Neurocrine Biosciences, Inc. $NBIX Shares Sold by Continuum Advisory LLC

Key Points

• Continuum Advisory LLC cut its Neurocrine Biosciences stake by 99.1% in the second quarter, selling 43,650 shares and retaining 418 shares worth approximately $70,000. Institutional investors collectively own 92.59% of NBIX.
• Neurocrine reported quarterly EPS of $2.85, beating estimates of $1.65, while revenue rose 39.5% year over year to $959 million, above the $891.16 million consensus.
• Analysts remain broadly positive, with NBIX carrying a “Moderate Buy” consensus rating and an average price target of $201.05, compared with a reported share price of $155.64.

Continuum Advisory LLC decreased its position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 99.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 418 shares of the company's stock after selling 43,650 shares during the period. Continuum Advisory LLC's holdings in Neurocrine Biosciences were worth $70,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank of America Corp DE raised its stake in Neurocrine Biosciences by 10.6% during the first quarter. Bank of America Corp DE now owns 583,827 shares of the company's stock worth $76,913,000 after purchasing an additional 55,723 shares during the period. ABN AMRO Bank N.V. acquired a new stake in shares of Neurocrine Biosciences during the 2nd quarter worth $2,510,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in shares of Neurocrine Biosciences during the 4th quarter worth $1,866,000. Cetera Investment Advisers boosted its holdings in Neurocrine Biosciences by 50.1% in the first quarter. Cetera Investment Advisers now owns 20,245 shares of the company's stock valued at $2,667,000 after acquiring an additional 6,756 shares during the last quarter. Finally, SEB Asset Management AB purchased a new stake in Neurocrine Biosciences during the first quarter valued at about $10,483,000. 92.59% of the stock is owned by hedge funds and other institutional investors.

Neurocrine Biosciences Price Performance

NASDAQ:NBIX opened at $155.64 on Tuesday. The firm has a 50-day moving average of $165.70 and a two-hundred day moving average of $150.66. The stock has a market cap of $15.82 billion, a P/E ratio of 22.82, a PEG ratio of 0.73 and a beta of 0.38. Neurocrine Biosciences, Inc. has a 1-year low of $122.14 and a 1-year high of $186.12.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last announced its earnings results 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. Neurocrine Biosciences had a return on equity of 22.43% and a net margin of 20.91%.The business had revenue of $959.00 million for the quarter, compared to analyst estimates of $891.16 million. During the same period in the previous year, the company earned $1.65 earnings per share. The company's revenue for the quarter was up 39.5% compared to the same quarter last year. As a group, equities analysts expect that Neurocrine Biosciences, Inc. will post 7.25 earnings per share for the current year.

Insider Buying and Selling at Neurocrine Biosciences

In related news, insider Darin Lippoldt sold 10,000 shares of the company's stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $179.60, for a total value of $1,796,000.00. Following the sale, the insider directly owned 54,729 shares of the company's stock, valued at $9,829,328.40. This represents a 15.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Leslie Norwalk sold 1,250 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $182.01, for a total transaction of $227,512.50. Following the transaction, the director owned 1,588 shares in the company, valued at $289,031.88. This trade represents a 44.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 40,188 shares of company stock valued at $7,118,633 in the last three months. Corporate insiders own 4.60% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NBIX. Cantor Fitzgerald lifted their price objective on Neurocrine Biosciences from $210.00 to $215.00 and gave the company an "overweight" rating in a research note on Friday, July 31st. Zacks Research cut shares of Neurocrine Biosciences from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 4th. Guggenheim increased their price objective on shares of Neurocrine Biosciences from $200.00 to $222.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Truist Financial raised their price objective on Neurocrine Biosciences from $200.00 to $213.00 and gave the company a "buy" rating in a research report on Monday, August 3rd. Finally, TD Cowen boosted their price objective on Neurocrine Biosciences from $200.00 to $220.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $201.05.

Neurocrine Biosciences Company Profile

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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