Neurocrine Biosciences, Inc. $NBIX Shares Sold by Aberdeen Group plc

Key Points

• Aberdeen Group plc significantly reduced its holdings in Neurocrine Biosciences by 46.3%, selling 102,058 shares and holding 118,286 shares worth approximately $14.87 million at the end of the last quarter.
• Neurocrine Biosciences received positive ratings from multiple analysts, with Morgan Stanley and UBS Group increasing their target prices to $163 and $195, respectively, reflecting a strong outlook for the company.
• Neurocrine Biosciences reported better-than-expected earnings for the quarter, with an EPS of $1.06, surpassing the consensus estimate of $0.98, and achieved a year-over-year revenue increase of 16.5%.

Aberdeen Group plc cut its position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 46.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 118,286 shares of the company's stock after selling 102,058 shares during the quarter. Aberdeen Group plc owned about 0.12% of Neurocrine Biosciences worth $14,867,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in NBIX. Farther Finance Advisors LLC increased its stake in Neurocrine Biosciences by 39.1% during the first quarter. Farther Finance Advisors LLC now owns 686 shares of the company's stock worth $73,000 after acquiring an additional 193 shares during the last quarter. Fifth Third Bancorp increased its stake in Neurocrine Biosciences by 31.7% during the first quarter. Fifth Third Bancorp now owns 1,056 shares of the company's stock worth $117,000 after acquiring an additional 254 shares during the last quarter. Mission Wealth Management LP increased its stake in Neurocrine Biosciences by 22.1% during the first quarter. Mission Wealth Management LP now owns 2,210 shares of the company's stock worth $244,000 after acquiring an additional 400 shares during the last quarter. Sowell Financial Services LLC acquired a new stake in Neurocrine Biosciences during the first quarter worth about $529,000. Finally, QRG Capital Management Inc. increased its stake in Neurocrine Biosciences by 7.1% during the first quarter. QRG Capital Management Inc. now owns 20,062 shares of the company's stock worth $2,219,000 after acquiring an additional 1,330 shares during the last quarter. 92.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Wall Street Zen upgraded Neurocrine Biosciences from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. Morgan Stanley increased their target price on Neurocrine Biosciences from $158.00 to $163.00 and gave the company an "overweight" rating in a research note on Friday, September 5th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Neurocrine Biosciences in a research note on Wednesday, October 8th. UBS Group increased their target price on Neurocrine Biosciences from $188.00 to $195.00 and gave the company a "buy" rating in a research note on Thursday, October 9th. Finally, Piper Sandler increased their target price on Neurocrine Biosciences from $154.00 to $175.00 and gave the company an "overweight" rating in a research note on Thursday, July 31st. Sixteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, Neurocrine Biosciences has a consensus rating of "Moderate Buy" and a consensus price target of $163.44.

Insider Buying and Selling

In related news, Director Kevin Charles Gorman sold 106,322 shares of the stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $126.41, for a total value of $13,440,164.02. Following the completion of the transaction, the director owned 514,596 shares of the company's stock, valued at approximately $65,050,080.36. This represents a 17.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 4.30% of the company's stock.

Neurocrine Biosciences Stock Performance

Shares of NBIX opened at $137.23 on Wednesday. The company has a market capitalization of $13.61 billion, a P/E ratio of 40.60, a P/E/G ratio of 0.99 and a beta of 0.21. Neurocrine Biosciences, Inc. has a one year low of $84.23 and a one year high of $154.61. The stock has a 50-day moving average price of $137.92 and a 200 day moving average price of $125.46.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued 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 the consensus estimate of $653.09 million. Neurocrine Biosciences had a return on equity of 13.22% and a net margin of 13.88%.Neurocrine Biosciences's revenue for the quarter was up 16.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.63 earnings per share. As a group, equities research analysts forecast that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current fiscal year.

Neurocrine Biosciences 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.

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