Neurocrine Biosciences, Inc. $NBIX Shares Sold by Summit Global Investments

Key Points

• Summit Global Investments reduced its Neurocrine Biosciences stake by 36.4% in the third quarter, selling 10,716 shares and retaining 18,708 shares valued at approximately $2.65 million. Institutional investors collectively own 92.59% of NBIX.
• Analysts remain broadly bullish, with one Strong Buy, 19 Buy, and four Hold ratings. The stock has a “Moderate Buy” consensus rating and an average price target of $201.14, well above its reported $146.10 opening price.
• Neurocrine reported strong quarterly results, posting $2.85 in EPS versus the $1.65 consensus estimate and $959 million in revenue, up 39.5% year over year. Insider sales by the CEO and CFO were conducted under Rule 10b5-1 plans to cover tax obligations on vested equity awards.

Summit Global Investments cut its holdings in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 36.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,708 shares of the company's stock after selling 10,716 shares during the quarter. Summit Global Investments' holdings in Neurocrine Biosciences were worth $2,654,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bank of America Corp DE raised its position 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 acquiring an additional 55,723 shares during the period. ABN AMRO Bank N.V. purchased a new position in Neurocrine Biosciences during the second quarter valued at $2,510,000. Focus Partners Advisor Solutions LLC purchased a new position in Neurocrine Biosciences during the second quarter valued at $1,927,000. Engineers Gate Manager LP grew its position in shares of Neurocrine Biosciences by 64.0% in the second quarter. Engineers Gate Manager LP now owns 18,361 shares of the company's stock valued at $3,094,000 after purchasing an additional 7,163 shares during the period. Finally, SEB Asset Management AB acquired a new stake in shares of Neurocrine Biosciences in the first quarter valued at about $10,483,000. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Guggenheim assumed coverage on shares of Neurocrine Biosciences in a research note on Tuesday, October 6th. They set a "buy" rating and a $207.00 target price for the company. Morgan Stanley upped their price target on shares of Neurocrine Biosciences from $182.00 to $183.00 and gave the stock an "equal weight" rating in a research report on Friday, September 11th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $198.00 price target on shares of Neurocrine Biosciences in a research note on Tuesday, September 8th. Cantor Fitzgerald lifted their price objective on Neurocrine Biosciences from $210.00 to $215.00 and gave the stock an "overweight" rating in a report on Friday, July 31st. Finally, Wedbush lifted their price objective on Neurocrine Biosciences from $185.00 to $194.00 and gave the stock an "outperform" rating in a report on Monday, August 3rd. One equities 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $201.14.

Insider Transactions at Neurocrine Biosciences

In other news, insider David Boyer sold 826 shares of the stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $157.45, for a total value of $130,053.70. Following the completion of the sale, the insider directly owned 8,722 shares in the company, valued at $1,373,278.90. This represents a 8.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Matt Abernethy sold 2,311 shares of the firm's stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $157.20, for a total transaction of $363,289.20. Following the completion of the transaction, the chief financial officer directly owned 42,808 shares in the company, valued at approximately $6,729,417.60. This represents a 5.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 4.60% of the stock is owned by corporate insiders.

Neurocrine Biosciences Stock Performance

NASDAQ NBIX opened at $146.10 on Friday. The business has a fifty day moving average price of $146.63 and a 200 day moving average price of $147.39. The company has a market cap of $14.85 billion, a P/E ratio of 21.42, a P/E/G ratio of 0.64 and a beta of 0.40. Neurocrine Biosciences, Inc. has a one year low of $122.14 and a one 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 the consensus estimate of $1.65 by $1.20. Neurocrine Biosciences had a net margin of 20.91% and a return on equity of 22.43%. The company had revenue of $959.00 million for the quarter, compared to analysts' expectations of $891.16 million. During the same quarter in the previous year, the company posted $1.65 EPS. The firm's quarterly revenue was up 39.5% on a year-over-year basis. As a group, sell-side analysts predict that Neurocrine Biosciences, Inc. will post 7.72 EPS for the current fiscal year.

Neurocrine Biosciences Profile

Neurocrine Biosciences, Inc is a San Diego-based biopharmaceutical company focused on discovering, developing and commercializing medicines for neurological, neuroendocrine and psychiatric disorders. The company's research programs target conditions in which treatments may address significant unmet medical needs.

Neurocrine's leading product is INGREZZA (valbenazine), a vesicular monoamine transporter 2 inhibitor approved in the United States for the treatment of tardive dyskinesia and chorea associated with Huntington's disease.

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