Korea Investment CORP Increases Position in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Korea Investment CORP increased its stake in Neurocrine Biosciences by 42.4% in the first quarter, holding 86,989 shares worth approximately $9.62 million.
• Insider sales included a significant transaction where Director Kevin Charles Gorman sold 106,322 shares for over $13.4 million, reducing his position by 17.12%.
• Research analysts have raised their target prices for Neurocrine Biosciences, with an average price target now at $159.50 and a consensus rating of "Moderate Buy".

Korea Investment CORP increased its stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 42.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 86,989 shares of the company's stock after purchasing an additional 25,900 shares during the quarter. Korea Investment CORP owned approximately 0.09% of Neurocrine Biosciences worth $9,621,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. AQR Capital Management LLC raised its holdings in shares of Neurocrine Biosciences by 2.9% in the 4th quarter. AQR Capital Management LLC now owns 1,896,891 shares of the company's stock worth $258,926,000 after purchasing an additional 53,610 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Neurocrine Biosciences by 19.7% in the 4th 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 during the period. Northern Trust Corp raised its holdings in shares of Neurocrine Biosciences by 27.3% in the 4th quarter. Northern Trust Corp now owns 981,939 shares of the company's stock worth $134,035,000 after purchasing an additional 210,315 shares during the period. Orbimed Advisors LLC raised its holdings in shares of Neurocrine Biosciences by 210.4% in the 4th 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 period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Neurocrine Biosciences by 1.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 775,773 shares of the company's stock worth $85,800,000 after purchasing an additional 13,216 shares during the period. Institutional investors own 92.59% of the company's stock.

Insider Activity

In other news, insider Ingrid Delaet sold 457 shares of the business's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $135.00, for a total transaction of $61,695.00. Following the completion of the transaction, the insider directly owned 4,730 shares in the company, valued at $638,550. The trade was a 8.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Jude Onyia sold 59,819 shares of the company's 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 completion of the transaction, the insider owned 18,289 shares of the company's stock, valued at $2,385,982.94. This trade represents a 76.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 186,960 shares of company stock worth $23,955,553 in the last three months. Corporate insiders own 4.80% of the company's stock.

Wall Street Analysts Forecast Growth

NBIX has been the topic of a number of research reports. Royal Bank Of Canada lowered their price target on shares of Neurocrine Biosciences from $146.00 to $144.00 and set an "outperform" rating on the stock in a report on Thursday, July 31st. BMO Capital Markets boosted their target price on shares of Neurocrine Biosciences from $96.00 to $115.00 and gave the company a "market perform" rating in a report on Tuesday, May 6th. Piper Sandler boosted their target price on shares of Neurocrine Biosciences from $154.00 to $175.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. UBS Group boosted their target price 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. Finally, Wedbush boosted their target price on shares of Neurocrine Biosciences from $137.00 to $141.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Eighteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $159.50.

Neurocrine Biosciences Trading Up 0.9%

Shares of NBIX traded up $1.29 during mid-day trading on Wednesday, reaching $138.13. 740,926 shares of the stock traded hands, compared to its average volume of 1,004,552. The firm has a fifty day moving average price of $130.76 and a 200 day moving average price of $119.11. The company has a market cap of $13.70 billion, a price-to-earnings ratio of 40.87, a price-to-earnings-growth ratio of 0.99 and a beta of 0.25. Neurocrine Biosciences, Inc. has a 1 year low of $84.23 and a 1 year high of $154.61.

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

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.