Neurocrine Biosciences, Inc. $NBIX Stake Lessened by University of Texas Texas AM Investment Management Co.

Key Points

• University of Texas Texas A&M Investment Management Co. cut its Neurocrine stake by 89.9% in the third quarter, selling 6,469 shares and retaining 723 shares worth about $103,000.
• Neurocrine reported quarterly EPS of $3.29, beating estimates of $1.91, while revenue of $1.12 billion exceeded forecasts and rose 41.3% year over year.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $202.32; 20 analysts rate the stock Buy or Strong Buy, and four rate it Hold.

University of Texas Texas AM Investment Management Co. lessened its stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 89.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 723 shares of the company's stock after selling 6,469 shares during the quarter. University of Texas Texas AM Investment Management Co.'s holdings in Neurocrine Biosciences were worth $103,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its holdings in shares of Neurocrine Biosciences by 10.6% in the first quarter. Bank of America Corp DE now owns 583,827 shares of the company's stock valued at $76,913,000 after buying an additional 55,723 shares during the period. ABN AMRO Bank N.V. bought a new position in Neurocrine Biosciences during the second quarter valued at about $2,510,000. Focus Partners Advisor Solutions LLC acquired a new position in Neurocrine Biosciences during the second quarter worth about $1,927,000. Engineers Gate Manager LP grew its holdings in Neurocrine Biosciences by 64.0% during the second quarter. Engineers Gate Manager LP now owns 18,361 shares of the company's stock worth $3,094,000 after acquiring an additional 7,163 shares during the period. Finally, Summit Global Investments acquired a new position in Neurocrine Biosciences during the second quarter worth about $4,959,000. Institutional investors own 92.59% of the company's stock.

Insider Buying and Selling

In other Neurocrine Biosciences news, Director George Morrow sold 7,500 shares of the company's stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $145.79, for a total transaction of $1,093,425.00. Following the completion of the sale, the director directly owned 10,386 shares of the company's stock, valued at approximately $1,514,174.94. This represents a 41.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David W. Boyer sold 826 shares of the firm's stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $157.45, for a total transaction of $130,053.70. Following the completion of the transaction, the insider owned 8,722 shares of the company's stock, valued at approximately $1,373,278.90. The trade was a 8.65% 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. In the last quarter, insiders have sold 18,137 shares of company stock valued at $2,829,332. 4.60% of the stock is owned by corporate insiders.

Neurocrine Biosciences Stock Up 2.6%

Shares of NASDAQ NBIX opened at $168.86 on Tuesday. The stock has a market capitalization of $17.09 billion, a price-to-earnings ratio of 25.05, a PEG ratio of 0.74 and a beta of 0.36. The stock's fifty day simple moving average is $147.51 and its 200 day simple moving average is $148.22. Neurocrine Biosciences, Inc. has a 52-week low of $122.14 and a 52-week high of $186.12.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last announced its earnings results on Monday, November 2nd. The company reported $3.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.91 by $1.38. Neurocrine Biosciences had a return on equity of 23.39% and a net margin of 18.98%. The company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period in the previous year, the firm earned $2.04 earnings per share. Neurocrine Biosciences's revenue for the quarter was up 41.3% compared to the same quarter last year. As a group, analysts anticipate that Neurocrine Biosciences, Inc. will post 8.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

NBIX has been the subject of a number of research analyst reports. Wells Fargo & Company upped their price target on shares of Neurocrine Biosciences from $175.00 to $200.00 and gave the company an "overweight" rating in a report on Friday, July 17th. Mizuho upgraded shares of Neurocrine Biosciences to a "hold" rating in a research report on Wednesday, September 16th. UBS Group lowered their price objective on shares of Neurocrine Biosciences from $231.00 to $214.00 and set a "buy" rating on the stock in a research note on Tuesday, September 29th. Guggenheim boosted their target price on shares of Neurocrine Biosciences from $207.00 to $224.00 and gave the stock a "buy" rating in a report on Wednesday, November 4th. Finally, Stifel Nicolaus boosted their target price on shares of Neurocrine Biosciences from $188.00 to $215.00 and gave the stock a "buy" rating in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $202.32.

About Neurocrine Biosciences

Neurocrine Biosciences is a biopharmaceutical company focused on developing and commercializing treatments for neurological, endocrine and related disorders. Founded in 1992 and headquartered in San Diego, California, the company conducts research and development alongside its commercial operations.

Its marketed medicines include INGREZZA (valbenazine), approved in the United States for tardive dyskinesia and chorea associated with Huntington disease, and CRENESSITY (crinecerfont), used with glucocorticoid replacement therapy to treat classic congenital adrenal hyperplasia in adults and children.

Neurocrine primarily serves the U.S.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.