Bank of New York Mellon Corp Buys New Holdings in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Bank of New York Mellon bought 699,125 shares of Neurocrine Biosciences in the second quarter, valued at approximately $117.8 million and representing a 0.69% stake. Institutional investors collectively own 92.59% of the company.
• Analyst sentiment remains positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $200.86, although some firms recently downgraded their ratings.
• Neurocrine reported strong quarterly results, with earnings of $2.85 per share versus the $1.65 consensus estimate and revenue of $959 million, up 39.5% year over year. Shares opened at $152.57, below their 50-day moving average of $167.14.

Bank of New York Mellon Corp purchased a new position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 699,125 shares of the company's stock, valued at approximately $117,827,000. Bank of New York Mellon Corp owned 0.69% of Neurocrine Biosciences at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of NBIX. NewEdge Advisors LLC increased its stake in shares of Neurocrine Biosciences by 0.5% in the first quarter. NewEdge Advisors LLC now owns 13,066 shares of the company's stock worth $1,721,000 after acquiring an additional 68 shares during the period. Huntington National Bank raised its stake in shares of Neurocrine Biosciences by 12.6% during the 4th quarter. Huntington National Bank now owns 678 shares of the company's stock valued at $96,000 after buying an additional 76 shares during the last quarter. Motley Fool Asset Management LLC lifted its holdings in shares of Neurocrine Biosciences by 4.8% in the 4th quarter. Motley Fool Asset Management LLC now owns 1,693 shares of the company's stock valued at $240,000 after buying an additional 78 shares during the period. Main Management ETF Advisors LLC lifted its holdings in shares of Neurocrine Biosciences by 1.0% in the 4th quarter. Main Management ETF Advisors LLC now owns 7,830 shares of the company's stock valued at $1,111,000 after buying an additional 80 shares during the period. Finally, Westpac Banking Corp boosted its stake in shares of Neurocrine Biosciences by 6.0% in the first quarter. Westpac Banking Corp now owns 1,615 shares of the company's stock worth $213,000 after buying an additional 91 shares during the last quarter. 92.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on NBIX. Wall Street Zen lowered Neurocrine Biosciences from a "buy" rating to a "hold" rating in a report on Sunday, August 9th. TD Cowen upped their price objective on Neurocrine Biosciences from $200.00 to $220.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. JPMorgan Chase & Co. raised their price objective on shares of Neurocrine Biosciences from $177.00 to $185.00 and gave the stock an "overweight" rating in a research note on Friday, May 8th. Stifel Nicolaus lifted their target price on shares of Neurocrine Biosciences from $188.00 to $215.00 and gave the company a "buy" rating in a report on Friday, July 31st. Finally, Weiss Ratings cut shares of Neurocrine Biosciences from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $200.86.

Neurocrine Biosciences Stock Performance

Shares of NASDAQ NBIX opened at $152.57 on Monday. The firm has a market cap of $15.51 billion, a PE ratio of 22.37, a PEG ratio of 0.71 and a beta of 0.39. The firm has a fifty day moving average of $167.14 and a 200 day moving average of $148.96. Neurocrine Biosciences, Inc. has a one year low of $122.14 and a one year high of $186.12.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The company reported $2.85 earnings per share for the quarter, topping analysts' consensus estimates of $1.65 by $1.20. The company had revenue of $959.00 million during the quarter, compared to analysts' expectations 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 for the quarter was up 39.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.65 earnings per share. On average, equities analysts predict that Neurocrine Biosciences, Inc. will post 7.25 EPS for the current fiscal year.

Insider Transactions at Neurocrine Biosciences

In other Neurocrine Biosciences news, insider Ingrid Delaet sold 8,433 shares of the business's stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $178.72, for a total transaction of $1,507,145.76. Following the completion of the sale, the insider directly owned 16,225 shares in the company, valued at approximately $2,899,732. The trade was a 34.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Julie Cooke sold 36,937 shares of the stock in a transaction that occurred on 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 transaction, the insider directly owned 22,374 shares of the company's stock, valued at $3,495,266.28. The trade was a 62.28% 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. Insiders sold a total of 131,524 shares of company stock worth $21,668,924 in the last three months. 4.60% of the stock is owned by corporate 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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