Engineers Gate Manager LP Increases Holdings in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Engineers Gate Manager LP increased its Neurocrine Biosciences stake by 64% in the second quarter, bringing its holdings to 18,361 shares valued at approximately $3.1 million. Institutional investors collectively own 92.59% of the company.
• Analysts remain broadly bullish, with one Strong Buy, 19 Buy, and four Hold ratings. Neurocrine has an average “Moderate Buy” rating and a consensus price target of $201.09.
• The company exceeded quarterly expectations, reporting $2.85 in EPS and $959 million in revenue, with revenue up 39.5% year over year. Shares recently opened at $156.22, while insiders sold $7.1 million of stock over the past three months.

Engineers Gate Manager LP raised its holdings in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 64.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,361 shares of the company's stock after purchasing an additional 7,163 shares during the period. Engineers Gate Manager LP's holdings in Neurocrine Biosciences were worth $3,094,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. California State Teachers Retirement System raised its holdings in shares of Neurocrine Biosciences by 17,426.3% during the second quarter. California State Teachers Retirement System now owns 23,247,381 shares of the company's stock valued at $3,918,114,000 after acquiring an additional 23,114,738 shares in the last quarter. BlackRock Inc. bought a new stake in Neurocrine Biosciences in the second quarter valued at $2,310,886,000. AQR Capital Management LLC increased its position in Neurocrine Biosciences by 83.7% during the 3rd quarter. AQR Capital Management LLC now owns 2,773,648 shares of the company's stock valued at $388,435,000 after purchasing an additional 1,263,633 shares during the period. Norges Bank purchased a new position in Neurocrine Biosciences during the 4th quarter valued at $162,664,000. Finally, Bank of New York Mellon Corp bought a new position in Neurocrine Biosciences in the 2nd quarter worth $117,827,000. Hedge funds and other institutional investors own 92.59% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on NBIX shares. Weiss Ratings cut shares of Neurocrine Biosciences from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, September 8th. Piper Sandler boosted their price target on shares of Neurocrine Biosciences from $207.00 to $210.00 and gave the company an "overweight" rating in a research report on Friday, July 31st. Cantor Fitzgerald increased their price target on shares of Neurocrine Biosciences from $210.00 to $215.00 and gave the stock an "overweight" rating in a research note on Friday, July 31st. Wells Fargo & Company raised their price objective on shares of Neurocrine Biosciences from $175.00 to $200.00 and gave the stock an "overweight" rating in a report on Friday, July 17th. Finally, Needham & Company LLC lifted their price objective on Neurocrine Biosciences from $200.00 to $204.00 and gave the company a "buy" rating in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $201.09.

Neurocrine Biosciences Price Performance

Neurocrine Biosciences stock opened at $156.22 on Monday. Neurocrine Biosciences, Inc. has a twelve month low of $122.14 and a twelve month high of $186.12. The company has a market capitalization of $15.88 billion, a P/E ratio of 22.91, a PEG ratio of 0.73 and a beta of 0.38. The stock's 50 day moving average is $164.46 and its 200 day moving average is $151.42.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last announced its quarterly earnings data on Friday, July 31st. The company reported $2.85 earnings per share (EPS) 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 business had revenue of $959.00 million during the quarter, compared to analysts' expectations of $891.16 million. During the same quarter in the previous year, the business earned $1.65 earnings per share. The firm's quarterly revenue was up 39.5% compared to the same quarter last year. As a group, equities analysts expect that Neurocrine Biosciences, Inc. will post 7.25 EPS for the current year.

Insider Activity

In other Neurocrine Biosciences news, insider Ingrid Delaet sold 8,433 shares of the firm's stock in a transaction dated Thursday, July 9th. The shares were 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 in the company, valued at approximately $2,899,732. This trade represents a 34.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Darin Lippoldt sold 10,000 shares of Neurocrine Biosciences stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $179.60, for a total transaction of $1,796,000.00. Following the completion of the transaction, the insider directly owned 54,729 shares of the company's stock, valued at $9,829,328.40. This trade represents a 15.45% 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. Insiders sold 40,188 shares of company stock worth $7,118,633 over the last three months. 4.60% of the stock is currently owned by corporate insiders.

Neurocrine Biosciences Company Profile

Neurocrine Biosciences, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for neurological, neuroendocrine and psychiatric disorders. The company develops therapies for conditions with significant unmet medical needs, using expertise in neuroscience and endocrine biology.

Its primary commercial product is INGREZZA (valbenazine), a vesicular monoamine transporter 2 inhibitor approved in the United States for the treatment of tardive dyskinesia and chorea associated with Huntington's disease.

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.