Deutsche Bank AG Acquires New Stake in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Deutsche Bank acquired 334,650 shares of Neurocrine Biosciences in the second quarter, worth approximately $56.4 million and representing a 0.33% stake. Institutional investors collectively own 92.59% of NBIX.
• Analysts remain broadly positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $200.86. Recent targets range from $210 to $249, though Zacks Research downgraded the shares to “hold.”
• Neurocrine reported strong quarterly results, posting $2.85 in adjusted earnings per share and $959 million in revenue, up 39.5% year over year and above analyst expectations. NBIX opened at $152.93, below its 50-day moving average of $167.29.

Deutsche Bank AG acquired a new stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 334,650 shares of the company's stock, valued at approximately $56,402,000. Deutsche Bank AG owned 0.33% of Neurocrine Biosciences as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of NBIX. Geneos Wealth Management Inc. lifted its stake in shares of Neurocrine Biosciences by 143.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 229 shares of the company's stock worth $25,000 after acquiring an additional 135 shares during the period. DJE Kapital AG acquired a new position in shares of Neurocrine Biosciences during the fourth quarter worth about $28,000. Basecamp Wealth Advisors LLC increased its stake in shares of Neurocrine Biosciences by 582.9% during the first quarter. Basecamp Wealth Advisors LLC now owns 239 shares of the company's stock worth $31,000 after acquiring an additional 204 shares during the period. Cassaday & Co Wealth Management LLC purchased a new position in Neurocrine Biosciences during the first quarter worth about $33,000. Finally, Meeder Asset Management Inc. raised its holdings in Neurocrine Biosciences by 651.6% during the fourth quarter. Meeder Asset Management Inc. now owns 233 shares of the company's stock worth $33,000 after purchasing an additional 202 shares in the last quarter. Hedge funds and other institutional investors own 92.59% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Zacks Research lowered Neurocrine Biosciences from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 4th. Cantor Fitzgerald increased their target price on Neurocrine Biosciences from $210.00 to $215.00 and gave the stock an "overweight" rating in a research note on Friday, July 31st. Citigroup raised their price target on Neurocrine Biosciences from $246.00 to $249.00 and gave the company a "buy" rating in a report on Friday, July 31st. Weiss Ratings downgraded Neurocrine Biosciences from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, August 11th. Finally, Piper Sandler upped their price objective on Neurocrine Biosciences from $207.00 to $210.00 and gave the stock an "overweight" rating in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $200.86.

Neurocrine Biosciences Trading Down 1.7%

NBIX stock opened at $152.93 on Friday. The company has a market cap of $15.55 billion, a P/E ratio of 22.42, a P/E/G ratio of 0.73 and a beta of 0.39. 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 $167.29 and its 200 day moving average price is $148.85.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued its earnings results on Friday, July 31st. The company reported $2.85 earnings per share for the quarter, topping the consensus estimate of $1.65 by $1.20. Neurocrine Biosciences had a net margin of 20.91% and a return on equity of 22.43%. The company had revenue of $959.00 million for the quarter, compared to analyst estimates of $891.16 million. During the same period in the prior year, the business posted $1.65 earnings per share. The firm's revenue for the quarter was up 39.5% compared to the same quarter last year. On average, equities research analysts expect that Neurocrine Biosciences, Inc. will post 7.25 earnings per share for the current year.

Insider Transactions at Neurocrine Biosciences

In related news, insider Ingrid Delaet sold 4,367 shares of Neurocrine Biosciences stock in a transaction on Friday, July 10th. The stock was sold at an average price of $181.02, for a total transaction of $790,514.34. Following the completion of the transaction, the insider directly owned 16,225 shares of the company's stock, valued at approximately $2,937,049.50. The trade was a 21.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen A. Sherwin sold 25,000 shares of the business's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $165.32, for a total value of $4,133,000.00. Following the sale, the director owned 15,860 shares in the company, valued at approximately $2,621,975.20. The trade was a 61.18% decrease in their ownership of the stock. 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. In the last 90 days, insiders have sold 131,524 shares of company stock worth $21,668,924. 4.60% of the stock is currently owned by insiders.

About Neurocrine Biosciences

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.

Want to see what other hedge funds are holding NBIX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source