Neurocrine Biosciences, Inc. $NBIX Shares Purchased by Sei Investments Co.

Key Points

• Sei Investments increased its Neurocrine Biosciences stake by 31.1% in the first quarter, holding 235,251 shares worth approximately $31.0 million. Institutional investors collectively own 92.59% of NBIX.
• NBIX shares opened at $176.41, near their 52-week high of $181.18. Analysts remain broadly bullish, with a “Moderate Buy” consensus and an average price target of $194.05.
• Neurocrine directors sold shares under pre-arranged Rule 10b5-1 plans, while insiders sold 394,172 shares valued at $62.2 million over the past quarter.

Sei Investments Co. grew its holdings in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 31.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 235,251 shares of the company's stock after buying an additional 55,854 shares during the quarter. Sei Investments Co. owned 0.23% of Neurocrine Biosciences worth $30,992,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. AQR Capital Management LLC lifted its holdings in shares of Neurocrine Biosciences by 83.7% during 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 in the last quarter. Norges Bank purchased a new position in Neurocrine Biosciences in the fourth quarter valued at about $162,664,000. UBS Group AG lifted its stake in shares of Neurocrine Biosciences by 169.8% during the fourth quarter. UBS Group AG now owns 983,528 shares of the company's stock worth $139,494,000 after purchasing an additional 618,956 shares in the last quarter. First Trust Advisors LP lifted its stake in shares of Neurocrine Biosciences by 97.0% during the first 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 in the last quarter. Finally, Zurich Insurance Group Ltd FI purchased a new stake in shares of Neurocrine Biosciences in the fourth quarter worth about $65,162,000. Hedge funds and other institutional investors own 92.59% of the company's stock.

Neurocrine Biosciences Trading Up 0.4%

Shares of NBIX opened at $176.41 on Tuesday. Neurocrine Biosciences, Inc. has a 52 week low of $122.14 and a 52 week high of $181.18. The firm has a market cap of $17.74 billion, a price-to-earnings ratio of 27.18, a PEG ratio of 0.74 and a beta of 0.39. The stock has a 50 day moving average of $165.91 and a 200-day moving average of $145.29.

Insider Transactions at Neurocrine Biosciences

In other Neurocrine Biosciences news, Director Richard F. Pops sold 15,000 shares of Neurocrine Biosciences stock in a transaction on Friday, May 15th. The shares were sold at an average price of $157.65, for a total value of $2,364,750.00. Following the completion of the transaction, the director owned 34,480 shares of the company's stock, valued at $5,435,772. The trade was a 30.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen A. Sherwin sold 25,000 shares of the business's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $165.32, for a total transaction of $4,133,000.00. Following the sale, the director owned 15,860 shares of the company's stock, valued at approximately $2,621,975.20. The trade was a 61.18% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 394,172 shares of company stock valued at $62,221,181 over the last quarter. Insiders own 4.60% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on NBIX shares. BMO Capital Markets increased their target price on Neurocrine Biosciences from $144.00 to $170.00 and gave the company a "market perform" rating in a research note on Monday, July 13th. Truist Financial boosted their price target on Neurocrine Biosciences from $155.00 to $200.00 and gave the stock a "buy" rating in a research report on Monday, July 13th. Royal Bank Of Canada upped their price target on Neurocrine Biosciences from $183.00 to $195.00 and gave the stock an "outperform" rating in a report on Tuesday, July 7th. The Goldman Sachs Group began coverage on shares of Neurocrine Biosciences in a research report on Tuesday, June 2nd. They issued a "buy" rating and a $213.00 price objective for the company. Finally, Guggenheim lifted their price objective on shares of Neurocrine Biosciences from $175.00 to $200.00 and gave the company a "buy" rating in a research note on Tuesday, July 21st. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $194.05.

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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