Azimuth Capital Investment Management LLC Trims Stock Holdings in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Azimuth Capital Investment Management cut its Neurocrine Biosciences stake by 7.6% in the second quarter, selling 9,238 shares and retaining 112,466 shares valued at approximately $18.95 million. Institutional investors and hedge funds collectively own 92.59% of NBIX.
• Neurocrine reported quarterly EPS of $2.85, beating the $1.65 analyst consensus, while revenue rose 39.5% year over year to $959 million and exceeded estimates.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $201.05, although insiders sold 40,188 shares worth about $7.12 million over the past three months.

Azimuth Capital Investment Management LLC cut its position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 7.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 112,466 shares of the company's stock after selling 9,238 shares during the quarter. Azimuth Capital Investment Management LLC owned approximately 0.11% of Neurocrine Biosciences worth $18,954,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of Neurocrine Biosciences in the 2nd quarter valued at about $2,310,886,000. AQR Capital Management LLC increased its position in shares of Neurocrine Biosciences by 83.7% in the third quarter. AQR Capital Management LLC now owns 2,773,648 shares of the company's stock worth $388,435,000 after acquiring an additional 1,263,633 shares in the last quarter. Norges Bank acquired a new position in shares of Neurocrine Biosciences during the fourth quarter worth about $162,664,000. Bank of New York Mellon Corp purchased a new position in Neurocrine Biosciences in the 2nd quarter worth approximately $117,827,000. Finally, Ieq Capital LLC acquired a new stake in Neurocrine Biosciences during the 2nd quarter valued at $107,914,000. 92.59% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Neurocrine Biosciences

In other news, Director Leslie V. Norwalk sold 1,250 shares of the firm's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $182.01, for a total transaction of $227,512.50. Following the completion of the transaction, the director owned 1,588 shares in the company, valued at approximately $289,031.88. This trade represents a 44.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ingrid Delaet sold 4,367 shares of the stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $181.02, for a total transaction of $790,514.34. Following the sale, the insider directly owned 16,225 shares of the company's stock, valued at approximately $2,937,049.50. This represents a 21.21% decrease in their ownership of the stock. 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 three months, insiders sold 40,188 shares of company stock valued at $7,118,633. 4.60% of the stock is owned by insiders.

Neurocrine Biosciences Stock Performance

Shares of NBIX opened at $155.64 on Friday. Neurocrine Biosciences, Inc. has a one year low of $122.14 and a one year high of $186.12. The firm has a market capitalization of $15.82 billion, a price-to-earnings ratio of 22.82, a price-to-earnings-growth ratio of 0.73 and a beta of 0.38. The stock's fifty day moving average is $165.98 and its 200-day moving average is $150.28.

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, beating analysts' consensus estimates of $1.65 by $1.20. Neurocrine Biosciences had a net margin of 20.91% and a return on equity of 22.43%. The business had revenue of $959.00 million for the quarter, compared to analyst estimates of $891.16 million. During the same quarter last year, the business earned $1.65 earnings per share. The business's revenue for the quarter was up 39.5% on a year-over-year basis. Analysts forecast that Neurocrine Biosciences, Inc. will post 7.25 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently weighed in on NBIX. Guggenheim raised their target price on Neurocrine Biosciences from $200.00 to $222.00 and gave the company a "buy" rating in a research note on Friday, July 31st. Zacks Research lowered shares of Neurocrine Biosciences from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 4th. Canaccord Genuity Group boosted their price target on Neurocrine Biosciences from $200.00 to $210.00 and gave the company a "buy" rating in a report on Monday, August 3rd. Wall Street Zen lowered Neurocrine Biosciences from a "buy" rating to a "hold" rating in a report on Sunday, August 9th. Finally, The Goldman Sachs Group initiated coverage on Neurocrine Biosciences in a research report on Tuesday, June 2nd. They set a "buy" rating and a $213.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $201.05.

Neurocrine Biosciences Company 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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