Allworth Financial LP Invests $2.50 Million in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Allworth Financial bought 14,853 shares of Neurocrine Biosciences worth approximately $2.5 million during the second quarter. Institutional investors collectively own 92.59% of NBIX.
• Neurocrine reported stronger-than-expected quarterly results, with EPS of $2.85 versus the $1.65 consensus estimate and revenue of $959 million, up 39.5% year over year.
• Analyst sentiment remains positive, with a “Moderate Buy” consensus and an average price target of $200.86, although insiders sold roughly $21.7 million of stock over the past 90 days.

Allworth Financial LP purchased a new position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 14,853 shares of the company's stock, valued at approximately $2,503,000.

A number of other hedge funds have also added to or reduced their stakes in the company. B. Metzler seel. Sohn & Co. AG bought a new position in Neurocrine Biosciences in the second quarter valued at about $1,009,000. TrinityBridge Ltd bought a new position in shares of Neurocrine Biosciences in the second quarter worth about $45,000. Virtus Advisers LLC acquired a new stake in shares of Neurocrine Biosciences in the 2nd quarter valued at approximately $457,000. Silvant Capital Management LLC acquired a new stake in shares of Neurocrine Biosciences in the 2nd quarter valued at approximately $3,490,000. Finally, Advisors Preferred LLC acquired a new stake in shares of Neurocrine Biosciences in the 2nd quarter valued at approximately $5,415,000. 92.59% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Stephen A. Sherwin sold 25,000 shares of Neurocrine Biosciences stock in a transaction on Friday, June 5th. The shares were sold at an average price of $165.32, for a total transaction of $4,133,000.00. Following the completion of the transaction, the director owned 15,860 shares of the company's stock, valued at $2,621,975.20. This trade represents a 61.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Darin Lippoldt sold 10,000 shares of the business's stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $179.60, for a total transaction of $1,796,000.00. Following the completion of the transaction, the insider owned 54,729 shares in the company, valued at approximately $9,829,328.40. The trade was a 15.45% 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. In the last 90 days, insiders sold 131,524 shares of company stock valued at $21,668,924. Company insiders own 4.60% of the company's stock.

Neurocrine Biosciences Price Performance

Shares of NBIX opened at $152.57 on Friday. Neurocrine Biosciences, Inc. has a 1 year low of $122.14 and a 1 year high of $186.12. The company has a market capitalization of $15.51 billion, a price-to-earnings ratio of 22.37, a price-to-earnings-growth ratio of 0.71 and a beta of 0.39. The business has a 50-day moving average of $167.14 and a 200-day moving average of $148.88.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The company reported $2.85 EPS for the quarter, topping analysts' consensus estimates of $1.65 by $1.20. Neurocrine Biosciences had a return on equity of 22.43% and a net margin of 20.91%.The company had revenue of $959.00 million for the quarter, compared to analyst estimates of $891.16 million. During the same period in the previous year, the firm earned $1.65 earnings per share. The firm's quarterly revenue was up 39.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Neurocrine Biosciences, Inc. will post 7.25 EPS for the current year.

Wall Street Analysts Forecast Growth

NBIX has been the subject of a number of research analyst reports. Royal Bank Of Canada upped their price objective on shares of Neurocrine Biosciences from $195.00 to $198.00 and gave the stock an "outperform" rating in a research report on Friday, July 31st. Wedbush raised their target price on shares of Neurocrine Biosciences from $185.00 to $194.00 and gave the company an "outperform" rating in a research report on Monday, August 3rd. Canaccord Genuity Group boosted their target price on shares of Neurocrine Biosciences from $200.00 to $210.00 and gave the stock a "buy" rating in a research note on Monday, August 3rd. Weiss Ratings downgraded shares of Neurocrine Biosciences from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, August 11th. Finally, TD Cowen increased their price target on Neurocrine Biosciences from $200.00 to $220.00 and gave the company a "buy" rating in a research note on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $200.86.

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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