City Center Advisors LLC Invests $252,000 in Neurocrine Biosciences, Inc. $NBIX

Key Points

• City Center Advisors LLC has acquired a new stake in Neurocrine Biosciences, Inc., purchasing 2,006 shares valued at approximately $252,000.
• Neurocrine Biosciences reported strong quarterly earnings, with $1.06 earnings per share, surpassing analysts' expectations and high revenue growth of 16.5% year-over-year.
• Several hedge funds have increased their stakes in Neurocrine Biosciences, highlighting robust institutional interest, which collectively owns 92.59% of the company’s stock.

City Center Advisors LLC bought a new stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 2,006 shares of the company's stock, valued at approximately $252,000.

A number of other institutional investors have also recently modified their holdings of NBIX. Cetera Investment Advisers boosted its stake in shares of Neurocrine Biosciences by 46.5% in the fourth quarter. Cetera Investment Advisers now owns 8,169 shares of the company's stock valued at $1,115,000 after buying an additional 2,593 shares in the last quarter. OMERS ADMINISTRATION Corp boosted its position in Neurocrine Biosciences by 20.9% during the fourth quarter. OMERS ADMINISTRATION Corp now owns 4,134 shares of the company's stock worth $564,000 after purchasing an additional 714 shares in the last quarter. Nomura Holdings Inc. boosted its position in Neurocrine Biosciences by 16.8% during the fourth quarter. Nomura Holdings Inc. now owns 13,434 shares of the company's stock worth $1,834,000 after purchasing an additional 1,934 shares in the last quarter. Nissay Asset Management Corp Japan ADV boosted its position in Neurocrine Biosciences by 1.2% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 12,186 shares of the company's stock worth $1,699,000 after purchasing an additional 146 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its position in Neurocrine Biosciences by 77.0% during the fourth quarter. Quantinno Capital Management LP now owns 3,963 shares of the company's stock worth $541,000 after purchasing an additional 1,724 shares in the last quarter. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Neurocrine Biosciences

In other Neurocrine Biosciences news, Director Kevin Charles Gorman sold 106,322 shares of the business's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $126.41, for a total transaction of $13,440,164.02. Following the completion of the sale, the director owned 514,596 shares of the company's stock, valued at approximately $65,050,080.36. The trade was a 17.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jude Onyia sold 59,819 shares of the business's stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $130.46, for a total value of $7,803,986.74. Following the sale, the insider directly owned 18,289 shares of the company's stock, valued at approximately $2,385,982.94. This trade represents a 76.58% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 186,960 shares of company stock valued at $23,955,553. Company insiders own 4.80% of the company's stock.

Neurocrine Biosciences Stock Performance

Neurocrine Biosciences stock traded down $1.33 during trading on Friday, hitting $144.34. The company's stock had a trading volume of 238,484 shares, compared to its average volume of 1,201,689. The stock has a market capitalization of $14.32 billion, a price-to-earnings ratio of 42.70, a P/E/G ratio of 1.03 and a beta of 0.28. The stock's fifty day moving average is $135.03 and its 200 day moving average is $121.85. 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 released its earnings results on Wednesday, July 30th. The company reported $1.06 EPS for the quarter, beating the consensus estimate of $0.98 by $0.08. The firm had revenue of $687.50 million during the quarter, compared to analyst estimates of $653.09 million. Neurocrine Biosciences had a return on equity of 13.22% and a net margin of 13.88%.The business's quarterly revenue was up 16.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.63 earnings per share. On average, research analysts anticipate that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

NBIX has been the topic of a number of research analyst reports. Guggenheim boosted their target price on Neurocrine Biosciences from $165.00 to $175.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. 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. Piper Sandler boosted their price target on Neurocrine Biosciences from $154.00 to $175.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Morgan Stanley boosted their price target on Neurocrine Biosciences from $158.00 to $163.00 and gave the stock an "overweight" rating in a report on Friday, September 5th. Finally, UBS Group boosted their price target on Neurocrine Biosciences from $152.00 to $174.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Seventeen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $160.26.

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.