Empowered Funds LLC Invests $2.33 Million in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Empowered Funds LLC acquired a new $2.33 million stake in Neurocrine Biosciences during the second quarter, purchasing 13,827 shares. Institutional investors collectively own 92.59% of the company.
• Neurocrine reported a strong quarter, with EPS of $2.85 versus the $1.65 consensus and revenue of $959 million, up 39.5% year over year.
• Analysts remain broadly bullish: 19 rate NBIX a Buy and one rates it a Strong Buy, producing a Moderate Buy consensus and an average price target of $200.86. Insiders, however, sold 65,188 shares worth approximately $11.25 million over the last quarter.

Empowered Funds LLC bought a new stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 13,827 shares of the company's stock, valued at approximately $2,330,000.

Other large investors have also added to or reduced their stakes in the company. Geneos Wealth Management Inc. lifted its stake in Neurocrine Biosciences by 143.6% in the first quarter. Geneos Wealth Management Inc. now owns 229 shares of the company's stock worth $25,000 after purchasing an additional 135 shares during the last quarter. DJE Kapital AG bought a new position in shares of Neurocrine Biosciences during the fourth quarter valued at about $28,000. Basecamp Wealth Advisors LLC increased its holdings in shares of Neurocrine Biosciences by 582.9% in the first quarter. Basecamp Wealth Advisors LLC now owns 239 shares of the company's stock worth $31,000 after buying an additional 204 shares during the period. Cassaday & Co Wealth Management LLC purchased a new position in shares of Neurocrine Biosciences in the first quarter worth about $33,000. Finally, Meeder Asset Management Inc. lifted its stake in shares of Neurocrine Biosciences by 651.6% in the 4th quarter. Meeder Asset Management Inc. now owns 233 shares of the company's stock valued at $33,000 after acquiring an additional 202 shares during the last quarter. Hedge funds and other institutional investors own 92.59% of the company's stock.

Insider Buying and Selling at Neurocrine Biosciences

In other Neurocrine Biosciences news, Director Leslie V. Norwalk sold 1,250 shares of the business's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $182.01, for a total transaction of $227,512.50. Following the completion of the sale, the director owned 1,588 shares of the company's stock, valued at approximately $289,031.88. The trade was a 44.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ingrid Delaet sold 8,433 shares of the stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $178.72, for a total transaction of $1,507,145.76. Following the completion of the sale, the insider directly owned 16,225 shares of the company's stock, valued at $2,899,732. This represents a 34.20% 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. Over the last quarter, insiders have sold 65,188 shares of company stock worth $11,251,633. 4.60% of the stock is owned by insiders.

Neurocrine Biosciences Stock Performance

NASDAQ:NBIX opened at $157.79 on Thursday. The firm has a market cap of $16.04 billion, a P/E ratio of 23.14, a P/E/G ratio of 0.73 and a beta of 0.38. Neurocrine Biosciences, Inc. has a fifty-two week low of $122.14 and a fifty-two week high of $186.12. The firm has a 50-day simple moving average of $166.36 and a two-hundred day simple moving average of $150.00.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last posted its earnings results on Friday, July 31st. The company reported $2.85 EPS for the quarter, topping 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 business had revenue of $959.00 million during the quarter, compared to analyst estimates of $891.16 million. During the same quarter last year, the company earned $1.65 EPS. The company's quarterly revenue was up 39.5% compared to the same quarter last year. On average, equities research analysts predict that Neurocrine Biosciences, Inc. will post 7.25 EPS for the current year.

Analyst Ratings Changes

NBIX has been the subject of a number of analyst reports. Truist Financial increased their target price on shares of Neurocrine Biosciences from $200.00 to $213.00 and gave the stock a "buy" rating in a report on Monday, August 3rd. The Goldman Sachs Group assumed coverage on Neurocrine Biosciences in a research note on Tuesday, June 2nd. They set a "buy" rating and a $213.00 target price on the stock. Citigroup upped their target price on Neurocrine Biosciences from $246.00 to $249.00 and gave the company a "buy" rating in a report on Friday, July 31st. Stifel Nicolaus lifted their price target on shares of Neurocrine Biosciences from $188.00 to $215.00 and gave the company a "buy" rating in a report on Friday, July 31st. Finally, Guggenheim lifted their price target on shares of Neurocrine Biosciences from $200.00 to $222.00 and gave the company 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 issued a Hold rating to the stock. According to MarketBeat.com, Neurocrine Biosciences currently has an average rating of "Moderate Buy" and a consensus target price of $200.86.

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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