Canada Pension Plan Investment Board Makes New Investment in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Canada Pension Plan Investment Board bought 81,700 Neurocrine Biosciences shares worth approximately $13.8 million, giving it a 0.08% stake. Institutional investors collectively own 92.59% of NBIX.
• Neurocrine reported strong quarterly results, with EPS of $2.85 versus the $1.65 estimate and revenue of $959 million, up 39.5% year over year.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $200.86, while insiders sold approximately $19 million of stock over the past 90 days.

Canada Pension Plan Investment Board purchased a new stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 81,700 shares of the company's stock, valued at approximately $13,769,000. Canada Pension Plan Investment Board owned about 0.08% of Neurocrine Biosciences at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in NBIX. DJE Kapital AG purchased a new position in Neurocrine Biosciences in the 4th quarter worth $28,000. Geneos Wealth Management Inc. boosted its position in Neurocrine Biosciences by 143.6% during the first quarter. Geneos Wealth Management Inc. now owns 229 shares of the company's stock valued at $25,000 after buying an additional 135 shares during the period. Meeder Asset Management Inc. boosted its position in Neurocrine Biosciences by 651.6% during the fourth quarter. Meeder Asset Management Inc. now owns 233 shares of the company's stock valued at $33,000 after buying an additional 202 shares during the period. Basecamp Wealth Advisors LLC grew its stake in shares of Neurocrine Biosciences by 582.9% during the first quarter. Basecamp Wealth Advisors LLC now owns 239 shares of the company's stock valued at $31,000 after buying an additional 204 shares during the last quarter. Finally, Cassaday & Co Wealth Management LLC bought a new position in shares of Neurocrine Biosciences during the first quarter valued at about $33,000. 92.59% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Stephen A. Sherwin sold 25,000 shares of Neurocrine Biosciences stock in a transaction on Friday, June 5th. The shares were sold at an average price of $165.32, for a total value of $4,133,000.00. Following the sale, the director owned 15,860 shares in the company, valued at $2,621,975.20. The trade was a 61.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ingrid Delaet sold 8,433 shares of the business's stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $178.72, for a total transaction of $1,507,145.76. Following the transaction, the insider directly owned 16,225 shares in the company, valued at approximately $2,899,732. The trade was a 34.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 114,375 shares of company stock valued at $18,994,756. 4.60% of the stock is owned by insiders.

Neurocrine Biosciences Price Performance

NASDAQ NBIX opened at $154.06 on Friday. Neurocrine Biosciences, Inc. has a 1 year low of $122.14 and a 1 year high of $186.12. The stock has a market capitalization of $15.66 billion, a PE ratio of 22.59, a PEG ratio of 0.72 and a beta of 0.39. The business's 50-day moving average is $166.77 and its 200 day moving average is $149.43.

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

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Royal Bank Of Canada increased their target price on Neurocrine Biosciences from $195.00 to $198.00 and gave the company an "outperform" rating in a report on Friday, July 31st. Zacks Research cut Neurocrine Biosciences from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 4th. Morgan Stanley lowered their price objective on Neurocrine Biosciences from $196.00 to $182.00 and set an "equal weight" rating for the company in a research report on Thursday, August 13th. Stifel Nicolaus increased their price objective on Neurocrine Biosciences from $188.00 to $215.00 and gave the company a "buy" rating in a research note on Friday, July 31st. Finally, Truist Financial raised their target price on shares of Neurocrine Biosciences from $200.00 to $213.00 and gave the stock a "buy" rating in a report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $200.86.

Neurocrine Biosciences Company Profile

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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