Fulton Bank N.A. Acquires New Position in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Fulton Bank N.A. has invested approximately $333,000 in Neurocrine Biosciences, Inc., acquiring 2,651 shares as reported in its recent SEC filing.
• Insider transactions reveal significant stock sales, with insider Jude Onyia selling 59,819 shares for over $7.8 million, reducing their stake by 76.58%.
• Analysts have a positive outlook on Neurocrine Biosciences, with the consensus rating being "Moderate Buy" and an average target price of $160.26.

Fulton Bank N.A. bought a new stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,651 shares of the company's stock, valued at approximately $333,000.

Other hedge funds have also recently made changes to their positions in the company. Geneos Wealth Management Inc. raised its position in shares of Neurocrine Biosciences by 143.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 229 shares of the company's stock valued at $25,000 after buying an additional 135 shares in the last quarter. WPG Advisers LLC purchased a new stake in Neurocrine Biosciences in the 1st quarter worth about $32,000. Smallwood Wealth Investment Management LLC purchased a new stake in Neurocrine Biosciences in the 1st quarter worth about $34,000. SVB Wealth LLC purchased a new stake in Neurocrine Biosciences in the 1st quarter worth about $35,000. Finally, Golden State Wealth Management LLC raised its position in Neurocrine Biosciences by 116.9% in the 1st quarter. Golden State Wealth Management LLC now owns 397 shares of the company's stock worth $44,000 after purchasing an additional 214 shares during the period. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Neurocrine Biosciences

In related news, insider Ingrid Delaet sold 457 shares of the company's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $135.00, for a total transaction of $61,695.00. Following the completion of the sale, the insider owned 4,730 shares of the company's stock, valued at approximately $638,550. This represents a 8.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kevin Charles Gorman sold 106,322 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $126.41, for a total transaction of $13,440,164.02. Following the sale, the director directly owned 514,596 shares of the company's stock, valued at approximately $65,050,080.36. This represents a 17.12% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 186,960 shares of company stock valued at $23,955,553. 4.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Wall Street Zen upgraded shares of Neurocrine Biosciences from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. Piper Sandler increased their price objective on shares of Neurocrine Biosciences from $154.00 to $175.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Truist Financial assumed coverage on shares of Neurocrine Biosciences in a research note on Monday, July 21st. They set a "buy" rating and a $163.00 price objective on the stock. Stifel Nicolaus raised their target price on shares of Neurocrine Biosciences from $166.00 to $174.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Finally, JPMorgan Chase & Co. raised their price target on shares of Neurocrine Biosciences from $140.00 to $145.00 and gave the stock a "neutral" rating in a report on Thursday, July 31st. Seventeen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $161.89.

Neurocrine Biosciences Trading Down 0.2%

NBIX traded down $0.29 on Tuesday, reaching $146.33. The stock had a trading volume of 224,500 shares, compared to its average volume of 1,201,811. Neurocrine Biosciences, Inc. has a 12-month low of $84.23 and a 12-month high of $154.61. The business's 50-day moving average price is $135.49 and its two-hundred day moving average price is $122.43. The company has a market cap of $14.51 billion, a P/E ratio of 43.28, a price-to-earnings-growth ratio of 1.05 and a beta of 0.28.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $0.98 by $0.08. The company had revenue of $687.50 million during the quarter, compared to analysts' expectations of $653.09 million. Neurocrine Biosciences had a net margin of 13.88% and a return on equity of 13.22%. The firm's revenue for the quarter was up 16.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.63 earnings per share. As a group, analysts predict that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current year.

About Neurocrine Biosciences

Neurocrine Biosciences, Inc discovers, develops, and markets pharmaceuticals for neurological, neuroendocrine, and neuropsychiatric disorders in the United States and internationally. The company's products include INGREZZA for tardive dyskinesia and chorea associated with Huntington's disease; ALKINDI for adrenal insufficiency; Efmody capsules for classic congenital adrenal hyperplasia; Orilissa tablets for endometriosis; and Oriahnn capsules to treat uterine fibroids.