Canada Pension Plan Investment Board Purchases 157,399 Shares of Neurocrine Biosciences, Inc. $NBIX

Key Points

• The Canada Pension Plan Investment Board increased its holdings in Neurocrine Biosciences, acquiring an additional 157,399 shares, bringing their total shares to 191,499, worth $21.18 million.
• Neurocrine Biosciences reported $1.06 earnings per share for the last quarter, exceeding the consensus estimate of $0.98, with revenues reaching $687.5 million, up 16.5% year-over-year.
• Institutional investors hold approximately 92.59% of Neurocrine Biosciences stock, indicating strong support from the investment community.

Canada Pension Plan Investment Board grew its holdings in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 461.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 191,499 shares of the company's stock after purchasing an additional 157,399 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.19% of Neurocrine Biosciences worth $21,180,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NBIX. WPG Advisers LLC purchased a new position in shares of Neurocrine Biosciences during the first quarter valued at approximately $32,000. Smallwood Wealth Investment Management LLC acquired a new position in Neurocrine Biosciences during the first quarter worth approximately $34,000. SVB Wealth LLC acquired a new position in Neurocrine Biosciences during the first quarter worth approximately $35,000. Golden State Wealth Management LLC raised its stake in shares of Neurocrine Biosciences by 116.9% in the 1st quarter. Golden State Wealth Management LLC now owns 397 shares of the company's stock valued at $44,000 after acquiring an additional 214 shares during the period. Finally, Versant Capital Management Inc raised its stake in shares of Neurocrine Biosciences by 404.9% in the 1st quarter. Versant Capital Management Inc now owns 409 shares of the company's stock valued at $45,000 after acquiring an additional 328 shares during the period. Hedge funds and other institutional investors own 92.59% of the company's stock.

Insider Activity at Neurocrine Biosciences

In related news, insider Ingrid Delaet sold 457 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $135.00, for a total transaction of $61,695.00. Following the transaction, the insider owned 4,730 shares of the company's stock, valued at approximately $638,550. This trade represents a 8.81% 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. 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 transaction of $7,803,986.74. Following the transaction, the insider directly owned 18,289 shares in the company, valued at approximately $2,385,982.94. The trade was a 76.58% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 186,960 shares of company stock valued at $23,955,553. 4.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

NBIX has been the subject of a number of recent analyst reports. Morgan Stanley raised their price target on shares of Neurocrine Biosciences from $150.00 to $158.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. Guggenheim increased their price objective on shares of Neurocrine Biosciences from $165.00 to $175.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Royal Bank Of Canada reduced their price target on shares of Neurocrine Biosciences from $146.00 to $144.00 and set an "outperform" rating on the stock in a research report on Thursday, July 31st. Wedbush raised their price target on shares of Neurocrine Biosciences from $137.00 to $141.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Finally, Piper Sandler increased their price objective on shares of Neurocrine Biosciences from $154.00 to $175.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Eighteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Neurocrine Biosciences currently has an average rating of "Moderate Buy" and an average price target of $159.50.

Neurocrine Biosciences Stock Up 3.2%

Shares of Neurocrine Biosciences stock traded up $4.29 during trading on Thursday, hitting $140.40. The stock had a trading volume of 772,402 shares, compared to its average volume of 1,234,441. The company has a market capitalization of $13.92 billion, a PE ratio of 41.54, a P/E/G ratio of 1.01 and a beta of 0.28. The stock has a 50 day simple moving average of $131.98 and a 200 day simple moving average of $119.88. Neurocrine Biosciences, Inc. has a 1 year low of $84.23 and a 1 year high of $154.61.

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

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.