Neurocrine Biosciences, Inc. $NBIX Shares Acquired by Ninety One UK Ltd

Key Points

• Ninety One UK Ltd significantly increased its Neurocrine Biosciences stake by purchasing 434,610 additional shares, bringing its holdings to 434,881 shares valued at approximately $61.7 million. Institutional investors collectively own 92.59% of the company.
• Analysts remain broadly positive on NBIX, with 19 Buy, one Strong Buy and four Hold ratings. The stock has an overall “Moderate Buy” consensus and an average price target of $201.14.
• Neurocrine’s latest quarterly results exceeded expectations, with EPS of $2.85 versus the $1.65 consensus and revenue of $959 million, up 39.5% year over year. Shares recently traded at $137.14, below their 50-day and 200-day moving averages.

Ninety One UK Ltd boosted its holdings in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 160,372.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 434,881 shares of the company's stock after purchasing an additional 434,610 shares during the quarter. Ninety One UK Ltd owned about 0.43% of Neurocrine Biosciences worth $61,684,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Neurocrine Biosciences in the second quarter worth $2,310,886,000. Renaissance Technologies LLC raised its position in shares of Neurocrine Biosciences by 8.0% in the 1st quarter. Renaissance Technologies LLC now owns 2,418,897 shares of the company's stock worth $318,665,000 after purchasing an additional 180,100 shares during the last quarter. First Trust Advisors LP raised its position in shares of Neurocrine Biosciences by 97.0% in the 1st quarter. First Trust Advisors LP now owns 959,217 shares of the company's stock worth $126,367,000 after purchasing an additional 472,408 shares during the last quarter. Armistice Capital LLC boosted its stake in Neurocrine Biosciences by 17.7% in the 4th quarter. Armistice Capital LLC now owns 820,240 shares of the company's stock worth $116,335,000 after purchasing an additional 123,218 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in Neurocrine Biosciences in the 2nd quarter worth about $117,827,000. Institutional investors own 92.59% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on NBIX shares. Guggenheim began coverage on shares of Neurocrine Biosciences in a research report on Tuesday, October 6th. They set a "buy" rating and a $207.00 price objective on the stock. Stifel Nicolaus lifted their target price on shares of Neurocrine Biosciences from $188.00 to $215.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Citigroup increased their price objective on Neurocrine Biosciences from $249.00 to $253.00 and gave the company a "buy" rating in a research report on Thursday, September 3rd. Piper Sandler lifted their price objective on Neurocrine Biosciences from $207.00 to $210.00 and gave the stock an "overweight" rating in a report on Friday, July 31st. Finally, Zacks Research lowered Neurocrine Biosciences from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $201.14.

Insider Transactions at Neurocrine Biosciences

In related news, insider David Boyer sold 826 shares of the firm's stock in a transaction on Monday, September 14th. The stock was sold at an average price of $157.45, for a total value of $130,053.70. Following the transaction, the insider directly owned 8,722 shares of the company's stock, valued at approximately $1,373,278.90. This trade represents a 8.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Matt Abernethy sold 2,311 shares of the firm's stock in a transaction on Monday, September 14th. The stock was sold at an average price of $157.20, for a total value of $363,289.20. Following the completion of the transaction, the chief financial officer directly owned 42,808 shares in the company, valued at approximately $6,729,417.60. This represents a 5.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 4,387 shares of company stock worth $720,855 in the last three months. Corporate insiders own 4.60% of the company's stock.

Neurocrine Biosciences Stock Performance

Shares of NASDAQ NBIX traded up $1.23 during midday trading on Thursday, hitting $137.14. 517,365 shares of the company's stock traded hands, compared to its average volume of 1,218,830. The firm has a fifty day moving average of $150.12 and a 200 day moving average of $153.51. Neurocrine Biosciences, Inc. has a 1 year low of $122.14 and a 1 year high of $186.12. The stock has a market capitalization of $13.94 billion, a price-to-earnings ratio of 20.11, a price-to-earnings-growth ratio of 0.63 and a beta of 0.40.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The company reported $2.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.65 by $1.20. The company had revenue of $959.00 million for the quarter, compared to the consensus estimate of $891.16 million. Neurocrine Biosciences had a net margin of 20.91% and a return on equity of 22.43%. The firm's revenue was up 39.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.65 earnings per share. On average, equities analysts anticipate that Neurocrine Biosciences, Inc. will post 7.26 earnings per share for the current year.

About Neurocrine Biosciences

Neurocrine Biosciences, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for neurological, neuroendocrine and related disorders. The company is headquartered in San Diego, California, and conducts research through internal programs and collaborations with academic institutions and other pharmaceutical companies.

Neurocrine's principal commercial product is INGREZZA (valbenazine), a vesicular monoamine transporter 2 inhibitor used to treat tardive dyskinesia and chorea associated with Huntington's disease.

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