Wellington Management Group LLP Acquires 640,556 Shares of Neurocrine Biosciences, Inc. $NBIX

Key Points

• Wellington Management Group LLP increased its holdings in Neurocrine Biosciences by 44.0%, adding 640,556 shares, bringing its total ownership to over 2 million shares valued at approximately $232 million.
• Neurocrine Biosciences reported earnings of $1.06 per share for the last quarter, exceeding analyst expectations of $0.98, with a year-over-year revenue growth of 16.5%.
• The stock currently has a consensus rating of "Moderate Buy" from analysts, with a mean price target set at $159.50.

Wellington Management Group LLP increased its position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 44.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,097,981 shares of the company's stock after purchasing an additional 640,556 shares during the quarter. Wellington Management Group LLP owned 2.12% of Neurocrine Biosciences worth $232,037,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Korea Investment CORP raised its holdings in shares of Neurocrine Biosciences by 42.4% in the first quarter. Korea Investment CORP now owns 86,989 shares of the company's stock worth $9,621,000 after acquiring an additional 25,900 shares during the last quarter. 17 Capital Partners LLC grew its position in shares of Neurocrine Biosciences by 70.5% in the first quarter. 17 Capital Partners LLC now owns 2,915 shares of the company's stock valued at $322,000 after purchasing an additional 1,205 shares during the period. American Century Companies Inc. grew its position in shares of Neurocrine Biosciences by 106.6% in the first quarter. American Century Companies Inc. now owns 191,182 shares of the company's stock valued at $21,145,000 after purchasing an additional 98,659 shares during the period. Aberdeen Group plc grew its position in shares of Neurocrine Biosciences by 40.7% in the first quarter. Aberdeen Group plc now owns 220,344 shares of the company's stock valued at $24,370,000 after purchasing an additional 63,770 shares during the period. Finally, Fox Run Management L.L.C. purchased a new stake in shares of Neurocrine Biosciences in the first quarter valued at $828,000. 92.59% of the stock is owned by institutional investors and hedge funds.

Neurocrine Biosciences Stock Up 0.1%

Shares of NASDAQ NBIX traded up $0.15 on Friday, hitting $135.43. The company had a trading volume of 547,980 shares, compared to its average volume of 1,047,942. Neurocrine Biosciences, Inc. has a 12-month low of $84.23 and a 12-month high of $154.87. The business has a 50 day moving average of $130.13 and a two-hundred day moving average of $119.22. The firm has a market capitalization of $13.43 billion, a P/E ratio of 40.07, a PEG ratio of 0.97 and a beta of 0.25.

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, topping the consensus estimate of $0.98 by $0.08. Neurocrine Biosciences had a return on equity of 13.22% and a net margin of 13.88%.The business had revenue of $687.50 million for the quarter, compared to analysts' expectations of $653.09 million. During the same quarter in the previous year, the firm posted $1.63 earnings per share. The company's revenue was up 16.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. BMO Capital Markets lifted their price objective on Neurocrine Biosciences from $96.00 to $115.00 and gave the company a "market perform" rating in a research report on Tuesday, May 6th. Needham & Company LLC lifted their price objective on Neurocrine Biosciences from $138.00 to $139.00 and gave the company a "buy" rating in a research report on Tuesday, May 6th. Stifel Nicolaus lifted their price objective on Neurocrine Biosciences from $166.00 to $174.00 and gave the company a "buy" rating in a research report on Thursday, July 31st. UBS Group boosted their price target on Neurocrine Biosciences from $152.00 to $174.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Finally, The Goldman Sachs Group initiated coverage on Neurocrine Biosciences in a research report on Thursday, July 10th. They set a "buy" rating and a $182.00 price target for the company. Eighteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $159.50.

Insider Activity

In other news, Director Kevin Charles Gorman sold 106,322 shares of the stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $126.41, for a total transaction of $13,440,164.02. Following the completion of the sale, the director owned 514,596 shares in the company, valued at approximately $65,050,080.36. This represents a 17.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ingrid Delaet sold 457 shares of the firm's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $135.00, for a total value of $61,695.00. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 196,573 shares of company stock valued at $25,112,766. 4.80% of the stock is currently owned by insiders.

Neurocrine Biosciences Company Profile

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.