Kodai Capital Management LP Invests $9.51 Million in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Kodai Capital Management LP acquired 85,958 shares of Neurocrine Biosciences, valued at approximately $9.5 million, increasing its ownership to about 0.09% of the company.
• Several institutional investors, including Dodge & Cox and Wellington Management Group LLP, substantially increased their stakes in Neurocrine Biosciences during the 1st quarter, reflecting growing confidence in the company.
• Analysts are optimistic about Neurocrine Biosciences, with 18 ratings giving a "Buy" label, influencing a consensus target price of approximately $159.50 for the stock.

Kodai Capital Management LP purchased a new stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 85,958 shares of the company's stock, valued at approximately $9,507,000. Kodai Capital Management LP owned 0.09% of Neurocrine Biosciences at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. WPG Advisers LLC bought a new stake in Neurocrine Biosciences in the first quarter valued at $32,000. Smallwood Wealth Investment Management LLC bought a new stake in Neurocrine Biosciences in the first quarter valued at $34,000. SVB Wealth LLC bought a new stake in Neurocrine Biosciences in the first quarter valued at $35,000. Golden State Wealth Management LLC grew its position in Neurocrine Biosciences by 116.9% in the first quarter. Golden State Wealth Management LLC now owns 397 shares of the company's stock valued at $44,000 after acquiring an additional 214 shares during the period. Finally, Versant Capital Management Inc grew its position in Neurocrine Biosciences by 404.9% in the first quarter. Versant Capital Management Inc now owns 409 shares of the company's stock valued at $45,000 after acquiring an additional 328 shares during the period. 92.59% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

NBIX has been the topic of a number of analyst reports. JPMorgan Chase & Co. upped their price target on Neurocrine Biosciences from $140.00 to $145.00 and gave the company a "neutral" rating in a research report on Thursday, July 31st. Canaccord Genuity Group increased their target price on Neurocrine Biosciences from $158.00 to $160.00 and gave the stock a "buy" rating in a report on Tuesday, May 6th. Stifel Nicolaus increased their target price on Neurocrine Biosciences from $166.00 to $174.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Truist Financial started coverage on Neurocrine Biosciences in a report on Monday, July 21st. They set a "buy" rating and a $163.00 target price on the stock. Finally, The Goldman Sachs Group started coverage on Neurocrine Biosciences in a report on Thursday, July 10th. They set a "buy" rating and a $182.00 target price on the stock. Eighteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $159.50.

Neurocrine Biosciences Stock Performance

NASDAQ:NBIX traded down $4.06 during mid-day trading on Wednesday, hitting $137.86. The company had a trading volume of 492,497 shares, compared to its average volume of 1,231,034. Neurocrine Biosciences, Inc. has a fifty-two week low of $84.23 and a fifty-two week high of $154.61. The business's fifty day moving average is $131.81 and its two-hundred day moving average is $119.77. The firm has a market cap of $13.67 billion, a P/E ratio of 40.75, a P/E/G ratio of 1.01 and a beta of 0.28.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.08. Neurocrine Biosciences had a return on equity of 13.22% and a net margin of 13.88%.The firm had revenue of $687.50 million for the quarter, compared to analyst estimates of $653.09 million. During the same quarter in the prior year, the firm posted $1.63 earnings per share. The company's quarterly revenue was up 16.5% on a year-over-year basis. Equities analysts forecast that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current year.

Insider Buying and Selling at Neurocrine Biosciences

In other Neurocrine Biosciences news, insider Ingrid Delaet sold 457 shares of the stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $135.00, for a total value of $61,695.00. Following the transaction, the insider owned 4,730 shares of the company's stock, valued at approximately $638,550. This represents a 8.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Kevin Charles Gorman sold 106,322 shares of the firm'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 directly owned 514,596 shares in the company, valued at approximately $65,050,080.36. This represents a 17.12% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 186,960 shares of company stock valued at $23,955,553. 4.30% of the stock is currently owned by company insiders.

Neurocrine Biosciences Company 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.