CenterBook Partners LP Purchases New Position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Key Points

• CenterBook Partners LP recently acquired a new stake in Neurocrine Biosciences by purchasing 3,634 shares, valued at approximately $402,000.
• After their quarterly earnings report on July 30th, Neurocrine Biosciences reported $1.06 earnings per share, exceeding analysts' expectations and showcasing a year-over-year revenue growth of 16.5%.
• Analysts have upgraded their price targets for Neurocrine Biosciences, with Guggenheim setting a new high target of $175.00, indicating a strong bullish sentiment towards the stock.

CenterBook Partners LP bought a new stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 3,634 shares of the company's stock, valued at approximately $402,000.

Several other institutional investors and hedge funds have also made changes to their positions in NBIX. Smallwood Wealth Investment Management LLC purchased a new stake in shares of Neurocrine Biosciences in the 1st quarter valued at about $34,000. GeoWealth Management LLC lifted its holdings in shares of Neurocrine Biosciences by 65.4% in the 4th quarter. GeoWealth Management LLC now owns 258 shares of the company's stock valued at $35,000 after purchasing an additional 102 shares during the last quarter. Golden State Wealth Management LLC lifted its holdings 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 purchasing an additional 214 shares during the last quarter. Versant Capital Management Inc increased its position in 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. Finally, Harbor Capital Advisors Inc. acquired a new position in Neurocrine Biosciences in the 1st quarter valued at about $48,000. 92.59% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Neurocrine Biosciences

In other news, insider Jude Onyia sold 59,819 shares of the company's stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $130.46, for a total transaction of $7,803,986.74. Following the completion of the sale, the insider directly owned 18,289 shares in the company, valued at $2,385,982.94. This represents a 76.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Kevin Charles Gorman sold 9,613 shares of the company's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $120.38, for a total value of $1,157,212.94. Following the sale, the director owned 514,596 shares of the company's stock, valued at approximately $61,947,066.48. The trade was a 1.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 90,251 shares of company stock worth $11,672,602 in the last ninety days. Insiders own 4.80% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Wedbush boosted their price target on Neurocrine Biosciences from $137.00 to $141.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. JPMorgan Chase & Co. boosted their price target on Neurocrine Biosciences from $140.00 to $145.00 and gave the company a "neutral" rating in a research report on Thursday, July 31st. Canaccord Genuity Group boosted their target price on Neurocrine Biosciences from $158.00 to $160.00 and gave the stock a "buy" rating in a research report on Tuesday, May 6th. Stifel Nicolaus boosted their target price on Neurocrine Biosciences from $166.00 to $174.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Finally, The Goldman Sachs Group began coverage on Neurocrine Biosciences in a research report on Thursday, July 10th. They set a "buy" rating and a $182.00 target price on the stock. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $160.90.

Neurocrine Biosciences Trading Down 0.5%

Shares of Neurocrine Biosciences stock traded down $0.59 during trading hours on Friday, reaching $125.01. 1,048,379 shares of the company's stock were exchanged, compared to its average volume of 1,013,648. Neurocrine Biosciences, Inc. has a 52-week low of $84.23 and a 52-week high of $154.87. The firm has a market capitalization of $12.40 billion, a price-to-earnings ratio of 36.99, a price-to-earnings-growth ratio of 0.90 and a beta of 0.25. The company has a fifty day moving average of $128.72 and a 200-day moving average of $120.29.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $1.06 earnings per share for the quarter, topping analysts' consensus estimates of $0.98 by $0.08. Neurocrine Biosciences had a return on equity of 13.22% and a net margin of 13.88%. The company had revenue of $687.50 million for the quarter, compared to analyst estimates of $653.09 million. During the same quarter in the prior year, the company posted $1.63 EPS. The business's revenue for the quarter was up 16.5% compared to the same quarter last year. On average, equities research analysts anticipate that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current fiscal year.

About Neurocrine Biosciences

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.