Neurocrine Biosciences, Inc. $NBIX Holdings Decreased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon cut its Neurocrine Biosciences stake by 3.0% in the fourth quarter, selling 22,720 shares and ending with 738,676 shares worth about $104.8 million.
• Institutional ownership remains very high, with major holders like JPMorgan Chase, AQR Capital Management, Geode Capital Management, and Norges Bank increasing or adding to positions; institutions own 92.59% of the company.
• Analyst sentiment is generally positive: Neurocrine has a Moderate Buy consensus rating and an average price target of $187.52, though some firms recently trimmed targets while others upgraded the stock.

Bank of New York Mellon Corp reduced its holdings in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 3.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 738,676 shares of the company's stock after selling 22,720 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.74% of Neurocrine Biosciences worth $104,766,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of NBIX. JPMorgan Chase & Co. increased its position in Neurocrine Biosciences by 11.0% in the third quarter. JPMorgan Chase & Co. now owns 4,730,152 shares of the company's stock worth $664,019,000 after buying an additional 468,405 shares during the period. AQR Capital Management LLC increased its position in Neurocrine Biosciences by 83.7% in the 3rd quarter. AQR Capital Management LLC now owns 2,773,648 shares of the company's stock valued at $388,435,000 after acquiring an additional 1,263,633 shares during the period. Geode Capital Management LLC increased its position in Neurocrine Biosciences by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 2,059,282 shares of the company's stock valued at $291,342,000 after acquiring an additional 34,457 shares during the period. Deerfield Management Company L.P. raised its stake in Neurocrine Biosciences by 1.4% during the 3rd quarter. Deerfield Management Company L.P. now owns 1,184,345 shares of the company's stock valued at $166,258,000 after acquiring an additional 16,543 shares in the last quarter. Finally, Norges Bank bought a new stake in Neurocrine Biosciences during the 4th quarter valued at $162,664,000. Institutional investors own 92.59% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on NBIX. Wells Fargo & Company decreased their price target on Neurocrine Biosciences from $180.00 to $175.00 and set an "overweight" rating for the company in a research note on Friday, February 13th. Citigroup upped their target price on Neurocrine Biosciences from $242.00 to $246.00 and gave the stock a "buy" rating in a research report on Wednesday, May 6th. Wall Street Zen raised Neurocrine Biosciences from a "buy" rating to a "strong-buy" rating in a research note on Saturday, April 25th. BMO Capital Markets cut their price target on shares of Neurocrine Biosciences from $147.00 to $140.00 and set a "market perform" rating for the company in a report on Thursday, February 12th. Finally, Weiss Ratings upgraded shares of Neurocrine Biosciences from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $187.52.

Neurocrine Biosciences Price Performance

Neurocrine Biosciences stock opened at $163.88 on Monday. The firm's 50 day simple moving average is $142.73 and its 200-day simple moving average is $139.68. Neurocrine Biosciences, Inc. has a fifty-two week low of $122.14 and a fifty-two week high of $169.57. The company has a market cap of $16.48 billion, a P/E ratio of 25.25, a price-to-earnings-growth ratio of 1.23 and a beta of 0.39.

Insider Buying and Selling at Neurocrine Biosciences

In related news, Director Richard F. Pops sold 15,000 shares of Neurocrine Biosciences stock in a transaction on Friday, May 15th. The stock was sold at an average price of $157.65, for a total transaction of $2,364,750.00. Following the completion of the sale, the director owned 34,480 shares of the company's stock, valued at approximately $5,435,772. This trade represents a 30.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David W. Boyer sold 3,888 shares of the business's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $156.64, for a total value of $609,016.32. Following the completion of the transaction, the insider owned 7,799 shares in the company, valued at $1,221,635.36. This trade represents a 33.27% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 328,984 shares of company stock worth $50,986,985 over the last 90 days. 4.60% of the stock is currently owned by insiders.

About Neurocrine Biosciences

Neurocrine Biosciences NASDAQ: NBIX is a biopharmaceutical company based in San Diego, California, focused on developing treatments for neurological, endocrine and neuropsychiatric disorders. Since its founding in 1992, the company has pursued a research‐driven strategy aimed at addressing unmet medical needs in movement disorders, reproductive health and central nervous system conditions. Neurocrine's operations encompass drug discovery, clinical development and commercialization activities.

The company's lead marketed product, Ingrezza™ (valbenazine), is indicated for the treatment of tardive dyskinesia, a movement disorder associated with long-term antipsychotic use.

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