Bank of New York Mellon Corp Reduces Position in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Bank of New York Mellon reduced its stake in Neurocrine Biosciences by 4.9% in the first quarter, selling 36,184 shares and ending with 702,492 shares valued at about $92.5 million.
• Insider selling has been notable, including recent sales by director Stephen A. Sherwin and insider Ingrid Delaet; insiders sold 394,172 shares worth about $62.2 million over the last 90 days.
• Despite the selling, Wall Street sentiment remains positive, with several firms raising price targets and the stock receiving a Moderate Buy consensus and average target price of $194.05.

Bank of New York Mellon Corp trimmed its holdings in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 4.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 702,492 shares of the company's stock after selling 36,184 shares during the period. Bank of New York Mellon Corp owned 0.70% of Neurocrine Biosciences worth $92,546,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of NBIX. AQR Capital Management LLC grew its stake in Neurocrine Biosciences by 18.0% during the 4th quarter. AQR Capital Management LLC now owns 3,271,706 shares of the company's stock valued at $462,652,000 after acquiring an additional 498,058 shares in the last quarter. Geode Capital Management LLC lifted its stake in Neurocrine Biosciences by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 2,059,282 shares of the company's stock worth $291,342,000 after purchasing an additional 34,457 shares in the last quarter. Los Angeles Capital Management LLC lifted its stake in Neurocrine Biosciences by 7.4% in the 4th quarter. Los Angeles Capital Management LLC now owns 1,291,278 shares of the company's stock worth $178,248,000 after purchasing an additional 88,522 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Neurocrine Biosciences by 31.9% during the 4th quarter. Northern Trust Corp now owns 1,221,184 shares of the company's stock worth $173,201,000 after purchasing an additional 295,470 shares during the last quarter. Finally, Deerfield Management Company L.P. boosted its holdings in shares of Neurocrine Biosciences by 1.4% during the 3rd quarter. Deerfield Management Company L.P. now owns 1,184,345 shares of the company's stock worth $166,258,000 after purchasing an additional 16,543 shares during the last quarter. 92.59% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Neurocrine Biosciences

In other Neurocrine Biosciences news, Director Stephen A. Sherwin sold 25,000 shares of Neurocrine Biosciences stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $165.32, for a total transaction of $4,133,000.00. Following the completion of the sale, the director directly owned 15,860 shares in the company, valued at $2,621,975.20. This trade represents a 61.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ingrid Delaet sold 4,367 shares of the business's 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 completion of the sale, the insider directly owned 16,225 shares in the company, valued at $2,937,049.50. This trade represents a 21.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 394,172 shares of company stock worth $62,221,181 in the last 90 days. Insiders own 4.60% of the company's stock.

Neurocrine Biosciences Stock Up 3.5%

Shares of Neurocrine Biosciences stock opened at $179.05 on Wednesday. The firm has a market cap of $18.00 billion, a PE ratio of 27.59, a price-to-earnings-growth ratio of 0.69 and a beta of 0.39. Neurocrine Biosciences, Inc. has a 52 week low of $122.14 and a 52 week high of $181.18. The business's fifty day simple moving average is $164.65 and its 200-day simple moving average is $144.28.

Wall Street Analyst Weigh In

Several research firms recently commented on NBIX. Wells Fargo & Company increased their price target on Neurocrine Biosciences from $175.00 to $200.00 and gave the company an "overweight" rating in a report on Friday, July 17th. Weiss Ratings lowered Neurocrine Biosciences from a "buy (b)" rating to a "buy (b-)" rating in a research note on Friday, July 10th. Morgan Stanley upped their target price on Neurocrine Biosciences from $185.00 to $191.00 and gave the company an "equal weight" rating in a report on Wednesday, May 6th. JPMorgan Chase & Co. lifted their price target on Neurocrine Biosciences from $177.00 to $185.00 and gave the stock an "overweight" rating in a report on Friday, May 8th. Finally, Royal Bank Of Canada boosted their price target on shares of Neurocrine Biosciences from $183.00 to $195.00 and gave the company an "outperform" rating in a research report on Tuesday, July 7th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $194.05.

Neurocrine Biosciences 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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