Bank of America Corp DE Buys New Stake in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Bank of America acquired 619,352 Neurocrine Biosciences shares worth approximately $104.4 million in the second quarter, giving it a 0.61% stake. Several other institutional investors also initiated positions, while institutions collectively own 92.59% of NBIX.
• Analysts remain broadly bullish, with a consensus rating of “Moderate Buy” and an average price target of $201.09. Recent firms raised their targets to between $194 and $221.
• Neurocrine reported stronger-than-expected quarterly results, posting $2.85 in EPS and $959 million in revenue, with revenue up 39.5% year over year. The CFO and other insiders sold shares through pre-arranged trading plans, with insiders selling 43,325 shares worth $7.6 million over the past three months.

Bank of America Corp DE bought a new stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 619,352 shares of the company's stock, valued at approximately $104,382,000. Bank of America Corp DE owned approximately 0.61% of Neurocrine Biosciences at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in NBIX. Caisse de depot et placement du Quebec acquired a new stake in Neurocrine Biosciences in the second quarter worth about $91,002,000. Man Group plc bought a new stake in shares of Neurocrine Biosciences during the 2nd quarter worth about $101,293,000. Roberts Glore & Co. Inc. IL acquired a new stake in shares of Neurocrine Biosciences in the 2nd quarter worth approximately $222,000. Jupiter Topco LLC bought a new position in shares of Neurocrine Biosciences in the second quarter valued at approximately $88,707,000. Finally, Hsbc Holdings PLC bought a new position in shares of Neurocrine Biosciences in the second quarter valued at approximately $19,578,000. Institutional investors and hedge funds own 92.59% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Sanford C. Bernstein began coverage on Neurocrine Biosciences in a report on Friday, May 22nd. They set an "outperform" rating and a $221.00 target price on the stock. 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. Cantor Fitzgerald lifted their price target on Neurocrine Biosciences from $210.00 to $215.00 and gave the company an "overweight" rating in a research report on Friday, July 31st. Wedbush boosted their price objective on Neurocrine Biosciences from $185.00 to $194.00 and gave the stock an "outperform" rating in a research note on Monday, August 3rd. Finally, Piper Sandler upped their price objective on Neurocrine Biosciences from $207.00 to $210.00 and gave the company an "overweight" rating in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $201.09.

Neurocrine Biosciences Price Performance

Shares of NBIX opened at $146.23 on Friday. The business's 50-day moving average is $161.81 and its 200-day moving average is $151.96. The company has a market capitalization of $14.86 billion, a price-to-earnings ratio of 21.44, a P/E/G ratio of 0.71 and a beta of 0.38. Neurocrine Biosciences, Inc. has a fifty-two week low of $122.14 and a fifty-two week high of $186.12.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last announced 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. The firm had revenue of $959.00 million for the quarter, compared to the consensus estimate of $891.16 million. Neurocrine Biosciences had a net margin of 20.91% and a return on equity of 22.43%. The firm's revenue was up 39.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.65 earnings per share. Equities research analysts expect that Neurocrine Biosciences, Inc. will post 7.26 earnings per share for the current fiscal year.

Insider Activity

In other Neurocrine Biosciences news, CFO Matt Abernethy sold 2,311 shares of the firm's stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $157.20, for a total value of $363,289.20. Following the transaction, the chief financial officer directly owned 42,808 shares of the company's stock, valued at approximately $6,729,417.60. This trade represents a 5.12% decrease in their ownership of the stock. The sale 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Darin Lippoldt sold 10,000 shares of Neurocrine Biosciences stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $179.60, for a total transaction of $1,796,000.00. Following the sale, the insider directly owned 54,729 shares of the company's stock, valued at $9,829,328.40. This represents a 15.45% 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. In the last three months, insiders sold 43,325 shares of company stock worth $7,611,976. Corporate insiders own 4.60% of the company's stock.

Neurocrine Biosciences Company Profile

Neurocrine Biosciences, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for neurological, neuroendocrine and psychiatric disorders. The company develops therapies for conditions with significant unmet medical needs, using expertise in neuroscience and endocrine biology.

Its primary commercial product is INGREZZA (valbenazine), a vesicular monoamine transporter 2 inhibitor approved in the United States for the treatment of tardive dyskinesia and chorea associated with Huntington's disease.

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