating and a $213.00 target price on the stock. Finally, Weiss Ratings cut shares of Neurocrine Biosciences from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, July 10th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $192.86.

Neurocrine Biosciences Price Performance

Shares of NBIX stock opened at $170.88 on Friday. The company has a market cap of $17.18 billion, a price-to-earnings ratio of 26.33, a PEG ratio of 0.68 and a beta of 0.39. Neurocrine Biosciences, Inc. has a 1 year low of $122.14 and a 1 year high of $181.18. The firm has a fifty day moving average price of $163.74 and a 200-day moving average price of $143.79.

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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