Global Retirement Partners LLC Buys New Stake in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Global Retirement Partners LLC acquired 10,222 Neurocrine Biosciences shares in the second quarter, valued at approximately $1.72 million. Institutional investors collectively own 92.59% of NBIX.
• Neurocrine reported quarterly EPS of $2.85, beating estimates of $1.65, while revenue reached $959 million and rose 39.5% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $200.86.
• Insiders sold 131,524 shares worth approximately $21.7 million during the last quarter, including substantial sales by an insider and a director conducted under pre-arranged Rule 10b5-1 plans.

Global Retirement Partners LLC bought a new position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 10,222 shares of the company's stock, valued at approximately $1,723,000.

Other large investors have also recently added to or reduced their stakes in the company. AQR Capital Management LLC increased its holdings in shares of Neurocrine Biosciences by 83.7% during the third quarter. AQR Capital Management LLC now owns 2,773,648 shares of the company's stock worth $388,435,000 after buying an additional 1,263,633 shares in the last quarter. Norges Bank acquired a new position in shares of Neurocrine Biosciences in the 4th quarter worth approximately $162,664,000. Bank of New York Mellon Corp acquired a new position in shares of Neurocrine Biosciences in the 2nd quarter worth approximately $117,827,000. UBS Group AG grew its position in Neurocrine Biosciences by 169.8% during 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, First Trust Advisors LP grew its position in Neurocrine Biosciences by 97.0% during the 1st quarter. First Trust Advisors LP now owns 959,217 shares of the company's stock worth $126,367,000 after acquiring an additional 472,408 shares during the last quarter. 92.59% of the stock is owned by institutional investors.

Neurocrine Biosciences Stock Up 1.2%

NBIX stock opened at $154.49 on Tuesday. The company has a market cap of $15.70 billion, a P/E ratio of 22.65, a PEG ratio of 0.67 and a beta of 0.39. Neurocrine Biosciences, Inc. has a twelve month low of $122.14 and a twelve month high of $186.12. The business has a fifty day moving average of $167.81 and a 200-day moving average of $148.47.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last posted its quarterly earnings results on Friday, July 31st. The company reported $2.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.65 by $1.20. The business had revenue of $959.00 million for the quarter, compared to analysts' expectations of $891.16 million. Neurocrine Biosciences had a return on equity of 22.43% and a net margin of 20.91%.The firm's quarterly revenue was up 39.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.65 earnings per share. As a group, equities research analysts anticipate that Neurocrine Biosciences, Inc. will post 7.77 earnings per share for the current fiscal year.

Insider Activity at Neurocrine Biosciences

In related news, insider Julie Cooke sold 36,937 shares of the business's stock in a transaction that occurred on 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 completion of the sale, the insider directly owned 22,374 shares of the company's stock, valued at $3,495,266.28. The trade was a 62.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen A. Sherwin sold 25,000 shares of the business'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 sale, the director directly owned 15,860 shares of the company's stock, valued at approximately $2,621,975.20. This trade represents a 61.18% 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. In the last quarter, insiders sold 131,524 shares of company stock worth $21,668,924. Insiders own 4.60% of the company's stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Morgan Stanley cut their price objective on Neurocrine Biosciences from $196.00 to $182.00 and set an "equal weight" rating for the company in a research report on Thursday, August 13th. The Goldman Sachs Group assumed coverage on Neurocrine Biosciences in a report on Tuesday, June 2nd. They set a "buy" rating and a $213.00 target price on the stock. Leerink Partners raised their target price on Neurocrine Biosciences from $160.00 to $170.00 and gave the company an "outperform" rating in a research note on Wednesday, April 22nd. Canaccord Genuity Group lifted their price target on Neurocrine Biosciences from $200.00 to $210.00 and gave the company a "buy" rating in a report on Monday, August 3rd. Finally, Royal Bank Of Canada upped their price target on shares of Neurocrine Biosciences from $195.00 to $198.00 and gave the stock an "outperform" rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Neurocrine Biosciences currently has a consensus rating of "Moderate Buy" and a consensus target price of $200.86.

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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