Federated Hermes Inc. Lowers Stock Position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Key Points

• Federated Hermes Inc. has reduced its stake in Neurocrine Biosciences, Inc. by 72.9%, selling over 25,000 shares and leaving them with approximately 9,441 shares worth around $1 million.
• In contrast to Federated Hermes, other institutional investors such as Huntington National Bank and Golden State Wealth Management LLC increased their stakes, with Huntington growing its position by 73.5%.
• Neurocrine Biosciences reported a 16.5% increase in year-over-year revenue, totaling $687.50 million, and surpassed earnings expectations with $1.06 EPS compared to the consensus estimate of $0.98.

Federated Hermes Inc. reduced its holdings in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 72.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 9,441 shares of the company's stock after selling 25,402 shares during the period. Federated Hermes Inc.'s holdings in Neurocrine Biosciences were worth $1,044,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Dodge & Cox raised its position in Neurocrine Biosciences by 134.2% during the 4th quarter. Dodge & Cox now owns 3,016,425 shares of the company's stock worth $411,742,000 after buying an additional 1,728,605 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Neurocrine Biosciences by 2.9% during the fourth quarter. AQR Capital Management LLC now owns 1,896,891 shares of the company's stock worth $258,926,000 after acquiring an additional 53,610 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Neurocrine Biosciences by 19.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,070,096 shares of the company's stock worth $146,068,000 after purchasing an additional 175,879 shares in the last quarter. Northern Trust Corp boosted its holdings in Neurocrine Biosciences by 27.3% in the 4th quarter. Northern Trust Corp now owns 981,939 shares of the company's stock valued at $134,035,000 after purchasing an additional 210,315 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in Neurocrine Biosciences by 8.6% in the 4th quarter. Invesco Ltd. now owns 949,512 shares of the company's stock valued at $129,608,000 after purchasing an additional 74,847 shares in the last quarter. 92.59% of the stock is currently owned by institutional investors and hedge funds.

Neurocrine Biosciences Stock Performance

Neurocrine Biosciences stock traded down $0.59 during midday trading on Friday, reaching $125.01. 1,048,379 shares of the company were exchanged, compared to its average volume of 1,292,017. The company has a market capitalization of $12.40 billion, a price-to-earnings ratio of 36.99, a P/E/G ratio of 0.93 and a beta of 0.25. The firm's 50-day simple moving average is $128.72 and its 200-day simple moving average is $120.47. Neurocrine Biosciences, Inc. has a 1 year low of $84.23 and a 1 year high of $154.87.

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

Insiders Place Their Bets

In other Neurocrine Biosciences news, insider Jude Onyia sold 59,819 shares of the stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $130.46, for a total transaction of $7,803,986.74. Following the transaction, the insider owned 18,289 shares of the company's stock, valued at $2,385,982.94. This represents a 76.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Ingrid Delaet sold 457 shares of Neurocrine Biosciences stock in a transaction 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 sale, the insider directly owned 4,730 shares of the company's stock, valued at approximately $638,550. This represents a 8.81% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 90,251 shares of company stock valued at $11,672,602. Company insiders own 4.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on NBIX shares. BMO Capital Markets increased their target price on Neurocrine Biosciences from $96.00 to $115.00 and gave the stock a "market perform" rating in a research note on Tuesday, May 6th. UBS Group increased their price target on shares of Neurocrine Biosciences from $152.00 to $174.00 and gave the company a "buy" rating in a report on Wednesday, July 9th. Canaccord Genuity Group raised their price objective on shares of Neurocrine Biosciences from $158.00 to $160.00 and gave the company a "buy" rating in a research note on Tuesday, May 6th. Wedbush upped their target price on shares of Neurocrine Biosciences from $137.00 to $141.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Finally, Wall Street Zen upgraded shares of Neurocrine Biosciences from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 2nd. Three investment 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 MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $160.90.

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.