Neurocrine Biosciences, Inc. $NBIX Stock: Ellsworth Advisors LLC Decreases Position

Key Points

• Ellsworth Advisors LLC cut its Neurocrine Biosciences stake by 94.9% in the third quarter, selling 37,587 shares and retaining 2,040 shares valued at approximately $289,000.
• Institutional ownership remains high at 92.59%, with major investors including BlackRock, Renaissance Technologies and First Trust Advisors increasing or initiating positions. Insiders have sold 4,387 shares worth about $720,855 over the past 90 days.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $201.14 price target. NBIX recently traded at $135.71, while its latest quarterly results exceeded expectations with $2.85 in EPS and $959 million in revenue.

Ellsworth Advisors LLC lessened its holdings in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 94.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,040 shares of the company's stock after selling 37,587 shares during the period. Ellsworth Advisors LLC's holdings in Neurocrine Biosciences were worth $289,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in NBIX. BlackRock Inc. bought a new stake in shares of Neurocrine Biosciences during the second quarter worth $2,310,886,000. Renaissance Technologies LLC lifted its position in shares of Neurocrine Biosciences by 8.0% during the first quarter. Renaissance Technologies LLC now owns 2,418,897 shares of the company's stock worth $318,665,000 after purchasing an additional 180,100 shares in the last quarter. First Trust Advisors LP grew its stake in shares of Neurocrine Biosciences by 97.0% during the first quarter. First Trust Advisors LP now owns 959,217 shares of the company's stock worth $126,367,000 after purchasing an additional 472,408 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Neurocrine Biosciences in the 2nd quarter valued at $117,827,000. Finally, Ieq Capital LLC acquired a new stake in shares of Neurocrine Biosciences during the 2nd quarter worth about $107,914,000. 92.59% of the stock is currently owned by institutional investors.

Insider Transactions at Neurocrine Biosciences

In other Neurocrine Biosciences news, Director Leslie Norwalk sold 1,250 shares of the business's stock in a transaction that occurred on Tuesday, July 28th. The stock was 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 of the company's stock, valued at $289,031.88. The trade was a 44.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David W. Boyer sold 826 shares of Neurocrine Biosciences stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $157.45, for a total value of $130,053.70. Following the transaction, the insider directly owned 8,722 shares in the company, valued at $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 ninety days, insiders have sold 4,387 shares of company stock worth $720,855. 4.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on NBIX. Needham & Company LLC reaffirmed a "buy" rating and set a $204.00 price target on shares of Neurocrine Biosciences in a report on Friday. Wedbush raised their target price on Neurocrine Biosciences from $185.00 to $194.00 and gave the stock an "outperform" rating in a report on Monday, August 3rd. UBS Group decreased their price target 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. Mizuho raised Neurocrine Biosciences to a "hold" rating in a report on Wednesday, September 16th. Finally, Stifel Nicolaus upped their price objective 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 equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $201.14.

Neurocrine Biosciences Stock Down 0.9%

NBIX stock opened at $135.71 on Friday. The firm has a market cap of $13.79 billion, a price-to-earnings ratio of 19.90, a PEG ratio of 0.60 and a beta of 0.40. The business's fifty day simple moving average is $149.10 and its two-hundred day simple moving average is $153.45. Neurocrine Biosciences, Inc. has a twelve month low of $122.14 and a twelve month high of $186.12.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The company reported $2.85 earnings per share for the quarter, topping analysts' consensus estimates of $1.65 by $1.20. The company had revenue of $959.00 million during the quarter, compared to analysts' expectations of $891.16 million. Neurocrine Biosciences had a return on equity of 22.43% and a net margin of 20.91%. Neurocrine Biosciences's quarterly revenue was up 39.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.65 EPS. Research analysts expect that Neurocrine Biosciences, Inc. will post 7.70 EPS for the current year.

Neurocrine Biosciences Profile

Neurocrine Biosciences, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for neurological, neuroendocrine and related disorders. The company is headquartered in San Diego, California, and conducts research through internal programs and collaborations with academic institutions and other pharmaceutical companies.

Neurocrine's principal commercial product is INGREZZA (valbenazine), a vesicular monoamine transporter 2 inhibitor used to treat tardive dyskinesia and chorea associated with Huntington's disease.

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