Arete Wealth Advisors LLC Makes New $3.04 Million Investment in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Arete Wealth Advisors acquired 23,053 Neurocrine Biosciences shares worth approximately $3.04 million in the first quarter. Institutional investors collectively own 92.59% of the company.
• NBIX shares recently rose 3.6% to $182.83, near their 52-week high of $182.91. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $194.05.
• Company insiders sold 394,172 shares valued at approximately $62.2 million during the last quarter, though both highlighted sales were conducted under pre-arranged Rule 10b5-1 plans.

Arete Wealth Advisors LLC acquired a new stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 23,053 shares of the company's stock, valued at approximately $3,037,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. USA Financial Formulas bought a new position in shares of Neurocrine Biosciences during the fourth quarter worth $25,000. Geneos Wealth Management Inc. increased its holdings in shares of Neurocrine Biosciences by 143.6% in the first quarter. Geneos Wealth Management Inc. now owns 229 shares of the company's stock worth $25,000 after purchasing an additional 135 shares during the last quarter. DJE Kapital AG bought a new stake in shares of Neurocrine Biosciences in the fourth quarter worth about $28,000. Cassaday & Co Wealth Management LLC purchased a new stake in shares of Neurocrine Biosciences in the first quarter worth about $33,000. Finally, Meeder Asset Management Inc. boosted its stake in Neurocrine Biosciences by 651.6% during the fourth quarter. Meeder Asset Management Inc. now owns 233 shares of the company's stock valued at $33,000 after buying an additional 202 shares during the last quarter. Institutional investors own 92.59% of the company's stock.

Neurocrine Biosciences Stock Up 3.6%

Shares of NBIX opened at $182.83 on Wednesday. The business has a fifty day moving average of $166.48 and a 200 day moving average of $145.59. The company has a market cap of $18.38 billion, a PE ratio of 28.17, a P/E/G ratio of 0.74 and a beta of 0.39. Neurocrine Biosciences, Inc. has a 52-week low of $122.14 and a 52-week high of $182.91.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on NBIX. Wedbush raised their target price on shares of Neurocrine Biosciences from $166.00 to $176.00 and gave the company an "outperform" rating in a report on Wednesday, May 6th. Royal Bank Of Canada upped their price target on shares of Neurocrine Biosciences from $183.00 to $195.00 and gave the company an "outperform" rating in a research note on Tuesday, July 7th. Weiss Ratings lowered shares of Neurocrine Biosciences from a "buy (b)" rating to a "buy (b-)" rating in a research report on Friday, July 10th. Canaccord Genuity Group lifted their price objective on shares of Neurocrine Biosciences from $164.00 to $200.00 and gave the stock a "buy" rating in a research note on Tuesday, April 7th. Finally, Leerink Partners boosted their target price on shares of Neurocrine Biosciences from $160.00 to $170.00 and gave the stock an "outperform" rating in a report on Wednesday, April 22nd. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $194.05.

Insiders Place Their Bets

In other news, Director Leslie V. Norwalk sold 1,250 shares of the firm's stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $168.06, for a total value of $210,075.00. Following the completion of the sale, the director owned 2,838 shares in the company, valued at approximately $476,954.28. This trade represents a 30.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ingrid Delaet sold 4,367 shares of the firm's stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $181.02, for a total transaction of $790,514.34. Following the completion of the sale, the insider owned 16,225 shares of the company's stock, valued at $2,937,049.50. This trade represents a 21.21% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 394,172 shares of company stock valued at $62,221,181. 4.60% of the stock is currently owned by company insiders.

About Neurocrine Biosciences

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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