Neurocrine Biosciences, Inc. $NBIX Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. significantly reduced its stake in Neurocrine Biosciences by 84.7%, selling 333,228 shares, leaving them with 60,227 shares valued at approximately $7.57 million.
• Neurocrine Biosciences reported earnings per share (EPS) of $1.06 for the last quarter, exceeding analysts' expectations and marking a 16.5% increase in revenue year-over-year.
• Despite some insider selling, analysts maintain a consensus rating of "Moderate Buy" for Neurocrine Biosciences, with the average target price raised to $161.89.

Assenagon Asset Management S.A. lessened its stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 84.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 60,227 shares of the company's stock after selling 333,228 shares during the period. Assenagon Asset Management S.A. owned about 0.06% of Neurocrine Biosciences worth $7,570,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd bought a new stake in shares of Neurocrine Biosciences in the 1st quarter worth about $1,460,000. Golden State Wealth Management LLC grew its stake in Neurocrine Biosciences by 116.9% in the first quarter. Golden State Wealth Management LLC now owns 397 shares of the company's stock worth $44,000 after purchasing an additional 214 shares in the last quarter. Financiere des Professionnels Fonds d investissement inc. acquired a new position in Neurocrine Biosciences in the second quarter worth about $696,000. Fifth Third Bancorp increased its holdings in Neurocrine Biosciences by 31.7% in the first quarter. Fifth Third Bancorp now owns 1,056 shares of the company's stock valued at $117,000 after buying an additional 254 shares during the last quarter. Finally, Integrated Wealth Concepts LLC raised its stake in Neurocrine Biosciences by 167.2% during the first quarter. Integrated Wealth Concepts LLC now owns 7,233 shares of the company's stock valued at $800,000 after buying an additional 4,526 shares in the last quarter. 92.59% of the stock is currently owned by institutional investors.

Neurocrine Biosciences Price Performance

Shares of NASDAQ:NBIX opened at $146.40 on Wednesday. The stock has a market cap of $14.52 billion, a price-to-earnings ratio of 43.31, a PEG ratio of 1.06 and a beta of 0.28. Neurocrine Biosciences, Inc. has a 12 month low of $84.23 and a 12 month high of $154.61. The stock's 50 day moving average price is $135.80 and its 200 day moving average price is $122.60.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $1.06 earnings per share (EPS) for the quarter, beating 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 company had revenue of $687.50 million for the quarter, compared to analysts' expectations of $653.09 million. During the same period last year, the firm earned $1.63 EPS. The firm's revenue for the quarter was up 16.5% on a year-over-year basis. On average, sell-side analysts expect that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current year.

Wall Street Analyst Weigh In

NBIX has been the subject of several research reports. UBS Group lifted their target price on Neurocrine Biosciences from $152.00 to $174.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Truist Financial began coverage on shares of Neurocrine Biosciences in a report on Monday, July 21st. They issued a "buy" rating and a $163.00 price objective for the company. Royal Bank Of Canada increased their target price on shares of Neurocrine Biosciences from $144.00 to $149.00 and gave the stock an "outperform" rating in a report on Friday, September 5th. Guggenheim raised their price target on shares of Neurocrine Biosciences from $165.00 to $175.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Finally, Wall Street Zen raised shares of Neurocrine Biosciences from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 2nd. Seventeen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Neurocrine Biosciences has a consensus rating of "Moderate Buy" and an average target price of $161.89.

Insider Buying and Selling

In other news, Director Kevin Charles Gorman sold 106,322 shares of Neurocrine Biosciences stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $126.41, for a total value of $13,440,164.02. Following the transaction, the director owned 514,596 shares of the company's stock, valued at $65,050,080.36. The trade was a 17.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Ingrid Delaet sold 457 shares of the business's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $135.00, for a total transaction of $61,695.00. Following the completion of the sale, the insider owned 4,730 shares in the company, valued at $638,550. The trade was a 8.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 186,960 shares of company stock valued at $23,955,553 over the last three months. Company insiders own 4.30% of the company's stock.

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.

Want to see what other hedge funds are holding NBIX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.