Great Lakes Advisors LLC Buys 27,431 Shares of Neurocrine Biosciences, Inc. $NBIX

Key Points

• Great Lakes Advisors LLC significantly increased its stake in Neurocrine Biosciences by 599.6% in the first quarter, now holding 32,006 shares valued at approximately $3.54 million.
• Research analysts have a generally positive outlook on Neurocrine Biosciences, with 18 analysts rating it a "Buy" and an average price target of $160.00.
• Insider activity showed significant stock sales, with insider Jude Onyia selling 59,819 shares for nearly $7.8 million, marking a drastic 76.58% decrease in ownership of the stock.

Great Lakes Advisors LLC raised its position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 599.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,006 shares of the company's stock after acquiring an additional 27,431 shares during the period. Great Lakes Advisors LLC's holdings in Neurocrine Biosciences were worth $3,540,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of NBIX. WPG Advisers LLC acquired a new position in shares of Neurocrine Biosciences during the first quarter valued at about $32,000. Smallwood Wealth Investment Management LLC acquired a new position in shares of Neurocrine Biosciences during the first quarter valued at about $34,000. SVB Wealth LLC acquired a new position in shares of Neurocrine Biosciences during the first quarter valued at about $35,000. Golden State Wealth Management LLC raised its position in shares of Neurocrine Biosciences by 116.9% during the first quarter. Golden State Wealth Management LLC now owns 397 shares of the company's stock valued at $44,000 after buying an additional 214 shares during the last quarter. Finally, Versant Capital Management Inc raised its position in shares of Neurocrine Biosciences by 404.9% during the first quarter. Versant Capital Management Inc now owns 409 shares of the company's stock valued at $45,000 after buying an additional 328 shares during the last quarter. 92.59% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on NBIX shares. Guggenheim upped their price objective on shares of Neurocrine Biosciences from $165.00 to $175.00 and gave the company a "buy" rating in a research report on Friday, August 1st. JPMorgan Chase & Co. upped their price objective on shares of Neurocrine Biosciences from $140.00 to $145.00 and gave the company a "neutral" rating in a research report on Thursday, July 31st. Morgan Stanley raised their price target on shares of Neurocrine Biosciences from $158.00 to $163.00 and gave the stock an "overweight" rating in a research note on Friday, September 5th. Stifel Nicolaus raised their price target on shares of Neurocrine Biosciences from $166.00 to $174.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Finally, UBS Group raised their price target on shares of Neurocrine Biosciences from $152.00 to $174.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Seventeen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $160.26.

Insider Transactions at Neurocrine Biosciences

In other news, insider Ingrid Delaet sold 457 shares of Neurocrine Biosciences stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $135.00, for a total transaction of $61,695.00. Following the transaction, the insider directly owned 4,730 shares of the company's stock, valued at $638,550. This trade represents a 8.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kevin Charles Gorman sold 106,322 shares of Neurocrine Biosciences stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $126.41, for a total transaction of $13,440,164.02. Following the transaction, the director directly owned 514,596 shares in the company, valued at approximately $65,050,080.36. This represents a 17.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 186,960 shares of company stock valued at $23,955,553 over the last three months. 4.30% of the stock is currently owned by corporate insiders.

Neurocrine Biosciences Price Performance

Shares of NASDAQ NBIX traded down $0.59 during midday trading on Tuesday, reaching $139.85. 66,346 shares of the stock were exchanged, compared to its average volume of 1,208,876. The business has a 50-day simple moving average of $134.38 and a two-hundred day simple moving average of $121.35. The company has a market capitalization of $13.87 billion, a price-to-earnings ratio of 41.38, a P/E/G ratio of 1.02 and a beta of 0.28. Neurocrine Biosciences, Inc. has a 12 month low of $84.23 and a 12 month high of $154.61.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $1.06 earnings per share for the quarter, topping analysts' consensus estimates of $0.98 by $0.08. The company had revenue of $687.50 million for 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 business's quarterly revenue was up 16.5% compared to the same quarter last year. During the same period last year, the firm posted $1.63 earnings per share. Equities research analysts expect that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current fiscal year.

Neurocrine Biosciences Profile

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.