Entropy Technologies LP Makes New Investment in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Entropy Technologies LP opened a new position in Neurocrine Biosciences during the fourth quarter, buying 22,523 shares valued at about $3.19 million.
• Other institutional investors also added to their holdings, and hedge funds now own 92.59% of the company’s shares, highlighting strong institutional interest.
• Despite insider selling in recent months, Wall Street remains broadly positive on NBIX, with an average “Moderate Buy” rating and a consensus price target of $187.52.

Entropy Technologies LP bought a new position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 22,523 shares of the company's stock, valued at approximately $3,194,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Huntington National Bank increased its stake in shares of Neurocrine Biosciences by 12.6% in the fourth quarter. Huntington National Bank now owns 678 shares of the company's stock valued at $96,000 after buying an additional 76 shares during the period. Perigon Wealth Management LLC increased its stake in shares of Neurocrine Biosciences by 3.1% in the fourth quarter. Perigon Wealth Management LLC now owns 2,590 shares of the company's stock valued at $367,000 after buying an additional 78 shares during the period. Motley Fool Asset Management LLC increased its stake in shares of Neurocrine Biosciences by 4.8% in the fourth quarter. Motley Fool Asset Management LLC now owns 1,693 shares of the company's stock valued at $240,000 after buying an additional 78 shares during the period. Main Management ETF Advisors LLC increased its stake in shares of Neurocrine Biosciences by 1.0% in the fourth quarter. Main Management ETF Advisors LLC now owns 7,830 shares of the company's stock valued at $1,111,000 after buying an additional 80 shares during the period. Finally, Signaturefd LLC increased its stake in shares of Neurocrine Biosciences by 4.5% in the fourth quarter. Signaturefd LLC now owns 1,925 shares of the company's stock valued at $273,000 after buying an additional 83 shares during the period. Institutional investors and hedge funds own 92.59% of the company's stock.

Neurocrine Biosciences Price Performance

NASDAQ NBIX opened at $159.76 on Monday. The business has a 50 day simple moving average of $145.89 and a 200 day simple moving average of $140.48. Neurocrine Biosciences, Inc. has a one year low of $122.14 and a one year high of $169.57. The stock has a market capitalization of $16.06 billion, a P/E ratio of 24.62, a P/E/G ratio of 1.20 and a beta of 0.39.

Insider Buying and Selling at Neurocrine Biosciences

In related news, Director Stephen A. Sherwin sold 25,000 shares of the firm's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $165.32, for a total transaction of $4,133,000.00. Following the completion of the sale, the director owned 15,860 shares of the company's stock, valued at $2,621,975.20. This trade represents a 61.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Julie Cooke sold 36,937 shares of the firm's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $156.22, for a total value of $5,770,298.14. Following the sale, the insider directly owned 22,374 shares of the company's stock, valued at $3,495,266.28. This represents a 62.28% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 355,234 shares of company stock valued at $55,330,060 over the last ninety days. Insiders own 4.60% of the company's stock.

Wall Street Analysts Forecast Growth

NBIX has been the subject of several recent research reports. Wall Street Zen raised Neurocrine Biosciences from a "buy" rating to a "strong-buy" rating in a research note on Saturday, April 25th. Leerink Partners increased their price target on Neurocrine Biosciences from $160.00 to $170.00 and gave the company an "outperform" rating in a research note on Wednesday, April 22nd. Truist Financial increased their price target on Neurocrine Biosciences from $140.00 to $155.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. HC Wainwright increased their price target on Neurocrine Biosciences from $192.00 to $215.00 and gave the company a "buy" rating in a research note on Tuesday, April 7th. Finally, Piper Sandler increased their price target on Neurocrine Biosciences from $190.00 to $207.00 and gave the company an "overweight" rating in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $187.52.

Neurocrine Biosciences Company 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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