Neurocrine Biosciences, Inc. $NBIX Shares Purchased by Allstate Corp

Key Points

• Allstate Corp increased its stake in Neurocrine Biosciences by 69.5%, owning a total of 4,930 shares valued at $545,000 as reported in their 13F filing.
• Numerous institutional investors have also adjusted their stakes in Neurocrine, with notable increases from firms such as Golden State Wealth Management LLC and Caitong International Asset Management Co. Ltd.
• Recent earnings results showed Neurocrine outperforming expectations, reporting $1.06 earnings per share against an estimated $0.98, with a revenue increase of 16.5% year-over-year.

Allstate Corp lifted its stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 69.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 4,930 shares of the company's stock after acquiring an additional 2,021 shares during the quarter. Allstate Corp's holdings in Neurocrine Biosciences were worth $545,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in NBIX. Marshall Wace LLP acquired a new stake in Neurocrine Biosciences in the fourth quarter valued at approximately $331,000. Dimensional Fund Advisors LP increased its position in Neurocrine Biosciences by 5.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 550,157 shares of the company's stock worth $75,101,000 after buying an additional 26,525 shares during the period. MML Investors Services LLC increased its position in Neurocrine Biosciences by 15.9% during the fourth quarter. MML Investors Services LLC now owns 11,392 shares of the company's stock worth $1,555,000 after buying an additional 1,559 shares during the period. Stifel Financial Corp lifted its position in Neurocrine Biosciences by 24.2% during the 4th quarter. Stifel Financial Corp now owns 22,676 shares of the company's stock worth $3,095,000 after acquiring an additional 4,425 shares during the period. Finally, Dark Forest Capital Management LP acquired a new stake in Neurocrine Biosciences during the 4th quarter worth approximately $222,000. Institutional investors and hedge funds own 92.59% of the company's stock.

Insider Buying and Selling at Neurocrine Biosciences

In other Neurocrine Biosciences news, Director Kevin Charles Gorman sold 106,322 shares of Neurocrine Biosciences stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $126.41, for a total value of $13,440,164.02. Following the completion of the transaction, the director directly owned 514,596 shares in the company, valued at $65,050,080.36. The trade was a 17.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jude Onyia sold 59,819 shares of Neurocrine Biosciences stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $130.46, for a total value of $7,803,986.74. Following the completion of the transaction, the insider owned 18,289 shares of the company's stock, valued at approximately $2,385,982.94. The trade was a 76.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 186,960 shares of company stock worth $23,955,553 over the last quarter. 4.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on NBIX shares. Wall Street Zen upgraded Neurocrine Biosciences from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 2nd. Piper Sandler increased their price target on shares of Neurocrine Biosciences from $154.00 to $175.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Truist Financial began coverage on shares of Neurocrine Biosciences in a research report on Monday, July 21st. They set a "buy" rating and a $163.00 target price on the stock. JPMorgan Chase & Co. raised their target price on shares of Neurocrine Biosciences from $140.00 to $145.00 and gave the stock a "neutral" rating in a research report on Thursday, July 31st. Finally, BMO Capital Markets boosted their price objective on shares of Neurocrine Biosciences from $96.00 to $115.00 and gave the stock a "market perform" rating in a research note on Tuesday, May 6th. Eighteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $159.50.

Neurocrine Biosciences Trading Up 0.5%

NASDAQ NBIX traded up $0.66 during mid-day trading on Friday, reaching $139.60. 503,700 shares of the company's stock traded hands, compared to its average volume of 1,238,348. Neurocrine Biosciences, Inc. has a 1-year low of $84.23 and a 1-year high of $154.61. The company has a fifty day simple moving average of $131.00 and a 200-day simple moving average of $119.25. The company has a market cap of $13.85 billion, a price-to-earnings ratio of 41.30, a P/E/G ratio of 1.00 and a beta of 0.25.

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

Neurocrine Biosciences Company 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.