Neurocrine Biosciences, Inc. $NBIX Shares Sold by New York State Teachers Retirement System

Key Points

• The New York State Teachers Retirement System decreased its stake in Neurocrine Biosciences by 13.6%, now owning approximately 93,762 shares valued at about $11.8 million.
• Despite the reduction in shares by some institutional investors, others like Geneos Wealth Management significantly increased their holdings by 143.6% during the same period.
• Neurocrine reported a strong earnings performance with $1.06 EPS, surpassing analysts' expectations, and a revenue increase of 16.5% compared to the previous year.

New York State Teachers Retirement System cut its stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 13.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 93,762 shares of the company's stock after selling 14,719 shares during the quarter. New York State Teachers Retirement System owned about 0.09% of Neurocrine Biosciences worth $11,785,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Geneos Wealth Management Inc. increased its stake in shares of Neurocrine Biosciences by 143.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 229 shares of the company's stock worth $25,000 after acquiring an additional 135 shares during the last quarter. WPG Advisers LLC acquired a new stake in shares of Neurocrine Biosciences in the 1st quarter worth $32,000. Smallwood Wealth Investment Management LLC acquired a new stake in shares of Neurocrine Biosciences in the 1st quarter worth $34,000. SVB Wealth LLC acquired a new stake in shares of Neurocrine Biosciences in the 1st quarter worth $35,000. Finally, Golden State Wealth Management LLC increased its stake in shares of Neurocrine Biosciences by 116.9% in the 1st quarter. Golden State Wealth Management LLC now owns 397 shares of the company's stock worth $44,000 after acquiring an additional 214 shares during the last quarter. 92.59% of the stock is owned by institutional investors and hedge funds.

Neurocrine Biosciences Price Performance

NASDAQ NBIX opened at $140.09 on Friday. The company has a market cap of $13.89 billion, a P/E ratio of 41.45, a P/E/G ratio of 1.01 and a beta of 0.21. The stock has a 50-day moving average of $138.65 and a two-hundred day moving average of $126.08. Neurocrine Biosciences, Inc. has a 1-year low of $84.23 and a 1-year high of $154.61.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.08. The company 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 was up 16.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.63 EPS. On average, analysts anticipate that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current fiscal year.

Analysts Set New Price Targets

NBIX has been the subject of a number of recent analyst reports. Piper Sandler raised their price objective on Neurocrine Biosciences from $154.00 to $175.00 and gave the stock an "overweight" rating in a research report on Thursday, July 31st. Morgan Stanley boosted their price objective on shares of Neurocrine Biosciences from $158.00 to $163.00 and gave the company an "overweight" rating in a report on Friday, September 5th. UBS Group boosted their price objective on shares of Neurocrine Biosciences from $188.00 to $195.00 and gave the company a "buy" rating in a report on Thursday, October 9th. Truist Financial assumed coverage on shares of Neurocrine Biosciences in a report on Monday, July 21st. They issued a "buy" rating and a $163.00 price objective on the stock. Finally, Royal Bank Of Canada boosted their price objective on shares of Neurocrine Biosciences from $144.00 to $149.00 and gave the company an "outperform" rating in a report on Friday, September 5th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Neurocrine Biosciences has a consensus rating of "Moderate Buy" and an average price target of $163.44.

Insider Activity

In other news, Director Kevin Charles Gorman sold 106,322 shares of Neurocrine Biosciences 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 in the company, valued at approximately $65,050,080.36. This trade represents a 17.12% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 4.80% of the company's stock.

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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