First Financial Bankshares Inc Purchases 9,427 Shares of Neurocrine Biosciences, Inc. $NBIX

Key Points

• First Financial Bankshares increased its stake in Neurocrine Biosciences by 33.2% in the fourth quarter, buying 9,427 additional shares and bringing its total holding to 37,853 shares valued at about $5.37 million.
• Institutional ownership remains very high, with hedge funds and other investors holding 92.59% of the company’s stock. Several large funds, including JPMorgan Chase and AQR Capital Management, also increased their positions.
• Analyst sentiment is generally positive on NBIX, with multiple firms maintaining or raising price targets and the consensus rating standing at “Moderate Buy” with a target price of $187.52.

First Financial Bankshares Inc increased its position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 33.2% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 37,853 shares of the company's stock after buying an additional 9,427 shares during the period. First Financial Bankshares Inc's holdings in Neurocrine Biosciences were worth $5,369,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its holdings 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 buying an additional 468,405 shares during the period. AQR Capital Management LLC lifted 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 purchasing an additional 1,263,633 shares in the last quarter. Geode Capital Management LLC lifted its stake in Neurocrine Biosciences by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 2,059,282 shares of the company's stock worth $291,342,000 after purchasing an additional 34,457 shares in the last quarter. Los Angeles Capital Management LLC lifted its stake in Neurocrine Biosciences by 7.4% in the 4th quarter. Los Angeles Capital Management LLC now owns 1,291,278 shares of the company's stock worth $178,248,000 after purchasing an additional 88,522 shares in the last quarter. Finally, Deerfield Management Company L.P. lifted 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 purchasing an additional 16,543 shares in the last quarter. Institutional investors own 92.59% of the company's stock.

Neurocrine Biosciences Trading Up 1.2%

Shares of NASDAQ NBIX opened at $162.71 on Friday. The firm's 50-day moving average price is $145.35 and its 200-day moving average price is $140.35. The stock has a market capitalization of $16.36 billion, a price-to-earnings ratio of 25.07, a P/E/G ratio of 1.21 and a beta of 0.40. Neurocrine Biosciences, Inc. has a 12-month low of $122.14 and a 12-month high of $169.57.

Wall Street Analyst Weigh In

NBIX has been the topic of several research analyst reports. The Goldman Sachs Group initiated coverage on shares of Neurocrine Biosciences in a research note on Tuesday, June 2nd. They issued a "buy" rating and a $213.00 price target on the stock. Leerink Partners boosted their price target on shares of Neurocrine Biosciences from $160.00 to $170.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 22nd. Weiss Ratings upgraded shares of Neurocrine Biosciences from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, June 3rd. Guggenheim reiterated a "buy" rating and issued a $175.00 price target on shares of Neurocrine Biosciences in a research note on Wednesday, May 6th. Finally, HC Wainwright boosted their price target on shares of Neurocrine Biosciences from $192.00 to $215.00 and gave the stock a "buy" rating in a research note on Tuesday, April 7th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $187.52.

Insider Activity

In other news, insider Ingrid Delaet sold 2,261 shares of the company's stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $156.71, for a total transaction of $354,321.31. Following the sale, the insider directly owned 16,225 shares in the company, valued at approximately $2,542,619.75. This represents a 12.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through 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 company's stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $156.22, for a total transaction of $5,770,298.14. Following the sale, the insider owned 22,374 shares in the company, valued at $3,495,266.28. This represents a 62.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 355,234 shares of company stock worth $55,330,060. 4.60% of the stock is owned by insiders.

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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