Connor Clark & Lunn Investment Management Ltd. Cuts Stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its stake in Neurocrine Biosciences by 12.1%, now holding 55,865 shares valued at approximately $6.18 million.
• Neurocrine reported $1.06 earnings per share for the last quarter, surpassing analyst expectations of $0.98, with revenue reaching $687.50 million.
• Wall Street analysts maintain a consensus of "Moderate Buy" for Neurocrine, with a target price averaging around $160.90, boosted by multiple recent positive ratings.

Connor Clark & Lunn Investment Management Ltd. lessened its stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 12.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 55,865 shares of the company's stock after selling 7,717 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.06% of Neurocrine Biosciences worth $6,179,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of NBIX. Dodge & Cox raised its stake in Neurocrine Biosciences by 134.2% during the fourth quarter. Dodge & Cox now owns 3,016,425 shares of the company's stock worth $411,742,000 after acquiring an additional 1,728,605 shares in the last quarter. Orbimed Advisors LLC grew its holdings in shares of Neurocrine Biosciences by 210.4% during the fourth quarter. Orbimed Advisors LLC now owns 938,120 shares of the company's stock worth $128,053,000 after purchasing an additional 635,900 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Neurocrine Biosciences by 1,405.2% during the first quarter. Assenagon Asset Management S.A. now owns 393,455 shares of the company's stock worth $43,516,000 after purchasing an additional 367,315 shares during the last quarter. Iron Triangle Partners LP bought a new stake in shares of Neurocrine Biosciences during the fourth quarter worth about $43,434,000. Finally, Alyeska Investment Group L.P. bought a new stake in shares of Neurocrine Biosciences during the fourth quarter worth about $33,979,000. Institutional investors and hedge funds own 92.59% of the company's stock.

Neurocrine Biosciences Price Performance

Shares of Neurocrine Biosciences stock traded up $1.59 during trading hours on Friday, hitting $132.90. 558,515 shares of the company's stock traded hands, compared to its average volume of 1,076,537. Neurocrine Biosciences, Inc. has a 12-month low of $84.23 and a 12-month high of $154.87. The stock has a market capitalization of $13.18 billion, a price-to-earnings ratio of 39.32, a PEG ratio of 0.96 and a beta of 0.25. The company has a fifty day simple moving average of $129.21 and a 200-day simple moving average of $119.62.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $1.06 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $653.09 million. During the same period last year, the firm posted $1.63 EPS. The business's revenue was up 16.5% compared to the same quarter last year. On average, analysts forecast that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

NBIX has been the topic of several analyst reports. Piper Sandler upped their target price on Neurocrine Biosciences from $154.00 to $175.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. Royal Bank Of Canada reduced their target price on Neurocrine Biosciences from $146.00 to $144.00 and set an "outperform" rating on the stock in a report on Thursday, July 31st. HC Wainwright reduced their target price on Neurocrine Biosciences from $185.00 to $168.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Wedbush upped their target price on Neurocrine Biosciences from $137.00 to $141.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Finally, JPMorgan Chase & Co. upped their target price on Neurocrine Biosciences from $140.00 to $145.00 and gave the company a "neutral" rating in a report on Thursday, July 31st. Three equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Neurocrine Biosciences has an average rating of "Moderate Buy" and a consensus price target of $160.90.

Insiders Place Their Bets

In other news, insider Ingrid Delaet sold 457 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $135.00, for a total value of $61,695.00. Following the completion of the transaction, the insider directly owned 4,730 shares in the company, valued at approximately $638,550. This trade represents a 8.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kevin Charles Gorman sold 106,322 shares of the business'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 transaction, the director directly owned 514,596 shares of the company's stock, valued at $65,050,080.36. The trade was a 17.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 196,573 shares of company stock worth $25,112,766 in the last quarter. 4.80% 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.