Congress Asset Management Co. Grows Stake in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Congress Asset Management increased its Neurocrine Biosciences stake by 46.5% in the third quarter, bringing its holdings to 120,842 shares valued at approximately $17.1 million. Institutional investors collectively own 92.59% of the company.
• Neurocrine reported strong quarterly results, with earnings per share of $2.85 versus the $1.65 analyst consensus and revenue of $959 million, up 39.5% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $202.05, although recent ratings include both upgrades and downgrades. The stock opened at $145.51, below its 52-week high of $186.12.

Congress Asset Management Co. increased its position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 46.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 120,842 shares of the company's stock after buying an additional 38,356 shares during the period. Congress Asset Management Co. owned 0.12% of Neurocrine Biosciences worth $17,140,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Neurocrine Biosciences during the second quarter valued at approximately $2,310,886,000. Renaissance Technologies LLC increased its stake in Neurocrine Biosciences by 8.0% during the 1st quarter. Renaissance Technologies LLC now owns 2,418,897 shares of the company's stock valued at $318,665,000 after purchasing an additional 180,100 shares in the last quarter. First Trust Advisors LP increased its stake in Neurocrine Biosciences by 97.0% during the 1st quarter. First Trust Advisors LP now owns 959,217 shares of the company's stock valued at $126,367,000 after purchasing an additional 472,408 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Neurocrine Biosciences during the second quarter worth $117,827,000. Finally, Armistice Capital LLC lifted its stake in shares of Neurocrine Biosciences by 17.7% in the fourth quarter. Armistice Capital LLC now owns 820,240 shares of the company's stock valued at $116,335,000 after buying an additional 123,218 shares in the last quarter. 92.59% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Leslie V. Norwalk sold 1,250 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $182.01, for a total transaction of $227,512.50. Following the completion of the transaction, the director owned 1,588 shares in the company, valued at approximately $289,031.88. This represents a 44.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Matt Abernethy sold 2,311 shares of the firm's stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $157.20, for a total transaction of $363,289.20. Following the sale, the chief financial officer owned 42,808 shares of the company's stock, valued at $6,729,417.60. This trade represents a 5.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 27,187 shares of company stock valued at $4,814,516. 4.60% of the stock is currently owned by insiders.

Neurocrine Biosciences Stock Up 0.9%

Neurocrine Biosciences stock opened at $145.51 on Wednesday. Neurocrine Biosciences, Inc. has a 52 week low of $122.14 and a 52 week high of $186.12. The company's 50 day moving average price is $153.86 and its two-hundred day moving average price is $153.07. The stock has a market cap of $14.79 billion, a P/E ratio of 21.34, a P/E/G ratio of 0.67 and a beta of 0.40.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last announced its earnings results on Friday, July 31st. The company reported $2.85 earnings per share for the quarter, topping analysts' consensus estimates of $1.65 by $1.20. The firm had revenue of $959.00 million for the quarter, compared to the consensus estimate of $891.16 million. Neurocrine Biosciences had a return on equity of 22.43% and a net margin of 20.91%.The company's revenue was up 39.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.65 EPS. On average, equities analysts anticipate that Neurocrine Biosciences, Inc. will post 7.26 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Citigroup boosted their target price on shares of Neurocrine Biosciences from $249.00 to $253.00 and gave the stock a "buy" rating in a research report on Thursday, September 3rd. Morgan Stanley raised their price target on shares of Neurocrine Biosciences from $182.00 to $183.00 and gave the company an "equal weight" rating in a research report on Friday, September 11th. Zacks Research downgraded Neurocrine Biosciences from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 4th. UBS Group lowered their price objective on Neurocrine Biosciences from $231.00 to $214.00 and set a "buy" rating for the company in a research note on Tuesday, September 29th. Finally, Wall Street Zen lowered Neurocrine Biosciences from a "buy" rating to a "hold" rating in a report on Sunday, August 9th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $202.05.

Neurocrine Biosciences Company Profile

Neurocrine Biosciences, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for neurological, neuroendocrine and related disorders. The company is headquartered in San Diego, California, and conducts research through internal programs and collaborations with academic institutions and other pharmaceutical companies.

Neurocrine's principal commercial product is INGREZZA (valbenazine), a vesicular monoamine transporter 2 inhibitor used to treat tardive dyskinesia and chorea associated with Huntington's disease.

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