Intech Investment Management LLC Cuts Stock Holdings in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Intech Investment Management LLC has reduced its stake in Neurocrine Biosciences by 69.7%, currently holding a stake valued at approximately $3.96 million.
• Neurocrine Biosciences reported a 16.5% year-over-year increase in revenue for the recent quarter, totaling $687.5 million, and exceeding EPS expectations.
• Institutional investors own over 92% of Neurocrine Biosciences, indicating strong institutional confidence in the company.

Intech Investment Management LLC cut its holdings in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 69.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 35,824 shares of the company's stock after selling 82,590 shares during the period. Intech Investment Management LLC's holdings in Neurocrine Biosciences were worth $3,962,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of NBIX. Y Intercept Hong Kong Ltd acquired a new position in shares of Neurocrine Biosciences in the 1st quarter valued at $1,460,000. Golden State Wealth Management LLC boosted its stake in Neurocrine Biosciences by 116.9% during the 1st quarter. Golden State Wealth Management LLC now owns 397 shares of the company's stock worth $44,000 after acquiring an additional 214 shares during the last quarter. Fifth Third Bancorp increased its stake in Neurocrine Biosciences by 31.7% during the 1st quarter. Fifth Third Bancorp now owns 1,056 shares of the company's stock worth $117,000 after purchasing an additional 254 shares in the last quarter. Cetera Investment Advisers raised its holdings in shares of Neurocrine Biosciences by 46.5% during the fourth quarter. Cetera Investment Advisers now owns 8,169 shares of the company's stock worth $1,115,000 after acquiring an additional 2,593 shares during the period. Finally, Integrated Wealth Concepts LLC boosted its position in shares of Neurocrine Biosciences by 167.2% during the first quarter. Integrated Wealth Concepts LLC now owns 7,233 shares of the company's stock worth $800,000 after buying an additional 4,526 shares during the period. Institutional investors and hedge funds own 92.59% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Neurocrine Biosciences from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 2nd. JPMorgan Chase & Co. boosted their target price 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. The Goldman Sachs Group started coverage on shares of Neurocrine Biosciences in a research report on Thursday, July 10th. They set a "buy" rating and a $182.00 price objective for the company. Piper Sandler raised their target price on shares of Neurocrine Biosciences from $154.00 to $175.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Finally, UBS Group increased their target price on shares of Neurocrine Biosciences from $152.00 to $174.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Seventeen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, Neurocrine Biosciences has a consensus rating of "Moderate Buy" and an average target price of $160.26.

Neurocrine Biosciences Stock Up 0.3%

Shares of NBIX traded up $0.46 during mid-day trading on Tuesday, hitting $140.90. 780,536 shares of the company's stock traded hands, compared to its average volume of 1,213,063. Neurocrine Biosciences, Inc. has a 1 year low of $84.23 and a 1 year high of $154.61. The firm has a market capitalization of $13.97 billion, a P/E ratio of 41.69, a PEG ratio of 1.02 and a beta of 0.28. The business's 50-day moving average price is $134.63 and its 200-day moving average price is $121.49.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $1.06 EPS for the quarter, topping the consensus estimate of $0.98 by $0.08. The business had revenue of $687.50 million for the quarter, compared to the consensus estimate of $653.09 million. Neurocrine Biosciences had a return on equity of 13.22% and a net margin of 13.88%.The company's revenue for the quarter was up 16.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.63 earnings per share. Sell-side analysts anticipate that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Jude Onyia sold 59,819 shares of Neurocrine Biosciences stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $130.46, for a total value of $7,803,986.74. Following the transaction, the insider directly owned 18,289 shares in the company, valued at approximately $2,385,982.94. This trade represents a 76.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kevin Charles Gorman sold 106,322 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $126.41, for a total value of $13,440,164.02. Following the completion of the sale, the director directly owned 514,596 shares of the company's stock, valued at $65,050,080.36. The trade was a 17.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold 186,960 shares of company stock valued at $23,955,553 in the last ninety days. Insiders own 4.30% of the company's stock.

About Neurocrine Biosciences

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.