Martingale Asset Management L P Has $353,000 Stock Position in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Martingale Asset Management L P has significantly reduced its holding in Neurocrine Biosciences by 86%, now owning 3,196 shares valued at $353,000.
• Neurocrine Biosciences reported strong quarterly earnings, with $1.06 earnings per share, surpassing analyst expectations and a revenue increase of 16.5% year-over-year.
• 92.59% of Neurocrine's stock is owned by institutional investors, indicating strong institutional interest in the company.

Martingale Asset Management L P trimmed its position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 86.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,196 shares of the company's stock after selling 19,659 shares during the quarter. Martingale Asset Management L P's holdings in Neurocrine Biosciences were worth $353,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Smallwood Wealth Investment Management LLC acquired a new stake in shares of Neurocrine Biosciences in the first quarter worth $34,000. Golden State Wealth Management LLC lifted its stake in shares of Neurocrine Biosciences by 116.9% in the first quarter. Golden State Wealth Management LLC now owns 397 shares of the company's stock worth $44,000 after buying an additional 214 shares during the last quarter. Versant Capital Management Inc lifted its stake in shares of Neurocrine Biosciences by 404.9% in the first quarter. Versant Capital Management Inc now owns 409 shares of the company's stock worth $45,000 after buying an additional 328 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new stake in shares of Neurocrine Biosciences in the first quarter worth $48,000. Finally, Caitong International Asset Management Co. Ltd raised its stake in Neurocrine Biosciences by 6,285.7% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 447 shares of the company's stock valued at $49,000 after purchasing an additional 440 shares during the last quarter. 92.59% of the stock is currently owned by institutional investors and hedge funds.

Neurocrine Biosciences Stock Performance

Shares of NBIX stock opened at $133.99 on Tuesday. Neurocrine Biosciences, Inc. has a 52-week low of $84.23 and a 52-week high of $154.61. The stock has a market cap of $13.29 billion, a price-to-earnings ratio of 39.64, a P/E/G ratio of 0.98 and a beta of 0.25. The firm has a fifty day moving average of $130.31 and a 200-day moving average of $118.86.

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

Insider Activity

In other news, insider Jude Onyia sold 59,819 shares of the stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $130.46, for a total value of $7,803,986.74. Following the completion of the transaction, the insider owned 18,289 shares in the company, valued at approximately $2,385,982.94. This represents a 76.58% decrease in their position. The sale 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 stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $126.41, for a total transaction of $13,440,164.02. Following the completion of the transaction, the director owned 514,596 shares of the company's stock, 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. In the last 90 days, insiders sold 186,960 shares of company stock worth $23,955,553. 4.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Needham & Company LLC upped their target price on shares of Neurocrine Biosciences from $138.00 to $139.00 and gave the company a "buy" rating in a research note on Tuesday, May 6th. Truist Financial assumed coverage on shares of Neurocrine Biosciences in a research note on Monday, July 21st. They set a "buy" rating and a $163.00 target price for the company. Morgan Stanley upped their target price on shares of Neurocrine Biosciences from $150.00 to $158.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Piper Sandler upped their target price on shares of Neurocrine Biosciences from $154.00 to $175.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Finally, Royal Bank Of Canada cut their target price on shares of Neurocrine Biosciences from $146.00 to $144.00 and set an "outperform" rating for the company in a research note on Thursday, July 31st. Eighteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $159.50.

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.

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