Avanza Fonder AB Sells 9,207 Shares of Neurocrine Biosciences, Inc. $NBIX

Key Points

• Avanza Fonder AB has reduced its holdings in Neurocrine Biosciences, Inc. by 73.8%, selling 9,207 shares during the 2nd quarter, leaving it with only 3,267 shares valued at approximately $411,000.
• Several other institutional investors have also recently adjusted their positions, with Geneos Wealth Management increasing its stake by 143.6%, now owning 229 shares valued at $25,000.
• Analysts have set a new price target for Neurocrine Biosciences, with Needham & Company raising their target from $161.00 to $170.00 and maintaining a "buy" rating.

Avanza Fonder AB decreased its position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 73.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,267 shares of the company's stock after selling 9,207 shares during the quarter. Avanza Fonder AB's holdings in Neurocrine Biosciences were worth $411,000 as of its most recent filing with the Securities & Exchange Commission.

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

Insider Buying and Selling

In related news, insider Jude Onyia sold 59,819 shares of the stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $130.46, for a total transaction of $7,803,986.74. Following the sale, the insider owned 18,289 shares of the company's stock, valued at approximately $2,385,982.94. This represents a 76.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Ingrid Delaet sold 457 shares of the stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $135.00, for a total value of $61,695.00. Following the sale, the insider directly owned 4,730 shares in the company, valued at $638,550. This trade represents a 8.81% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 186,960 shares of company stock valued at $23,955,553. Corporate insiders own 4.30% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on NBIX. Wedbush reiterated an "outperform" rating on shares of Neurocrine Biosciences in a report on Monday. Needham & Company LLC upped their price target on Neurocrine Biosciences from $161.00 to $170.00 and gave the stock a "buy" rating in a report on Monday. Wall Street Zen upgraded Neurocrine Biosciences from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Morgan Stanley upped their price target on Neurocrine Biosciences from $158.00 to $163.00 and gave the stock an "overweight" rating in a report on Friday, September 5th. Finally, The Goldman Sachs Group began coverage on Neurocrine Biosciences in a report on Thursday, July 10th. They set a "buy" rating and a $182.00 price target for the company. Seventeen equities research analysts have rated the stock with a Buy rating and three have issued 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 $161.89.

Neurocrine Biosciences Stock Performance

Shares of NBIX opened at $146.62 on Tuesday. The stock's 50-day simple moving average is $135.49 and its 200 day simple moving average is $122.43. The stock has a market capitalization of $14.54 billion, a price-to-earnings ratio of 43.38, a price-to-earnings-growth ratio of 1.05 and a beta of 0.28. Neurocrine Biosciences, Inc. has a 52-week low of $84.23 and a 52-week high of $154.61.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $1.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.98 by $0.08. The business had revenue of $687.50 million for the quarter, compared to analysts' expectations of $653.09 million. Neurocrine Biosciences had a return on equity of 13.22% and a net margin of 13.88%.The firm's quarterly revenue was up 16.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.63 EPS. On average, 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.

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