Caisse de depot et placement du Quebec Purchases New Position in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Caisse de dépôt et placement du Québec acquired 539,961 Neurocrine Biosciences shares worth approximately $91 million, giving it a 0.53% stake. Institutional investors collectively own 92.59% of NBIX.
• Analysts remain broadly optimistic, with a consensus “Moderate Buy” rating and an average price target of $200.86. Several firms recently raised their targets to between $198 and $215.
• Neurocrine exceeded quarterly expectations, reporting $2.85 in EPS and $959 million in revenue, up 39.5% year over year. However, insiders sold 116,636 shares worth about $19.3 million over the past 90 days.

Caisse de depot et placement du Quebec acquired a new position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 539,961 shares of the company's stock, valued at approximately $91,002,000. Caisse de depot et placement du Quebec owned about 0.53% of Neurocrine Biosciences at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Neurocrine Biosciences in the second quarter valued at approximately $2,310,886,000. AQR Capital Management LLC boosted its position in shares of Neurocrine Biosciences by 83.7% during the third quarter. AQR Capital Management LLC now owns 2,773,648 shares of the company's stock worth $388,435,000 after purchasing an additional 1,263,633 shares in the last quarter. Norges Bank bought a new position in shares of Neurocrine Biosciences during the fourth quarter worth $162,664,000. Bank of New York Mellon Corp acquired a new position in shares of Neurocrine Biosciences in the 2nd quarter valued at $117,827,000. Finally, Ieq Capital LLC acquired a new position in shares of Neurocrine Biosciences in the 2nd quarter valued at $107,914,000. Institutional investors and hedge funds own 92.59% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on NBIX shares. Stifel Nicolaus upped their price objective on shares of Neurocrine Biosciences from $188.00 to $215.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Royal Bank Of Canada lifted 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. Cantor Fitzgerald boosted their target price on Neurocrine Biosciences from $210.00 to $215.00 and gave the company an "overweight" rating in a research note on Friday, July 31st. JPMorgan Chase & Co. increased 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, BMO Capital Markets raised their price target on Neurocrine Biosciences from $144.00 to $170.00 and gave the stock a "market perform" rating in a research report on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Neurocrine Biosciences has a consensus rating of "Moderate Buy" and an average target price of $200.86.

Neurocrine Biosciences Stock Up 2.1%

NASDAQ NBIX opened at $156.59 on Thursday. The firm's 50 day moving average is $166.91 and its 200-day moving average is $149.30. The company has a market capitalization of $15.92 billion, a PE ratio of 22.96, a price-to-earnings-growth ratio of 0.72 and a beta of 0.39. Neurocrine Biosciences, Inc. has a 12-month low of $122.14 and a 12-month high of $186.12.

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

Insider Activity at Neurocrine Biosciences

In related news, insider Darin Lippoldt sold 10,000 shares of the company's stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $179.60, for a total transaction of $1,796,000.00. Following the sale, the insider owned 54,729 shares in the company, valued at approximately $9,829,328.40. This represents a 15.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ingrid Delaet sold 8,433 shares of the stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $178.72, for a total value of $1,507,145.76. Following the transaction, the insider directly owned 16,225 shares of the company's stock, valued at $2,899,732. This trade represents a 34.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 116,636 shares of company stock worth $19,349,078. Corporate insiders own 4.60% of the company's stock.

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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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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