Neurocrine Biosciences, Inc. $NBIX Position Lessened by BI Asset Management Fondsmaeglerselskab A S

Key Points

• BI Asset Management Fondsmaeglerselskab A S decreased its stake in Neurocrine Biosciences by 59.9%, selling 7,385 shares and now holding 4,937 shares worth approximately $546,000.
• Neurocrine Biosciences reported a 16.5% increase in revenue compared to the previous year, with revenue of $687.50 million and earnings per share of $1.06, surpassing estimates.
• Institutional investors own 92.59% of Neurocrine Biosciences' shares, indicating strong confidence among major investors in the company's growth prospects.

BI Asset Management Fondsmaeglerselskab A S trimmed its position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 59.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,937 shares of the company's stock after selling 7,385 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in Neurocrine Biosciences were worth $546,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Y Intercept Hong Kong Ltd purchased a new position in Neurocrine Biosciences during the first quarter worth about $1,460,000. Golden State Wealth Management LLC increased its stake in Neurocrine Biosciences by 116.9% during the first quarter. Golden State Wealth Management LLC now owns 397 shares of the company's stock worth $44,000 after acquiring an additional 214 shares during the last quarter. Fifth Third Bancorp increased its stake in Neurocrine Biosciences by 31.7% during the first quarter. Fifth Third Bancorp now owns 1,056 shares of the company's stock worth $117,000 after acquiring an additional 254 shares during the last quarter. Cetera Investment Advisers increased its stake in Neurocrine Biosciences by 46.5% during the fourth quarter. Cetera Investment Advisers now owns 8,169 shares of the company's stock worth $1,115,000 after acquiring an additional 2,593 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in Neurocrine Biosciences by 106.6% during the first quarter. American Century Companies Inc. now owns 191,182 shares of the company's stock worth $21,145,000 after acquiring an additional 98,659 shares during the last quarter. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Neurocrine Biosciences Trading Down 0.4%

NASDAQ NBIX traded down $0.55 during mid-day trading on Friday, reaching $138.39. 105,115 shares of the company's stock traded hands, compared to its average volume of 1,235,858. The company has a fifty day simple moving average of $131.00 and a 200-day simple moving average of $119.25. Neurocrine Biosciences, Inc. has a 1-year low of $84.23 and a 1-year high of $154.61. The company has a market cap of $13.73 billion, a price-to-earnings ratio of 40.96, a P/E/G ratio of 1.00 and a beta of 0.25.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $0.98 by $0.08. Neurocrine Biosciences had a return on equity of 13.22% and a net margin of 13.88%.The company had revenue of $687.50 million for the quarter, compared to the consensus estimate of $653.09 million. During the same quarter last year, the business posted $1.63 EPS. Neurocrine Biosciences's quarterly revenue was up 16.5% compared to the same quarter last year. Equities research analysts forecast that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Neurocrine Biosciences news, insider Jude Onyia sold 59,819 shares of the stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $130.46, for a total transaction of $7,803,986.74. Following the transaction, the insider owned 18,289 shares of the company's stock, valued at $2,385,982.94. This trade represents a 76.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Ingrid Delaet sold 457 shares of the stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $135.00, for a total value of $61,695.00. Following the transaction, the insider directly owned 4,730 shares in the company, valued at approximately $638,550. This represents a 8.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 186,960 shares of company stock valued at $23,955,553 in the last quarter. Insiders own 4.80% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on NBIX shares. BMO Capital Markets increased their target price on Neurocrine Biosciences from $96.00 to $115.00 and gave the company a "market perform" rating in a research note on Tuesday, May 6th. Stifel Nicolaus increased their target price on Neurocrine Biosciences from $166.00 to $174.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Guggenheim increased their target price on Neurocrine Biosciences from $165.00 to $175.00 and gave the company a "buy" rating in a research note on Friday, August 1st. JPMorgan Chase & Co. increased their target price on Neurocrine Biosciences from $140.00 to $145.00 and gave the company a "neutral" rating in a research note on Thursday, July 31st. Finally, Canaccord Genuity Group increased their target price on Neurocrine Biosciences from $158.00 to $160.00 and gave the company a "buy" rating in a research note on Tuesday, May 6th. Eighteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $159.50.

About Neurocrine Biosciences

Neurocrine Biosciences, Inc discovers, develops, and markets pharmaceuticals for neurological, neuroendocrine, and neuropsychiatric disorders in the United States and internationally. The company's products include INGREZZA for tardive dyskinesia and chorea associated with Huntington's disease; ALKINDI for adrenal insufficiency; Efmody capsules for classic congenital adrenal hyperplasia; Orilissa tablets for endometriosis; and Oriahnn capsules to treat uterine fibroids.