Neurocrine Biosciences, Inc. (NASDAQ:NBIX) Stake Reduced by Deutsche Bank AG

Key Points

• Deutsche Bank AG has reduced its stake in Neurocrine Biosciences by 7.5%, selling 34,848 shares, leaving it with 426,934 shares valued at approximately $47.2 million.
• Brokerages have raised their target prices for Neurocrine Biosciences, with UBS Group setting a new target of $174.00, reflecting growing confidence in the company's prospects.
• Insider Jude Onyia sold 59,819 shares of Neurocrine Biosciences, representing a significant decrease of 76.58% in their position, while also showing continued insider activity in the stock.

Deutsche Bank AG decreased its holdings in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 7.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 426,934 shares of the company's stock after selling 34,848 shares during the quarter. Deutsche Bank AG owned approximately 0.43% of Neurocrine Biosciences worth $47,219,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Smallwood Wealth Investment Management LLC purchased a new stake in shares of Neurocrine Biosciences during the 1st quarter worth about $34,000. GeoWealth Management LLC grew its holdings in shares of Neurocrine Biosciences by 65.4% during the 4th quarter. GeoWealth Management LLC now owns 258 shares of the company's stock worth $35,000 after purchasing an additional 102 shares during the period. Golden State Wealth Management LLC grew its holdings in shares of Neurocrine Biosciences by 116.9% during the 1st quarter. Golden State Wealth Management LLC now owns 397 shares of the company's stock worth $44,000 after purchasing an additional 214 shares during the period. Versant Capital Management Inc grew its holdings in shares of Neurocrine Biosciences by 404.9% during the 1st quarter. Versant Capital Management Inc now owns 409 shares of the company's stock worth $45,000 after purchasing an additional 328 shares during the period. Finally, Harbor Capital Advisors Inc. purchased a new stake in shares of Neurocrine Biosciences during the 1st quarter worth about $48,000. Hedge funds and other institutional investors own 92.59% of the company's stock.

Neurocrine Biosciences Stock Up 2.1%

Shares of NBIX traded up $2.73 during trading on Wednesday, reaching $131.62. The company's stock had a trading volume of 1,056,635 shares, compared to its average volume of 1,063,564. The company has a fifty day moving average of $128.93 and a two-hundred day moving average of $120.07. Neurocrine Biosciences, Inc. has a twelve month low of $84.23 and a twelve month high of $154.87. The company has a market cap of $13.05 billion, a price-to-earnings ratio of 38.94, a P/E/G ratio of 0.93 and a beta of 0.25.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.98 by $0.08. The company had revenue of $687.50 million for the quarter, compared to analyst estimates of $653.09 million. Neurocrine Biosciences had a return on equity of 13.22% and a net margin of 13.88%. Neurocrine Biosciences's quarterly revenue was up 16.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.63 EPS. As a group, equities analysts forecast that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on NBIX. Evercore ISI decreased their target price on Neurocrine Biosciences from $190.00 to $185.00 and set an "outperform" rating for the company in a report on Thursday, April 24th. Needham & Company LLC boosted their price target on Neurocrine Biosciences from $138.00 to $139.00 and gave the stock a "buy" rating in a research report on Tuesday, May 6th. The Goldman Sachs Group assumed coverage on Neurocrine Biosciences in a research report on Thursday, July 10th. They set a "buy" rating and a $182.00 price target on the stock. Piper Sandler boosted their price target on Neurocrine Biosciences from $154.00 to $175.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Finally, HC Wainwright reduced their price target on Neurocrine Biosciences from $185.00 to $168.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Three research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Neurocrine Biosciences has an average rating of "Moderate Buy" and an average price target of $160.90.

Insider Activity at Neurocrine Biosciences

In related news, Director Kevin Charles Gorman sold 106,322 shares of the company's stock in a transaction that occurred 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 of the company's stock, valued at approximately $65,050,080.36. This represents a 17.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Ingrid Delaet sold 457 shares of the company's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $135.00, for a total value of $61,695.00. Following the sale, the insider directly owned 4,730 shares in the company, valued at approximately $638,550. This represents a 8.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 196,573 shares of company stock valued at $25,112,766. Corporate insiders own 4.80% of the company's stock.

Neurocrine Biosciences Company Profile

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.