Braidwell LP Has $56.66 Million Stake in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Braidwell LP cut its Neurocrine Biosciences stake by 48.4% in the second quarter, selling 315,950 shares and retaining 336,171 shares valued at approximately $56.66 million.
• Neurocrine reported quarterly EPS of $2.85, beating estimates of $1.65, while revenue rose 39.5% year over year to $959 million. The stock opened at $157.79, with a market capitalization of roughly $16.04 billion.
• Analysts remain broadly bullish, with 19 Buy, one Strong Buy and four Hold ratings; the average price target is $200.86. Meanwhile, company insiders sold 65,188 shares worth approximately $11.25 million over the past 90 days.

Braidwell LP lessened its stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 48.4% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 336,171 shares of the company's stock after selling 315,950 shares during the period. Neurocrine Biosciences accounts for about 2.1% of Braidwell LP's portfolio, making the stock its 13th largest position. Braidwell LP owned approximately 0.33% of Neurocrine Biosciences worth $56,657,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Nykredit A S acquired a new stake in Neurocrine Biosciences in the second quarter worth $6,298,000. Rehmann Capital Advisory Group acquired a new position in shares of Neurocrine Biosciences during the second quarter valued at about $1,426,000. Susquehanna Fundamental Investments LLC bought a new position in shares of Neurocrine Biosciences during the 2nd quarter worth about $240,000. Sigma Planning Corp acquired a new stake in shares of Neurocrine Biosciences in the 2nd quarter valued at about $1,687,000. Finally, Harvest Management LLC acquired a new stake in shares of Neurocrine Biosciences in the 2nd quarter valued at about $273,000. 92.59% of the stock is owned by institutional investors.

Neurocrine Biosciences Price Performance

NBIX opened at $157.79 on Thursday. The company's 50-day moving average is $166.36 and its 200 day moving average is $150.00. Neurocrine Biosciences, Inc. has a fifty-two week low of $122.14 and a fifty-two week high of $186.12. The firm has a market capitalization of $16.04 billion, a P/E ratio of 23.14, a PEG ratio of 0.73 and a beta of 0.38.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The company reported $2.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.65 by $1.20. The business had revenue of $959.00 million during the quarter, compared to the consensus estimate of $891.16 million. Neurocrine Biosciences had a net margin of 20.91% and a return on equity of 22.43%. The firm's quarterly revenue was up 39.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.65 EPS. On average, equities research analysts expect that Neurocrine Biosciences, Inc. will post 7.25 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Citigroup upped their price target on Neurocrine Biosciences from $246.00 to $249.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Wells Fargo & Company raised their price objective on Neurocrine Biosciences from $175.00 to $200.00 and gave the company an "overweight" rating in a research note on Friday, July 17th. Stifel Nicolaus upped their target price on Neurocrine Biosciences from $188.00 to $215.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Royal Bank Of Canada increased their target price on Neurocrine Biosciences from $195.00 to $198.00 and gave the stock an "outperform" rating in a report on Friday, July 31st. Finally, Weiss Ratings upgraded shares of Neurocrine Biosciences from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, August 25th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $200.86.

Insiders Place Their Bets

In related news, insider Ingrid Delaet sold 8,433 shares of Neurocrine Biosciences stock in a transaction 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 sale, the insider directly owned 16,225 shares in the company, valued at approximately $2,899,732. This trade represents a 34.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen A. Sherwin sold 25,000 shares of the business's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $165.32, for a total value of $4,133,000.00. Following the completion of the transaction, the director directly owned 15,860 shares in the company, valued at approximately $2,621,975.20. This represents a 61.18% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 65,188 shares of company stock worth $11,251,633 over the last 90 days. 4.60% of the stock is currently 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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