Healthcare of Ontario Pension Plan Trust Fund Takes $3.08 Million Position in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Healthcare of Ontario Pension Plan Trust Fund acquired 23,400 Neurocrine Biosciences shares valued at approximately $3.08 million. Institutional investors collectively own 92.59% of NBIX.
• Company insiders sold 395,422 shares worth about $62.45 million over the past three months, including sales by directors Leslie V. Norwalk and Stephen A. Sherwin under pre-arranged Rule 10b5-1 plans.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $194.05, compared with NBIX’s reported opening price of $185.50.

Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 23,400 shares of the company's stock, valued at approximately $3,083,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Renaissance Technologies LLC raised its position in Neurocrine Biosciences by 8.0% during the first quarter. Renaissance Technologies LLC now owns 2,418,897 shares of the company's stock valued at $318,665,000 after purchasing an additional 180,100 shares in the last quarter. Sei Investments Co. boosted its holdings in shares of Neurocrine Biosciences by 31.1% in the 1st quarter. Sei Investments Co. now owns 235,251 shares of the company's stock worth $30,992,000 after purchasing an additional 55,854 shares in the last quarter. Lido Advisors LLC boosted its holdings in shares of Neurocrine Biosciences by 64.8% in the 1st quarter. Lido Advisors LLC now owns 3,025 shares of the company's stock worth $399,000 after purchasing an additional 1,189 shares in the last quarter. Cetera Investment Advisers increased its position in shares of Neurocrine Biosciences by 50.1% during the 1st quarter. Cetera Investment Advisers now owns 20,245 shares of the company's stock valued at $2,667,000 after purchasing an additional 6,756 shares during the last quarter. Finally, Aureus Asset Management LLC purchased a new position in shares of Neurocrine Biosciences during the 1st quarter valued at about $1,253,000. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Leslie V. Norwalk sold 1,250 shares of the company's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $182.01, for a total transaction of $227,512.50. Following the completion of the sale, the director directly owned 1,588 shares in the company, valued at $289,031.88. This represents a 44.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through 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 company's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $165.32, for a total transaction of $4,133,000.00. Following the sale, the director owned 15,860 shares of the company's stock, valued at $2,621,975.20. This represents a 61.18% 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 395,422 shares of company stock worth $62,448,693. 4.60% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on NBIX shares. JPMorgan Chase & Co. boosted their target price on Neurocrine Biosciences from $177.00 to $185.00 and gave the stock an "overweight" rating in a research report on Friday, May 8th. The Goldman Sachs Group started coverage on shares of Neurocrine Biosciences in a research note on Tuesday, June 2nd. They set a "buy" rating and a $213.00 price target on the stock. Truist Financial upped their price objective on shares of Neurocrine Biosciences from $155.00 to $200.00 and gave the company a "buy" rating in a research note on Monday, July 13th. Wells Fargo & Company increased their target price on shares of Neurocrine Biosciences from $175.00 to $200.00 and gave the company an "overweight" rating in a report on Friday, July 17th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $185.00 target price on shares of Neurocrine Biosciences in a research report on Monday, April 6th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $194.05.

Neurocrine Biosciences Price Performance

NBIX opened at $185.50 on Friday. The stock's 50 day simple moving average is $167.61 and its 200 day simple moving average is $146.25. The firm has a market cap of $18.65 billion, a price-to-earnings ratio of 28.58, a PEG ratio of 0.76 and a beta of 0.39. Neurocrine Biosciences, Inc. has a 1 year low of $122.14 and a 1 year high of $186.12.

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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