Invesco Ltd. Decreases Position in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Invesco Ltd. has reduced its stake in Neurocrine Biosciences, Inc. by 40.3%, selling 382,192 shares and now owning 567,320 shares, valued at approximately $62.7 million.
• Several institutional investors have increased their stakes, with AQR Capital Management growing its holdings by 2.9% and Orbimed Advisors increasing theirs by 210.4% during the fourth quarter.
• Neurocrine Biosciences reported a quarterly earnings per share of $1.06, surpassing estimates, and has a consensus rating of "Moderate Buy" with a target price of $160.90.

Invesco Ltd. decreased its position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 40.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 567,320 shares of the company's stock after selling 382,192 shares during the period. Invesco Ltd. owned 0.57% of Neurocrine Biosciences worth $62,746,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. GeoWealth Management LLC boosted its position in Neurocrine Biosciences by 65.4% in the 4th quarter. GeoWealth Management LLC now owns 258 shares of the company's stock valued at $35,000 after buying an additional 102 shares during the period. Smallwood Wealth Investment Management LLC acquired a new position in Neurocrine Biosciences in the first quarter valued at approximately $34,000. Golden State Wealth Management LLC raised 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 in the last quarter. Versant Capital Management Inc lifted its holdings in shares of Neurocrine Biosciences by 404.9% in the 1st quarter. Versant Capital Management Inc now owns 409 shares of the company's stock valued at $45,000 after purchasing an additional 328 shares during the last quarter. Finally, Harbor Capital Advisors Inc. purchased a new position in shares of Neurocrine Biosciences during the first quarter worth approximately $48,000. Institutional investors and hedge funds own 92.59% of the company's stock.

Insider Buying and Selling

In other Neurocrine Biosciences news, insider Jude Onyia sold 59,819 shares of the company's stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $130.46, for a total transaction of $7,803,986.74. Following the completion of the sale, the insider directly owned 18,289 shares in the company, valued at $2,385,982.94. This represents a 76.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Kevin Charles Gorman sold 106,322 shares of the business's stock in a transaction dated 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 sale, the director 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. Over the last quarter, insiders sold 196,573 shares of company stock valued at $25,112,766. Insiders own 4.30% of the company's stock.

Neurocrine Biosciences Stock Down 0.2%

Shares of NBIX traded down $0.2950 during trading hours on Wednesday, reaching $132.5150. 182,785 shares of the company traded hands, compared to its average volume of 1,262,943. The stock has a market capitalization of $13.14 billion, a PE ratio of 39.21, a price-to-earnings-growth ratio of 0.96 and a beta of 0.25. The stock has a fifty day simple moving average of $129.52 and a 200 day simple moving average of $119.34. Neurocrine Biosciences, Inc. has a fifty-two week low of $84.23 and a fifty-two week high of $154.87.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued 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 analyst estimates of $653.09 million. Neurocrine Biosciences had a return on equity of 13.22% and a net margin of 13.88%.The business's revenue for the quarter was up 16.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.63 EPS. Research analysts predict that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

NBIX has been the subject of several analyst reports. UBS Group upped their price objective on Neurocrine Biosciences from $152.00 to $174.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Wedbush boosted their price target on shares of Neurocrine Biosciences from $137.00 to $141.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Piper Sandler boosted their target price on Neurocrine Biosciences from $154.00 to $175.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. JPMorgan Chase & Co. raised their price target on Neurocrine Biosciences from $140.00 to $145.00 and gave the company a "neutral" rating in a report on Thursday, July 31st. Finally, Evercore ISI dropped their price objective on Neurocrine Biosciences from $190.00 to $185.00 and set an "outperform" rating on the stock in a report on Thursday, April 24th. Eighteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Neurocrine Biosciences has a consensus rating of "Moderate Buy" and an average target price of $159.50.

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.