Fideuram Intesa Sanpaolo Private Banking S.P.A. Invests $1.87 Million in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Fideuram Intesa Sanpaolo Private Banking opened a new position in Neurocrine Biosciences during the fourth quarter, buying 13,154 shares worth about $1.87 million.
• Institutional ownership in NBIX remains very high, with hedge funds and other investors holding 92.59% of the company. Several firms, including JPMorgan Chase, AQR Capital Management, and UBS, recently increased their stakes.
• Despite some insider selling in recent months, Wall Street analysts remain generally upbeat on the stock, with a Moderate Buy consensus and an average target price of $185.90.

Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 13,154 shares of the company's stock, valued at approximately $1,866,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its stake in Neurocrine Biosciences by 11.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,730,152 shares of the company's stock worth $664,019,000 after acquiring an additional 468,405 shares during the last quarter. AQR Capital Management LLC raised its stake in Neurocrine Biosciences by 83.7% in the 3rd quarter. AQR Capital Management LLC now owns 2,773,648 shares of the company's stock worth $388,435,000 after acquiring an additional 1,263,633 shares during the last quarter. Deerfield Management Company L.P. raised its stake in Neurocrine Biosciences by 1.4% in the 3rd quarter. Deerfield Management Company L.P. now owns 1,184,345 shares of the company's stock worth $166,258,000 after acquiring an additional 16,543 shares during the last quarter. UBS Group AG raised its stake in Neurocrine Biosciences by 169.8% in the 4th quarter. UBS Group AG now owns 983,528 shares of the company's stock worth $139,494,000 after acquiring an additional 618,956 shares during the last quarter. Finally, Pictet Asset Management Holding SA raised its stake in Neurocrine Biosciences by 12.0% in the 4th quarter. Pictet Asset Management Holding SA now owns 776,934 shares of the company's stock worth $110,305,000 after acquiring an additional 83,488 shares during the last quarter. Hedge funds and other institutional investors own 92.59% of the company's stock.

Neurocrine Biosciences Stock Performance

NASDAQ NBIX opened at $156.70 on Friday. Neurocrine Biosciences, Inc. has a fifty-two week low of $117.59 and a fifty-two week high of $162.39. The stock has a 50-day simple moving average of $136.68 and a two-hundred day simple moving average of $138.90. The firm has a market capitalization of $15.76 billion, a P/E ratio of 24.14, a PEG ratio of 1.18 and a beta of 0.34.

Insider Activity at Neurocrine Biosciences

In related news, Director Kevin Charles Gorman sold 245,088 shares of Neurocrine Biosciences stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $154.33, for a total value of $37,824,431.04. Following the completion of the transaction, the director owned 511,293 shares in the company, valued at $78,907,848.69. The trade was a 32.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Richard F. Pops sold 15,000 shares of Neurocrine Biosciences stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $157.65, for a total value of $2,364,750.00. Following the completion of the transaction, the director owned 34,480 shares of the company's stock, valued at approximately $5,435,772. This represents a 30.32% 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 sold a total of 263,898 shares of company stock worth $40,779,769 in the last 90 days. Corporate insiders own 4.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on NBIX shares. JPMorgan Chase & Co. raised their target price on Neurocrine Biosciences from $177.00 to $185.00 and gave the stock an "overweight" rating in a research note on Friday, May 8th. Citigroup raised their target price on Neurocrine Biosciences from $242.00 to $246.00 and gave the stock a "buy" rating in a research note on Wednesday, May 6th. Sanford C. Bernstein started coverage on Neurocrine Biosciences in a research note on Friday. They issued an "outperform" rating and a $221.00 target price for the company. Guggenheim restated a "buy" rating and issued a $175.00 target price on shares of Neurocrine Biosciences in a research note on Wednesday, May 6th. Finally, Canaccord Genuity Group raised their target price on Neurocrine Biosciences from $164.00 to $200.00 and gave the stock a "buy" rating in a research note on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, Neurocrine Biosciences has a consensus rating of "Moderate Buy" and a consensus target price of $185.90.

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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