Iron Triangle Partners LP Sells 171,359 Shares of Neurocrine Biosciences, Inc. $NBIX

Key Points

• Iron Triangle Partners LP has reduced its holdings in Neurocrine Biosciences by 53.9%, owning 146,836 shares after selling 171,359 during the 1st quarter.
• Other institutional investors, such as Dodge & Cox and Wellington Management Group, have increased their stakes in Neurocrine, showing strong confidence in the company.
• Several analysts have upgraded their price target for Neurocrine Biosciences, with BMO Capital Markets raising it from $96.00 to $115.00, indicating a favorable outlook for the stock.

Iron Triangle Partners LP lessened its position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 53.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 146,836 shares of the company's stock after selling 171,359 shares during the period. Neurocrine Biosciences comprises 2.6% of Iron Triangle Partners LP's portfolio, making the stock its 20th largest holding. Iron Triangle Partners LP owned about 0.15% of Neurocrine Biosciences worth $16,240,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Y Intercept Hong Kong Ltd bought a new position in shares of Neurocrine Biosciences in the first quarter worth approximately $1,460,000. Golden State Wealth Management LLC lifted its position in Neurocrine Biosciences by 116.9% during the first quarter. Golden State Wealth Management LLC now owns 397 shares of the company's stock valued at $44,000 after purchasing an additional 214 shares during the period. Fifth Third Bancorp lifted its position in Neurocrine Biosciences by 31.7% during the first quarter. Fifth Third Bancorp now owns 1,056 shares of the company's stock valued at $117,000 after purchasing an additional 254 shares during the period. Cetera Investment Advisers lifted its position in Neurocrine Biosciences by 46.5% during the fourth quarter. Cetera Investment Advisers now owns 8,169 shares of the company's stock valued at $1,115,000 after purchasing an additional 2,593 shares during the period. Finally, American Century Companies Inc. lifted its position in Neurocrine Biosciences by 106.6% during 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. Institutional investors own 92.59% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on NBIX. Morgan Stanley increased their price objective on shares of Neurocrine Biosciences from $150.00 to $158.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Royal Bank Of Canada reduced their target price on shares of Neurocrine Biosciences from $146.00 to $144.00 and set an "outperform" rating for the company in a report on Thursday, July 31st. Piper Sandler upped their target price on shares of Neurocrine Biosciences from $154.00 to $175.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. Truist Financial assumed coverage on shares of Neurocrine Biosciences in a report on Monday, July 21st. They set a "buy" rating and a $163.00 target price for the company. Finally, The Goldman Sachs Group assumed coverage on shares of Neurocrine Biosciences in a report on Thursday, July 10th. They set a "buy" rating and a $182.00 target price for the company. Eighteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $159.50.

Insider Activity

In other news, insider Ingrid Delaet sold 457 shares of the stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $135.00, for a total value of $61,695.00. Following the sale, the insider owned 4,730 shares of the company's stock, valued at approximately $638,550. This represents a 8.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jude Onyia sold 59,819 shares of Neurocrine Biosciences stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $130.46, for a total transaction of $7,803,986.74. Following the transaction, the insider directly owned 18,289 shares of the company's stock, valued at approximately $2,385,982.94. This represents a 76.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 186,960 shares of company stock valued at $23,955,553. 4.30% of the stock is currently owned by insiders.

Neurocrine Biosciences Stock Up 1.6%

Neurocrine Biosciences stock traded up $2.30 during mid-day trading on Tuesday, reaching $141.90. 613,587 shares of the company's stock traded hands, compared to its average volume of 1,233,991. Neurocrine Biosciences, Inc. has a 12-month low of $84.23 and a 12-month high of $154.61. The company has a market cap of $14.07 billion, a price-to-earnings ratio of 41.98, a PEG ratio of 1.01 and a beta of 0.28. The stock has a 50 day moving average of $131.53 and a two-hundred day moving average of $119.61.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last announced its 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. The firm had revenue of $687.50 million for the quarter, compared to analysts' expectations of $653.09 million. Neurocrine Biosciences had a net margin of 13.88% and a return on equity of 13.22%. The business's revenue was up 16.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.63 EPS. As a group, sell-side analysts forecast that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current year.

About Neurocrine Biosciences

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.