Neurocrine Biosciences, Inc. $NBIX Shares Sold by First Hawaiian Bank

Key Points

• First Hawaiian Bank reduced its holdings in Neurocrine Biosciences by 46.5%, ending the first quarter with 6,550 shares valued at $724,000.
• Neurocrine Biosciences reported a $1.06 EPS for the last quarter, exceeding expectations of $0.98, with revenues of $687.50 million, up 16.5% year-over-year.
• Recent analyst upgrades have increased price targets for Neurocrine Biosciences, with UBS raising its target from $152.00 to $174.00 and maintaining a "buy" rating.

First Hawaiian Bank lowered its holdings in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 46.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,550 shares of the company's stock after selling 5,693 shares during the quarter. First Hawaiian Bank's holdings in Neurocrine Biosciences were worth $724,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in NBIX. Geneos Wealth Management Inc. increased its stake in shares of Neurocrine Biosciences by 143.6% in the first quarter. Geneos Wealth Management Inc. now owns 229 shares of the company's stock worth $25,000 after acquiring an additional 135 shares during the period. WPG Advisers LLC acquired a new stake in shares of Neurocrine Biosciences in the first quarter worth $32,000. Smallwood Wealth Investment Management LLC acquired a new stake in shares of Neurocrine Biosciences in the first quarter worth $34,000. SVB Wealth LLC acquired a new stake in shares of Neurocrine Biosciences in the first quarter worth $35,000. Finally, Golden State Wealth Management LLC increased 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 acquiring an additional 214 shares during the period. Institutional investors and hedge funds own 92.59% of the company's stock.

Neurocrine Biosciences Stock Performance

Shares of NASDAQ:NBIX traded down $0.43 during midday trading on Friday, hitting $145.23. The company's stock had a trading volume of 1,711,619 shares, compared to its average volume of 722,550. The business's 50 day simple moving average is $135.26 and its 200 day simple moving average is $122.07. The company has a market cap of $14.40 billion, a P/E ratio of 42.97, a price-to-earnings-growth ratio of 1.05 and a beta of 0.28. Neurocrine Biosciences, Inc. has a 12-month low of $84.23 and a 12-month high of $154.61.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.08. The firm had revenue of $687.50 million for 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 revenue for the quarter was up 16.5% on a year-over-year basis. During the same period last year, the firm posted $1.63 earnings per share. On average, sell-side analysts predict that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current fiscal year.

Insider Transactions at Neurocrine Biosciences

In other news, insider Ingrid Delaet sold 457 shares of the firm's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $135.00, for a total value of $61,695.00. Following the transaction, the insider directly owned 4,730 shares of the company's stock, valued at approximately $638,550. This trade represents a 8.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Jude Onyia sold 59,819 shares of the firm's stock in a transaction dated 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 completion of the transaction, the insider directly 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 186,960 shares of company stock valued at $23,955,553. Corporate insiders own 4.80% of the company's stock.

Wall Street Analyst Weigh In

NBIX has been the topic of a number of research reports. Morgan Stanley increased their price objective on shares of Neurocrine Biosciences from $158.00 to $163.00 and gave the stock an "overweight" rating in a research note on Friday, September 5th. Guggenheim raised their price target on shares of Neurocrine Biosciences from $165.00 to $175.00 and gave the company a "buy" rating in a research report on Friday, August 1st. 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. The Goldman Sachs Group assumed coverage on shares of Neurocrine Biosciences in a research report on Thursday, July 10th. They set a "buy" rating and a $182.00 price target on the stock. Finally, Royal Bank Of Canada raised their price target on shares of Neurocrine Biosciences from $144.00 to $149.00 and gave the company an "outperform" rating in a research report on Friday, September 5th. Seventeen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $160.26.

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.