City Center Advisors LLC Buys New Stake 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 shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,006 shares of the company's stock, valued at approximately $252,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Geneos Wealth Management Inc. lifted 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 acquiring an additional 135 shares during the last quarter. WPG Advisers LLC acquired a new position in Neurocrine Biosciences during the 1st quarter valued at approximately $32,000. Smallwood Wealth Investment Management LLC acquired a new position in Neurocrine Biosciences during the 1st quarter valued at approximately $34,000. SVB Wealth LLC acquired a new position in Neurocrine Biosciences during the 1st quarter valued at approximately $35,000. Finally, Golden State Wealth Management LLC increased its stake in Neurocrine Biosciences by 116.9% during 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 in the last quarter. Hedge funds and other institutional investors own 92.59% of the company's stock.

Neurocrine Biosciences Stock Performance

Shares of NASDAQ NBIX opened at $141.87 on Friday. The company's fifty day moving average price is $134.13 and its 200 day moving average price is $121.18. Neurocrine Biosciences, Inc. has a 1 year low of $84.23 and a 1 year high of $154.61. The company has a market capitalization of $14.07 billion, a PE ratio of 41.97, a price-to-earnings-growth ratio of 1.03 and a beta of 0.28.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $1.06 earnings per share (EPS) for the quarter, topping 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 prior year, the firm posted $1.63 earnings per share. The firm's quarterly revenue was up 16.5% compared to the same quarter last year. On average, equities analysts expect that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current year.

Analyst Ratings Changes

NBIX has been the topic of a number of recent analyst reports. Piper Sandler upped their price target on shares of Neurocrine Biosciences from $154.00 to $175.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Guggenheim upped their price target 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. UBS Group upped their price target on shares of Neurocrine Biosciences from $152.00 to $174.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Wall Street Zen upgraded shares of Neurocrine Biosciences from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. Finally, JPMorgan Chase & Co. increased their price objective on shares of Neurocrine Biosciences from $140.00 to $145.00 and gave the stock a "neutral" rating in a research note on Thursday, July 31st. Eighteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $160.00.

Insider Buying and Selling

In related news, insider Jude Onyia sold 59,819 shares of the stock in a transaction 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 sale, the insider directly owned 18,289 shares of the company's stock, valued at approximately $2,385,982.94. This represents a 76.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Kevin Charles Gorman sold 106,322 shares of the stock in a transaction on 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 sale, the director directly owned 514,596 shares in the company, valued at $65,050,080.36. This trade represents a 17.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 186,960 shares of company stock valued at $23,955,553. Corporate insiders own 4.80% of the company's stock.

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.

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