Corient Private Wealth LP Buys 9,645 Shares of Neurocrine Biosciences, Inc. $NBIX

Key Points

• Corient Private Wealth increased its Neurocrine Biosciences position by 21.4%, adding 9,645 shares to hold 54,680 shares valued at approximately $9.2 million. Institutional investors and hedge funds collectively own 92.59% of the company.
• Neurocrine reported quarterly EPS of $2.85, exceeding the $1.65 analyst consensus, while revenue rose 39.5% year over year to $959 million. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $201.09.
• Company insiders sold shares under pre-arranged Rule 10b5-1 plans primarily to cover tax obligations, including more than $7.6 million in sales over the past 90 days. NBIX opened at $149.50, with a market capitalization of about $15.2 billion.

Corient Private Wealth LP increased its position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 21.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 54,680 shares of the company's stock after purchasing an additional 9,645 shares during the period. Corient Private Wealth LP owned approximately 0.05% of Neurocrine Biosciences worth $9,216,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Amundi raised its position in shares of Neurocrine Biosciences by 8.3% in the 2nd quarter. Amundi now owns 220,463 shares of the company's stock valued at $37,156,000 after buying an additional 16,826 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Neurocrine Biosciences in the 2nd quarter valued at approximately $41,447,000. Nilsine Partners LLC raised its position in Neurocrine Biosciences by 3.6% during the 2nd quarter. Nilsine Partners LLC now owns 10,013 shares of the company's stock worth $1,688,000 after purchasing an additional 348 shares during the last quarter. Saudi Central Bank raised its position in shares of Neurocrine Biosciences by 81.4% during the second quarter. Saudi Central Bank now owns 6,674 shares of the company's stock worth $1,125,000 after acquiring an additional 2,994 shares during the last quarter. Finally, BAM Wealth Management LLC raised its holdings in Neurocrine Biosciences by 8.9% during the 2nd quarter. BAM Wealth Management LLC now owns 2,598 shares of the company's stock worth $438,000 after purchasing an additional 213 shares during the last quarter. Institutional investors and hedge funds own 92.59% of the company's stock.

Insider Activity

In other news, CFO Matt Abernethy sold 2,311 shares of the business's stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $157.20, for a total transaction of $363,289.20. Following the completion of the transaction, the chief financial officer directly owned 42,808 shares of the company's stock, valued at $6,729,417.60. The trade was a 5.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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. Also, insider David W. Boyer sold 826 shares of the business's stock in a transaction on Monday, September 14th. The shares were sold at an average price of $157.45, for a total transaction of $130,053.70. Following the sale, the insider owned 8,722 shares of the company's stock, valued at approximately $1,373,278.90. This represents a 8.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 ninety days, insiders sold 43,325 shares of company stock valued at $7,611,976. 4.60% of the stock is currently owned by insiders.

Neurocrine Biosciences Stock Down 0.3%

Shares of NASDAQ:NBIX opened at $149.50 on Thursday. Neurocrine Biosciences, Inc. has a 52 week low of $122.14 and a 52 week high of $186.12. The company's fifty day moving average is $163.00 and its 200 day moving average is $151.87. The stock has a market cap of $15.20 billion, a PE ratio of 21.92, a PEG ratio of 0.70 and a beta of 0.38.

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

Wall Street Analyst Weigh In

NBIX has been the topic of a number of research analyst reports. The Goldman Sachs Group started coverage on Neurocrine Biosciences in a report on Tuesday, June 2nd. They set a "buy" rating and a $213.00 price target on the stock. Citigroup boosted their price objective on Neurocrine Biosciences from $249.00 to $253.00 and gave the stock a "buy" rating in a report on Thursday, September 3rd. Canaccord Genuity Group increased their target price on shares of Neurocrine Biosciences from $200.00 to $210.00 and gave the company a "buy" rating in a report on Monday, August 3rd. Needham & Company LLC increased their price target on Neurocrine Biosciences from $200.00 to $204.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Finally, Wedbush lifted their price objective on shares of Neurocrine Biosciences from $185.00 to $194.00 and gave the stock an "outperform" rating in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $201.09.

About Neurocrine Biosciences

Neurocrine Biosciences, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for neurological, neuroendocrine and psychiatric disorders. The company develops therapies for conditions with significant unmet medical needs, using expertise in neuroscience and endocrine biology.

Its primary commercial product is INGREZZA (valbenazine), a vesicular monoamine transporter 2 inhibitor approved in the United States for the treatment of tardive dyskinesia and chorea associated with Huntington's disease.

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