BlackRock Inc. Takes $2.31 Billion Position in Neurocrine Biosciences, Inc. $NBIX

Key Points

• BlackRock acquired 13.7 million Neurocrine Biosciences shares worth approximately $2.31 billion, giving it a 13.49% stake. Institutional investors collectively own 92.59% of NBIX.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $200.86; individual targets range as high as $222.
• Neurocrine reported quarterly earnings of $2.85 per share, beating estimates by $1.20, while revenue rose 39.5% year over year to $959 million. Meanwhile, insiders sold $21.7 million worth of shares over the past three months.

BlackRock Inc. purchased 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 filing with the Securities & Exchange Commission. The fund purchased 13,711,607 shares of the company's stock, valued at approximately $2,310,886,000. BlackRock Inc. owned 13.49% of Neurocrine Biosciences at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of NBIX. Pallas Capital Advisors LLC purchased a new stake in Neurocrine Biosciences in the second quarter worth about $1,561,000. Deutsche Bank AG purchased a new position in shares of Neurocrine Biosciences during the 2nd quarter worth approximately $56,402,000. Rice Hall James & Associates LLC purchased a new position in shares of Neurocrine Biosciences during the 2nd quarter worth approximately $16,886,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Neurocrine Biosciences during the 2nd quarter worth approximately $18,789,000. Finally, Persistent Asset Partners Ltd bought a new position in shares of Neurocrine Biosciences in the 2nd quarter worth approximately $74,000. 92.59% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

NBIX has been the topic of several research reports. BMO Capital Markets lifted their price target on Neurocrine Biosciences from $144.00 to $170.00 and gave the company a "market perform" rating in a research report on Monday, July 13th. JPMorgan Chase & Co. increased their price objective on Neurocrine Biosciences from $177.00 to $185.00 and gave the stock an "overweight" rating in a report on Friday, May 8th. Guggenheim raised their price objective on Neurocrine Biosciences from $200.00 to $222.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Wedbush boosted their target price on shares of Neurocrine Biosciences from $185.00 to $194.00 and gave the company an "outperform" rating in a report on Monday, August 3rd. Finally, TD Cowen upped their target price on shares of Neurocrine Biosciences from $200.00 to $220.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $200.86.

Insider Buying and Selling

In other news, Director Stephen A. Sherwin sold 25,000 shares of the firm's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $165.32, for a total transaction of $4,133,000.00. Following the completion of the transaction, 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 through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Leslie V. Norwalk sold 1,250 shares of the firm's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $182.01, for a total value of $227,512.50. Following the transaction, the director owned 1,588 shares of the company's stock, valued at $289,031.88. The trade was a 44.05% 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. In the last three months, insiders sold 131,524 shares of company stock valued at $21,668,924. Insiders own 4.60% of the company's stock.

Neurocrine Biosciences Stock Up 0.8%

Shares of NBIX opened at $155.54 on Thursday. The stock has a market cap of $15.81 billion, a P/E ratio of 22.81, a P/E/G ratio of 0.72 and a beta of 0.39. The business's 50 day moving average price is $167.48 and its 200-day moving average price is $148.73. Neurocrine Biosciences, Inc. has a 52 week low of $122.14 and a 52 week 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, beating analysts' consensus estimates of $1.65 by $1.20. The company had revenue of $959.00 million during the quarter, compared to analyst estimates of $891.16 million. Neurocrine Biosciences had a return on equity of 22.43% and a net margin of 20.91%.The firm's revenue for the quarter was up 39.5% on a year-over-year basis. During the same quarter last year, the company earned $1.65 EPS. On average, equities analysts anticipate that Neurocrine Biosciences, Inc. will post 7.25 EPS for the current year.

Neurocrine Biosciences Company 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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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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