Neurocrine Biosciences, Inc. (NASDAQ:NBIX) Position Increased by Persistent Asset Partners Ltd

Key Points

• Persistent Asset Partners Ltd increased its stake in Neurocrine Biosciences by 33.1%, owning 14,304 shares valued at approximately $1,582,000 as of the most recent SEC filing.
• Neurocrine Biosciences reported earnings of $1.06 EPS for the last quarter, exceeding expectations and achieving a revenue of $687.50 million.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Neurocrine Biosciences, with an average price target of $160.90, indicating positive growth expectations.

Persistent Asset Partners Ltd increased its stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 33.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,304 shares of the company's stock after purchasing an additional 3,560 shares during the period. Neurocrine Biosciences accounts for 1.3% of Persistent Asset Partners Ltd's portfolio, making the stock its 23rd largest position. Persistent Asset Partners Ltd's holdings in Neurocrine Biosciences were worth $1,582,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Resona Asset Management Co. Ltd. grew its holdings in Neurocrine Biosciences by 2.3% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 50,967 shares of the company's stock worth $5,648,000 after buying an additional 1,129 shares in the last quarter. AIA Group Ltd grew its holdings in Neurocrine Biosciences by 13.5% in the 1st quarter. AIA Group Ltd now owns 1,931 shares of the company's stock worth $214,000 after buying an additional 230 shares in the last quarter. Motley Fool Asset Management LLC grew its holdings in Neurocrine Biosciences by 9.3% in the 1st quarter. Motley Fool Asset Management LLC now owns 2,458 shares of the company's stock worth $272,000 after buying an additional 209 shares in the last quarter. Nuveen LLC bought a new position in Neurocrine Biosciences in the 1st quarter worth approximately $31,686,000. Finally, Condor Capital Management bought a new position in Neurocrine Biosciences in the 1st quarter worth approximately $690,000. Institutional investors own 92.59% of the company's stock.

Neurocrine Biosciences Price Performance

NBIX stock opened at $123.98 on Tuesday. The firm has a market capitalization of $12.30 billion, a P/E ratio of 36.68, a P/E/G ratio of 0.90 and a beta of 0.25. The company's 50 day simple moving average is $128.71 and its 200-day simple moving average is $119.93. Neurocrine Biosciences, Inc. has a 52-week low of $84.23 and a 52-week high of $154.87.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on NBIX. BMO Capital Markets increased their price objective on Neurocrine Biosciences from $96.00 to $115.00 and gave the stock a "market perform" rating in a report on Tuesday, May 6th. Evercore ISI decreased their price objective on Neurocrine Biosciences from $190.00 to $185.00 and set an "outperform" rating for the company in a report on Thursday, April 24th. The Goldman Sachs Group began 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. JPMorgan Chase & Co. boosted their target price on Neurocrine Biosciences from $140.00 to $145.00 and gave the stock a "neutral" rating in a report on Thursday, July 31st. Finally, Piper Sandler boosted their target price on Neurocrine Biosciences from $154.00 to $175.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $160.90.

Insider Buying and Selling

In related news, insider Jude Onyia sold 59,819 shares of the stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $130.46, for a total value of $7,803,986.74. Following 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Ingrid Delaet sold 457 shares of the stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $135.00, for a total value of $61,695.00. Following the completion of the transaction, the insider owned 4,730 shares in the company, valued at $638,550. This represents a 8.81% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 196,573 shares of company stock worth $25,112,766. 4.30% of the stock is owned by company insiders.

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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