Bank of America Corp DE Boosts Holdings in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Bank of America increased its Neurocrine Biosciences stake by 10.6% in the first quarter, holding 583,827 shares worth approximately $76.9 million. Institutional investors and hedge funds collectively own 92.59% of NBIX.
• Neurocrine insiders sold 395,422 shares worth about $62.4 million over the past quarter, including substantial sales by insider Julie Cooke and director Kevin Charles Gorman under pre-arranged Rule 10b5-1 plans.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $201.50, compared with NBIX’s opening price of $163.41.

Bank of America Corp DE grew its position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 10.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 583,827 shares of the company's stock after purchasing an additional 55,723 shares during the quarter. Bank of America Corp DE owned about 0.58% of Neurocrine Biosciences worth $76,913,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the business. AQR Capital Management LLC raised its stake in Neurocrine Biosciences by 83.7% in the third quarter. AQR Capital Management LLC now owns 2,773,648 shares of the company's stock valued at $388,435,000 after buying an additional 1,263,633 shares during the last quarter. Norges Bank purchased a new position in shares of Neurocrine Biosciences in the 4th quarter valued at approximately $162,664,000. UBS Group AG raised its position in shares of Neurocrine Biosciences by 169.8% in the 4th quarter. UBS Group AG now owns 983,528 shares of the company's stock valued at $139,494,000 after purchasing an additional 618,956 shares during the last quarter. First Trust Advisors LP grew its position in Neurocrine Biosciences by 97.0% during the 1st quarter. First Trust Advisors LP now owns 959,217 shares of the company's stock worth $126,367,000 after purchasing an additional 472,408 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI purchased a new stake in Neurocrine Biosciences during the 4th quarter worth approximately $65,162,000. 92.59% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Neurocrine Biosciences

In other news, insider Julie Cooke sold 36,937 shares of Neurocrine Biosciences stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $156.22, for a total value of $5,770,298.14. Following the sale, the insider owned 22,374 shares in the company, valued at $3,495,266.28. This trade represents a 62.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin Charles Gorman sold 245,088 shares of the business's stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $154.33, for a total transaction of $37,824,431.04. Following the sale, the director directly owned 511,293 shares of the company's stock, valued at $78,907,848.69. This represents a 32.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 395,422 shares of company stock valued at $62,448,693. Insiders own 4.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Zacks Research cut shares of Neurocrine Biosciences from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 4th. Cantor Fitzgerald boosted their price objective on shares of Neurocrine Biosciences from $210.00 to $215.00 and gave the company an "overweight" rating in a report on Friday, July 31st. Weiss Ratings upgraded Neurocrine Biosciences from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, July 28th. Needham & Company LLC lifted their price target on Neurocrine Biosciences from $200.00 to $204.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Finally, Wells Fargo & Company boosted their price target on Neurocrine Biosciences from $175.00 to $200.00 and gave the company an "overweight" rating in a research note on Friday, July 17th. One investment 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 company's stock. According to MarketBeat.com, Neurocrine Biosciences currently has a consensus rating of "Moderate Buy" and a consensus target price of $201.50.

Neurocrine Biosciences Stock Performance

NBIX stock opened at $163.41 on Monday. The firm has a market cap of $16.61 billion, a PE ratio of 23.96, a P/E/G ratio of 0.58 and a beta of 0.39. The firm's fifty day moving average is $168.49 and its 200 day moving average is $147.56. Neurocrine Biosciences, Inc. has a one year low of $122.14 and a one year high of $186.12.

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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