California State Teachers Retirement System Purchases 23,114,738 Shares of Neurocrine Biosciences, Inc. $NBIX

Key Points

• California State Teachers Retirement System increased its Neurocrine Biosciences stake by 17,426.3%, purchasing 23.1 million shares and bringing its holdings to 23.25 million shares valued at approximately $3.92 billion. Institutional investors collectively own 92.59% of NBIX.
• Analysts maintain a generally bullish view, with a consensus “Moderate Buy” rating and an average price target of $201.05; several firms recently raised targets to between $213 and $215.
• Neurocrine reported quarterly EPS of $2.85 versus the $1.65 consensus estimate, while revenue rose 39.5% year over year to $959 million. Shares opened at $156.57, below the consensus price target.

California State Teachers Retirement System raised its position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 17,426.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 23,247,381 shares of the company's stock after purchasing an additional 23,114,738 shares during the quarter. California State Teachers Retirement System owned 22.87% of Neurocrine Biosciences worth $3,918,114,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of NBIX. BlackRock Inc. bought a new stake in shares of Neurocrine Biosciences during the 2nd quarter valued at $2,310,886,000. AQR Capital Management LLC lifted its stake in shares of Neurocrine Biosciences by 83.7% during the 3rd quarter. AQR Capital Management LLC now owns 2,773,648 shares of the company's stock valued at $388,435,000 after buying an additional 1,263,633 shares in the last quarter. Norges Bank bought a new position in Neurocrine Biosciences in the 4th quarter worth $162,664,000. Bank of New York Mellon Corp bought a new position in Neurocrine Biosciences in the 2nd quarter worth $117,827,000. Finally, Ieq Capital LLC bought a new position in Neurocrine Biosciences in the 2nd quarter worth $107,914,000. 92.59% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Neurocrine Biosciences news, Director Leslie Norwalk sold 1,250 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $182.01, for a total transaction of $227,512.50. Following the completion of the transaction, the director owned 1,588 shares in the company, valued at $289,031.88. This trade represents a 44.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ingrid Delaet sold 4,367 shares of the firm's stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $181.02, for a total value of $790,514.34. Following the transaction, the insider owned 16,225 shares of the company's stock, valued at $2,937,049.50. This represents a 21.21% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 40,188 shares of company stock worth $7,118,633. Corporate insiders own 4.60% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on NBIX. The Goldman Sachs Group started coverage on Neurocrine Biosciences in a report on Tuesday, June 2nd. They set a "buy" rating and a $213.00 price target on the stock. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $198.00 price objective on shares of Neurocrine Biosciences in a research note on Tuesday. Truist Financial increased their target price on Neurocrine Biosciences from $200.00 to $213.00 and gave the stock a "buy" rating in a research report on Monday, August 3rd. Stifel Nicolaus increased 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. Finally, Zacks Research downgraded Neurocrine Biosciences from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $201.05.

Neurocrine Biosciences Stock Performance

Shares of NASDAQ NBIX opened at $156.57 on Friday. The company has a market cap of $15.92 billion, a P/E ratio of 22.96, a P/E/G ratio of 0.73 and a beta of 0.38. The firm's fifty day moving average is $164.82 and its two-hundred day moving average is $151.22. 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 announced its quarterly 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. The business had revenue of $959.00 million for the quarter, compared to analysts' expectations of $891.16 million. Neurocrine Biosciences had a net margin of 20.91% and a return on equity of 22.43%. The business's quarterly revenue was up 39.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.65 EPS. As a group, analysts forecast that Neurocrine Biosciences, Inc. will post 7.25 EPS for the current fiscal year.

Neurocrine Biosciences Profile

Neurocrine Biosciences, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for neurological, neuroendocrine and psychiatric disorders. The company develops therapies for conditions with significant unmet medical needs, using expertise in neuroscience and endocrine biology.

Its primary commercial product is INGREZZA (valbenazine), a vesicular monoamine transporter 2 inhibitor approved in the United States for the treatment of tardive dyskinesia and chorea associated with Huntington's disease.

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