Magnetar Financial LLC Invests $1.10 Million in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Magnetar Financial LLC has invested approximately $1.10 million in Neurocrine Biosciences by purchasing 9,935 shares, marking a notable addition to their portfolio in the first quarter.
• Neurocrine Biosciences reported an earnings per share (EPS) of $1.06, exceeding analyst estimates of $0.98, along with a revenue of $687.50 million for the quarter.
• Analysts have a consensus rating of "Moderate Buy" for Neurocrine Biosciences with a price target averaging $159.50, indicating bullish sentiment among research firms.

Magnetar Financial LLC purchased 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 purchased 9,935 shares of the company's stock, valued at approximately $1,099,000.

A number of other institutional investors also recently bought and sold shares of the business. Driehaus Capital Management LLC lifted its holdings in Neurocrine Biosciences by 5.5% during the 1st quarter. Driehaus Capital Management LLC now owns 108,547 shares of the company's stock worth $12,005,000 after buying an additional 5,626 shares during the last quarter. Canada Pension Plan Investment Board increased its position in Neurocrine Biosciences by 461.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 191,499 shares of the company's stock valued at $21,180,000 after acquiring an additional 157,399 shares during the period. WPG Advisers LLC acquired a new position in Neurocrine Biosciences in the 1st quarter valued at about $32,000. State of Wyoming acquired a new position in Neurocrine Biosciences during the 1st quarter worth approximately $108,000. Finally, CreativeOne Wealth LLC increased its position in Neurocrine Biosciences by 83.5% during the 1st quarter. CreativeOne Wealth LLC now owns 9,585 shares of the company's stock worth $1,060,000 after purchasing an additional 4,361 shares during the period. 92.59% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Kevin Charles Gorman sold 106,322 shares of the firm's stock in a transaction dated Thursday, August 7th. The shares were 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 approximately $65,050,080.36. This trade represents a 17.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Ingrid Delaet sold 457 shares of Neurocrine Biosciences stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $135.00, for a total transaction of $61,695.00. Following the completion of the sale, the insider owned 4,730 shares of the company's stock, valued at $638,550. This represents a 8.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 186,960 shares of company stock valued at $23,955,553 in the last quarter. Insiders own 4.30% of the company's stock.

Neurocrine Biosciences Price Performance

Shares of NASDAQ NBIX traded down $5.81 during trading hours on Wednesday, hitting $136.11. 1,500,049 shares of the company's stock were exchanged, compared to its average volume of 1,237,208. Neurocrine Biosciences, Inc. has a 1-year low of $84.23 and a 1-year high of $154.61. The stock has a market capitalization of $13.50 billion, a price-to-earnings ratio of 40.27, a PEG ratio of 1.01 and a beta of 0.28. The company's 50-day moving average price is $131.98 and its 200-day moving average price is $119.88.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released its quarterly earnings data 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. 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 company's revenue was up 16.5% compared to the same quarter last year. During the same period in the prior year, the company posted $1.63 EPS. On average, research analysts expect that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on NBIX shares. Truist Financial began coverage on Neurocrine Biosciences in a report on Monday, July 21st. They issued a "buy" rating and a $163.00 price target on the stock. Stifel Nicolaus raised their price objective on Neurocrine Biosciences from $166.00 to $174.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. Needham & Company LLC boosted their price target on Neurocrine Biosciences from $138.00 to $139.00 and gave the stock a "buy" rating in a research note on Tuesday, May 6th. Guggenheim upped their price objective on Neurocrine Biosciences from $165.00 to $175.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Finally, Canaccord Genuity Group increased their price objective on Neurocrine Biosciences from $158.00 to $160.00 and gave the stock a "buy" rating in a report on Tuesday, May 6th. Eighteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Neurocrine Biosciences presently has a consensus rating of "Moderate Buy" and an average price target of $159.50.

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.