Daiichi Life Insurance Co. Ltd. Buys Shares of 14,741 Neurocrine Biosciences, Inc. $NBIX

Key Points

• Institutional investors increased exposure to Neurocrine Biosciences: Daiichi Life bought 14,741 shares worth approximately $2.5 million, while several other institutions also opened positions. Institutions now own 92.59% of NBIX.
• Insiders have been selling shares: Company insiders sold 131,524 shares worth approximately $21.7 million over the past 90 days, though the disclosed transactions were conducted under pre-arranged Rule 10b5-1 plans.
• Analyst sentiment remains positive and results were strong: NBIX has a “Moderate Buy” consensus rating with an average price target of $200.86, while its latest quarterly EPS and revenue surpassed expectations and revenue grew 39.5% year over year.

Daiichi Life Insurance Co. Ltd. bought a new position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 14,741 shares of the company's stock, valued at approximately $2,484,000.

Other large investors have also made changes to their positions in the company. Commerce Bank bought a new stake in shares of Neurocrine Biosciences in the 2nd quarter valued at approximately $2,233,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Neurocrine Biosciences in the second quarter worth $152,000. Evolve Private Wealth LLC bought a new stake in Neurocrine Biosciences during the second quarter valued at about $849,000. Landscape Capital Management L.L.C. acquired a new stake in Neurocrine Biosciences in the 2nd quarter valued at approximately $1,621,000. Finally, Korea Investment CORP acquired a new stake in shares of Neurocrine Biosciences in the second quarter worth $29,155,000. Institutional investors own 92.59% of the company's stock.

Insiders Place Their Bets

In related news, insider Darin Lippoldt sold 10,000 shares of the company's stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $179.60, for a total transaction of $1,796,000.00. Following the transaction, the insider owned 54,729 shares in the company, valued at $9,829,328.40. This represents a 15.45% decrease in their position. The sale was disclosed in a filing 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. Also, Director Stephen A. Sherwin sold 25,000 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $165.32, for a total transaction of $4,133,000.00. Following the sale, the director directly owned 15,860 shares in the company, valued at approximately $2,621,975.20. This represents a 61.18% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 131,524 shares of company stock worth $21,668,924 over the last ninety days. Company insiders own 4.60% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on NBIX. Royal Bank Of Canada boosted their price target on Neurocrine Biosciences from $195.00 to $198.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. Citigroup raised their price objective on shares of Neurocrine Biosciences from $246.00 to $249.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Weiss Ratings cut shares of Neurocrine Biosciences from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, August 11th. Wedbush upped their price objective on Neurocrine Biosciences from $185.00 to $194.00 and gave the company an "outperform" rating in a research note on Monday, August 3rd. Finally, Stifel Nicolaus increased their target price on Neurocrine Biosciences from $188.00 to $215.00 and gave the stock a "buy" rating in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Neurocrine Biosciences presently has a consensus rating of "Moderate Buy" and an average price target of $200.86.

Neurocrine Biosciences Price Performance

Shares of NBIX opened at $152.57 on Monday. The company has a market capitalization of $15.51 billion, a P/E ratio of 22.37, a PEG ratio of 0.71 and a beta of 0.39. Neurocrine Biosciences, Inc. has a one year low of $122.14 and a one year high of $186.12. The business's 50 day simple moving average is $167.14 and its 200-day simple moving average is $148.96.

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

Neurocrine Biosciences Company Profile

Neurocrine Biosciences NASDAQ: NBIX is a biopharmaceutical company based in San Diego, California, focused on developing treatments for neurological, endocrine and neuropsychiatric disorders. Since its founding in 1992, the company has pursued a research‐driven strategy aimed at addressing unmet medical needs in movement disorders, reproductive health and central nervous system conditions. Neurocrine's operations encompass drug discovery, clinical development and commercialization activities.

The company's lead marketed product, Ingrezza™ (valbenazine), is indicated for the treatment of tardive dyskinesia, a movement disorder associated with long-term antipsychotic use.

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