Hsbc Holdings PLC Decreases Holdings in Neurocrine Biosciences, Inc. $NBIX

Key Points

• HSBC Holdings reduced its Neurocrine Biosciences stake by 37% during the second quarter, selling 68,232 shares and retaining 115,990 shares valued at approximately $19.6 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. Analysts expect full-year EPS of $7.25.
• Wall Street maintains a favorable outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $201.05, despite recent insider selling and NBIX opening at $155.13.

Hsbc Holdings PLC lowered its position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 37.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 115,990 shares of the company's stock after selling 68,232 shares during the quarter. Hsbc Holdings PLC owned approximately 0.11% of Neurocrine Biosciences worth $19,578,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the business. DJE Kapital AG purchased a new stake in shares of Neurocrine Biosciences in the 4th quarter valued at $28,000. Geneos Wealth Management Inc. raised its position in Neurocrine Biosciences by 143.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 229 shares of the company's stock worth $25,000 after purchasing an additional 135 shares during the period. Meeder Asset Management Inc. lifted 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 worth $33,000 after purchasing an additional 202 shares during the last quarter. Basecamp Wealth Advisors LLC lifted its stake 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 purchasing an additional 204 shares during the last quarter. Finally, Cassaday & Co Wealth Management LLC purchased a new stake in Neurocrine Biosciences during the first quarter valued at about $33,000. 92.59% of the stock is currently owned by institutional investors.

Neurocrine Biosciences Stock Down 0.3%

NASDAQ:NBIX opened at $155.13 on Wednesday. The firm's fifty day simple moving average is $165.43 and its 200 day simple moving average is $150.85. The stock has a market cap of $15.77 billion, a P/E ratio of 22.75, a price-to-earnings-growth ratio of 0.73 and a beta of 0.38. Neurocrine Biosciences, Inc. has a twelve month low of $122.14 and a twelve month high of $186.12.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last posted its earnings results on Friday, July 31st. The company reported $2.85 EPS for the quarter, topping the consensus estimate of $1.65 by $1.20. Neurocrine Biosciences had a net margin of 20.91% and a return on equity of 22.43%. The firm had revenue of $959.00 million during the quarter, compared to analysts' expectations of $891.16 million. During the same period last year, the company posted $1.65 EPS. The company's quarterly revenue was up 39.5% compared to the same quarter last year. On average, analysts expect that Neurocrine Biosciences, Inc. will post 7.25 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on NBIX. Citigroup raised their price objective on Neurocrine Biosciences from $249.00 to $253.00 and gave the company a "buy" rating in a research note on Thursday, September 3rd. Morgan Stanley dropped their target price on Neurocrine Biosciences from $196.00 to $182.00 and set an "equal weight" rating for the company in a report on Thursday, August 13th. Cantor Fitzgerald raised their price target on Neurocrine Biosciences from $210.00 to $215.00 and gave the stock an "overweight" rating in a research report on Friday, July 31st. BMO Capital Markets lifted their price target on Neurocrine Biosciences from $144.00 to $170.00 and gave the stock a "market perform" rating in a research note on Monday, July 13th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $198.00 price objective on shares of Neurocrine Biosciences in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Neurocrine Biosciences presently has a consensus rating of "Moderate Buy" and a consensus target price of $201.05.

Insiders Place Their Bets

In other news, insider Darin Lippoldt sold 10,000 shares of the stock in a transaction that occurred on Thursday, July 9th. The stock was 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 of the company's stock, valued at approximately $9,829,328.40. This represents a 15.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 that occurred on Tuesday, July 28th. The shares were sold at an average price of $182.01, for a total value of $227,512.50. Following the completion of the transaction, the director owned 1,588 shares of the company's stock, 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. In the last quarter, insiders have sold 40,188 shares of company stock worth $7,118,633. Company insiders own 4.60% of the company's stock.

Neurocrine Biosciences Company 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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