Man Group plc Invests $101.29 Million in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Man Group acquired 601,019 Neurocrine Biosciences shares worth approximately $101.3 million, giving it a 0.59% stake. Institutional investors collectively own 92.59% of NBIX.
• Analysts remain broadly positive, with a “Moderate Buy” consensus and an average price target of $200.86. Recent target increases range from $170 to $220.
• Neurocrine reported strong quarterly results, with EPS of $2.85 beating estimates of $1.65 and revenue of $959 million rising 39.5% year over year. Shares opened at $153.37, below the analyst consensus target.

Man Group plc acquired a new position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 601,019 shares of the company's stock, valued at approximately $101,293,000. Man Group plc owned 0.59% of Neurocrine Biosciences at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of NBIX. Roberts Glore & Co. Inc. IL bought a new position in Neurocrine Biosciences in the second quarter valued at about $222,000. Jupiter Topco LLC purchased a new position in Neurocrine Biosciences in the second quarter worth about $88,707,000. Hsbc Holdings PLC bought a new stake in shares of Neurocrine Biosciences during the 2nd quarter valued at about $19,578,000. Primecap Management Co. CA bought a new stake in shares of Neurocrine Biosciences during the 2nd quarter valued at about $82,808,000. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of Neurocrine Biosciences during the 2nd quarter valued at about $13,769,000. Hedge funds and other institutional investors own 92.59% of the company's stock.

Insiders Place Their Bets

In other news, insider Ingrid Delaet sold 8,433 shares of the stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $178.72, for a total value of $1,507,145.76. Following the completion of the sale, the insider directly owned 16,225 shares of the company's stock, valued at $2,899,732. This represents a 34.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Julie Cooke sold 36,937 shares of the firm's stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $156.22, for a total transaction of $5,770,298.14. Following the sale, the insider owned 22,374 shares in the company, valued at $3,495,266.28. The trade was a 62.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 116,636 shares of company stock valued at $19,349,078. Insiders own 4.60% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on NBIX shares. Needham & Company LLC raised their price objective on shares of Neurocrine Biosciences from $200.00 to $204.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Truist Financial upped their target price on shares of Neurocrine Biosciences from $200.00 to $213.00 and gave the company a "buy" rating in a report on Monday, August 3rd. Wells Fargo & Company increased their price target on shares of Neurocrine Biosciences from $175.00 to $200.00 and gave the stock an "overweight" rating in a research report on Friday, July 17th. TD Cowen lifted their price target on shares of Neurocrine Biosciences from $200.00 to $220.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Finally, BMO Capital Markets boosted their price objective on shares of Neurocrine Biosciences from $144.00 to $170.00 and gave the company a "market perform" rating in a research report on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, Neurocrine Biosciences has an average rating of "Moderate Buy" and an average target price of $200.86.

Neurocrine Biosciences Trading Up 0.2%

Shares of NASDAQ:NBIX opened at $153.37 on Wednesday. The stock has a 50 day moving average of $166.95 and a 200 day moving average of $149.17. The company has a market cap of $15.59 billion, a PE ratio of 22.49, a price-to-earnings-growth ratio of 0.72 and a beta of 0.39. Neurocrine Biosciences, Inc. has a 12-month low of $122.14 and a 12-month high of $186.12.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released its earnings results on Friday, July 31st. The company reported $2.85 earnings per share (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 company had revenue of $959.00 million during the quarter, compared to analyst estimates of $891.16 million. During the same period in the prior year, the firm posted $1.65 EPS. The firm's quarterly revenue was up 39.5% compared to the same quarter last year. Equities research analysts predict that Neurocrine Biosciences, Inc. will post 7.25 earnings per share for the current fiscal year.

About Neurocrine Biosciences

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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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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