Dodge & Cox Decreases Position in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Dodge & Cox trimmed its stake by 0.2% in Q3, selling 10,196 shares but still owns 5,556,618 shares (about 5.57% of Neurocrine) valued at $780.0M.
• Insider selling has been notable: insiders disposed of 42,590 shares (~$5.78M) in the past three months, including CEO Kyle Gano’s sale of 36,400 shares, leaving insiders with 4.80% ownership.
• Recent results showed an EPS miss ($1.88 vs. $2.36 est.) but revenue of $805.5M (+28.3% YoY) roughly in line with expectations; the stock trades near $130 while analysts’ consensus target is $175.10 ("Moderate Buy").

Dodge & Cox decreased its position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 0.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,556,618 shares of the company's stock after selling 10,196 shares during the quarter. Dodge & Cox owned 5.57% of Neurocrine Biosciences worth $780,038,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in NBIX. Golden State Wealth Management LLC raised its holdings in Neurocrine Biosciences by 120.5% in the 3rd quarter. Golden State Wealth Management LLC now owns 183 shares of the company's stock worth $26,000 after acquiring an additional 100 shares during the last quarter. Eastern Bank purchased a new stake in Neurocrine Biosciences during the 3rd quarter valued at $27,000. Geneos Wealth Management Inc. boosted its stake in Neurocrine Biosciences by 143.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 229 shares of the company's stock valued at $25,000 after purchasing an additional 135 shares during the last quarter. Quent Capital LLC bought a new stake in shares of Neurocrine Biosciences in the 3rd quarter worth $32,000. Finally, MAI Capital Management increased its holdings in shares of Neurocrine Biosciences by 101.2% in the 2nd quarter. MAI Capital Management now owns 328 shares of the company's stock worth $41,000 after purchasing an additional 165 shares in the last quarter. Institutional investors own 92.59% of the company's stock.

Insider Activity at Neurocrine Biosciences

In other news, Director Leslie V. Norwalk sold 1,190 shares of the stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $155.09, for a total value of $184,557.10. Following the completion of the sale, the director directly owned 6,239 shares of the company's stock, valued at $967,606.51. This represents a 16.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Kyle Gano sold 36,400 shares of the firm's stock in a transaction on Friday, January 16th. The shares were sold at an average price of $132.70, for a total transaction of $4,830,280.00. Following the sale, the chief executive officer owned 140,407 shares in the company, valued at $18,632,008.90. The trade was a 20.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 42,590 shares of company stock valued at $5,775,987 over the last three months. 4.80% of the stock is currently owned by insiders.

Neurocrine Biosciences Stock Performance

NASDAQ NBIX opened at $129.78 on Friday. The business's fifty day moving average is $133.08 and its 200 day moving average is $140.24. Neurocrine Biosciences, Inc. has a fifty-two week low of $84.23 and a fifty-two week high of $160.18. The company has a market capitalization of $13.02 billion, a PE ratio of 27.85, a price-to-earnings-growth ratio of 0.67 and a beta of 0.32.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last posted its quarterly earnings data on Wednesday, February 11th. The company reported $1.88 EPS for the quarter, missing the consensus estimate of $2.36 by ($0.48). Neurocrine Biosciences had a return on equity of 16.48% and a net margin of 16.73%.The company had revenue of $805.50 million during the quarter, compared to the consensus estimate of $804.21 million. During the same period last year, the business earned $1.69 EPS. The firm's quarterly revenue was up 28.3% compared to the same quarter last year. On average, sell-side analysts forecast that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on NBIX shares. BMO Capital Markets lowered their price target on Neurocrine Biosciences from $147.00 to $140.00 and set a "market perform" rating on the stock in a report on Thursday, February 12th. HC Wainwright reduced their price objective on Neurocrine Biosciences from $198.00 to $192.00 and set a "buy" rating for the company in a report on Thursday, February 12th. TD Cowen upped their target price on shares of Neurocrine Biosciences from $175.00 to $200.00 and gave the company a "buy" rating in a research note on Friday, December 5th. UBS Group dropped their price target on shares of Neurocrine Biosciences from $188.00 to $178.00 and set a "buy" rating on the stock in a report on Friday, January 23rd. Finally, Truist Financial reduced their price target on shares of Neurocrine Biosciences from $169.00 to $140.00 and set a "buy" rating for the company in a research note on Tuesday, February 17th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $175.10.

Neurocrine Biosciences 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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