Braidwell LP Acquires 290,135 Shares of Neurocrine Biosciences, Inc. $NBIX

Key Points

• Braidwell LP increased its stake in Neurocrine Biosciences, Inc. by 32.2% in the first quarter, acquiring 1,191,925 shares valued at approximately $131.83 million.
• Analysts have been optimistic about Neurocrine, with multiple firms raising their price targets and maintaining a consensus rating of "Moderate Buy" for the stock, with a target price of $159.50.
• Neurocrine Biosciences reported earnings of $1.06 per share, surpassing expectations and achieving a quarterly revenue of $687.5 million, marking a 16.5% increase year-over-year.

Braidwell LP boosted its stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 32.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,191,925 shares of the company's stock after buying an additional 290,135 shares during the quarter. Neurocrine Biosciences makes up about 4.6% of Braidwell LP's investment portfolio, making the stock its 4th largest position. Braidwell LP owned 1.20% of Neurocrine Biosciences worth $131,827,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also bought and sold shares of NBIX. Dodge & Cox boosted its stake in Neurocrine Biosciences by 83.5% in the first quarter. Dodge & Cox now owns 5,534,624 shares of the company's stock worth $612,129,000 after purchasing an additional 2,518,199 shares in the last quarter. Wellington Management Group LLP boosted its stake in Neurocrine Biosciences by 44.0% in the first quarter. Wellington Management Group LLP now owns 2,097,981 shares of the company's stock worth $232,037,000 after purchasing an additional 640,556 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Neurocrine Biosciences by 3.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,539,601 shares of the company's stock worth $170,281,000 after purchasing an additional 49,088 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Neurocrine Biosciences by 19.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,070,096 shares of the company's stock worth $146,068,000 after purchasing an additional 175,879 shares in the last quarter. Finally, Armistice Capital LLC boosted its stake in Neurocrine Biosciences by 12.1% in the first quarter. Armistice Capital LLC now owns 1,000,190 shares of the company's stock worth $110,621,000 after purchasing an additional 108,190 shares in the last quarter. Institutional investors and hedge funds own 92.59% of the company's stock.

Neurocrine Biosciences Stock Up 2.6%

Shares of NASDAQ:NBIX traded up $3.70 during mid-day trading on Friday, reaching $144.10. 1,227,860 shares of the stock were exchanged, compared to its average volume of 1,234,352. The company has a market cap of $14.29 billion, a P/E ratio of 42.63, a P/E/G ratio of 0.98 and a beta of 0.28. Neurocrine Biosciences, Inc. has a one year low of $84.23 and a one year high of $154.61. The stock's 50 day simple moving average is $132.25 and its 200-day simple moving average is $120.06.

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

Insider Activity

In other news, Director Kevin Charles Gorman sold 106,322 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $126.41, for a total value of $13,440,164.02. Following the completion of the sale, the director directly owned 514,596 shares of the company's stock, valued at $65,050,080.36. This trade represents a 17.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Jude Onyia sold 59,819 shares of the firm's stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $130.46, for a total value of $7,803,986.74. Following the completion of the sale, the insider directly owned 18,289 shares of the company's stock, valued at approximately $2,385,982.94. The trade was a 76.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 186,960 shares of company stock valued at $23,955,553 over the last three months. Insiders own 4.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. The Goldman Sachs Group assumed coverage on Neurocrine Biosciences in a research note on Thursday, July 10th. They set a "buy" rating and a $182.00 price target on the stock. JPMorgan Chase & Co. upped their price target on Neurocrine Biosciences from $140.00 to $145.00 and gave the company a "neutral" rating in a research note on Thursday, July 31st. Stifel Nicolaus upped their price target on Neurocrine Biosciences from $166.00 to $174.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Piper Sandler upped their price target on Neurocrine Biosciences from $154.00 to $175.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Finally, Royal Bank Of Canada upped their price target on Neurocrine Biosciences from $144.00 to $149.00 and gave the company an "outperform" rating in a research note on Friday. Eighteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $160.00.

Neurocrine Biosciences Company Profile

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.