Globeflex Capital L P Purchases New Stake in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Globeflex Capital acquired 28,363 Neurocrine Biosciences shares during the second quarter, worth approximately $4.78 million. Institutional investors collectively own 92.59% of NBIX.
• Neurocrine reported strong quarterly results, with EPS of $2.85 versus the $1.65 consensus estimate and revenue of $959 million, up 39.5% year over year.
• Analyst sentiment remains positive, with 19 Buy and one Strong Buy ratings; the stock has a “Moderate Buy” consensus and an average price target of $200.86. However, insiders sold roughly $21.7 million of shares over the past 90 days.

Globeflex Capital L P acquired a new position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 28,363 shares of the company's stock, valued at approximately $4,780,000.

A number of other hedge funds have also recently added to or reduced their stakes in NBIX. Geneos Wealth Management Inc. grew 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 during the last quarter. DJE Kapital AG bought a new position in Neurocrine Biosciences in the fourth quarter worth about $28,000. Basecamp Wealth Advisors LLC lifted its holdings in Neurocrine Biosciences by 582.9% in the first quarter. Basecamp Wealth Advisors LLC now owns 239 shares of the company's stock worth $31,000 after acquiring an additional 204 shares during the last quarter. Cassaday & Co Wealth Management LLC acquired a new position in Neurocrine Biosciences in the first quarter valued at approximately $33,000. Finally, Meeder Asset Management Inc. boosted its stake in Neurocrine Biosciences by 651.6% in the fourth quarter. Meeder Asset Management Inc. now owns 233 shares of the company's stock valued at $33,000 after acquiring an additional 202 shares during the period. Institutional investors and hedge funds own 92.59% of the company's stock.

Insider Activity at Neurocrine Biosciences

In related news, insider Darin Lippoldt sold 10,000 shares of the stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $179.60, for a total value of $1,796,000.00. Following the completion of the transaction, the insider owned 54,729 shares in the company, valued at $9,829,328.40. This represents a 15.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Leslie V. Norwalk sold 1,250 shares of the firm's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $182.01, for a total transaction of $227,512.50. Following the transaction, the director directly owned 1,588 shares in the company, valued at approximately $289,031.88. The trade was a 44.05% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 131,524 shares of company stock valued at $21,668,924 in the last ninety days. Company insiders own 4.60% of the company's stock.

Neurocrine Biosciences Stock Performance

Shares of NASDAQ NBIX opened at $152.57 on Monday. Neurocrine Biosciences, Inc. has a 12-month low of $122.14 and a 12-month high of $186.12. The company has a market cap of $15.51 billion, a PE ratio of 22.37, a P/E/G ratio of 0.71 and a beta of 0.39. The stock has a 50 day simple moving average of $167.14 and a 200-day simple moving average of $148.96.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last announced its earnings results on Friday, July 31st. The company reported $2.85 earnings per share for the quarter, beating the consensus estimate of $1.65 by $1.20. Neurocrine Biosciences had a return on equity of 22.43% and a net margin of 20.91%.The firm had revenue of $959.00 million for the quarter, compared to the consensus estimate of $891.16 million. During the same quarter in the previous year, the business earned $1.65 EPS. The firm's revenue for the quarter was up 39.5% on a year-over-year basis. Sell-side analysts forecast that Neurocrine Biosciences, Inc. will post 7.25 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on NBIX shares. Canaccord Genuity Group increased their price target on Neurocrine Biosciences from $200.00 to $210.00 and gave the stock a "buy" rating in a research report on Monday, August 3rd. Guggenheim boosted their price objective on Neurocrine Biosciences from $200.00 to $222.00 and gave the company a "buy" rating in a research report on Friday, July 31st. JPMorgan Chase & Co. upped their price objective on Neurocrine Biosciences from $177.00 to $185.00 and gave the stock an "overweight" rating in a research note on Friday, May 8th. Weiss Ratings lowered Neurocrine Biosciences from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, August 11th. Finally, Morgan Stanley cut their target price on Neurocrine Biosciences from $196.00 to $182.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $200.86.

About Neurocrine Biosciences

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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