Northern Trust Corp Has $105.88 Million Stake in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Northern Trust Corp reduced its stake in Neurocrine Biosciences by 2.5%, holding approximately 957,280 shares worth $105.87 million as of the latest SEC filing.
• The company recently reported earnings of $1.06 per share for the quarter, exceeding estimates, with revenue growth of 16.5% year-over-year.
• Neurocrine's stock has received strong buy ratings from several analysts, with a consensus price target of $159.50 reflecting positive market sentiment.

Northern Trust Corp trimmed its position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 2.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 957,280 shares of the company's stock after selling 24,659 shares during the quarter. Northern Trust Corp owned 0.97% of Neurocrine Biosciences worth $105,875,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Orbimed Advisors LLC grew its stake in Neurocrine Biosciences by 210.4% during the 4th quarter. Orbimed Advisors LLC now owns 938,120 shares of the company's stock worth $128,053,000 after purchasing an additional 635,900 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Neurocrine Biosciences by 1,405.2% during the 1st quarter. Assenagon Asset Management S.A. now owns 393,455 shares of the company's stock worth $43,516,000 after acquiring an additional 367,315 shares in the last quarter. Iron Triangle Partners LP acquired a new position in shares of Neurocrine Biosciences during the 4th quarter worth about $43,434,000. Nuveen LLC purchased a new stake in shares of Neurocrine Biosciences in the 1st quarter valued at about $31,686,000. Finally, Alyeska Investment Group L.P. purchased a new stake in shares of Neurocrine Biosciences in the 4th quarter valued at about $33,979,000. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on NBIX. The Goldman Sachs Group assumed coverage on Neurocrine Biosciences in a research note on Thursday, July 10th. They set a "buy" rating and a $182.00 price objective for the company. Royal Bank Of Canada cut their target price on Neurocrine Biosciences from $146.00 to $144.00 and set an "outperform" rating for the company in a research note on Thursday, July 31st. Stifel Nicolaus increased their target price on Neurocrine Biosciences from $166.00 to $174.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. BMO Capital Markets increased their target price on Neurocrine Biosciences from $96.00 to $115.00 and gave the stock a "market perform" rating in a research note on Tuesday, May 6th. Finally, Needham & Company LLC increased their target price on Neurocrine Biosciences from $138.00 to $139.00 and gave the stock a "buy" rating in a research note on Tuesday, May 6th. Eighteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $159.50.

Insider Activity at Neurocrine Biosciences

In related news, Director Kevin Charles Gorman sold 106,322 shares of Neurocrine Biosciences stock in a transaction on 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 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jude Onyia sold 59,819 shares of the firm's stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $130.46, for a total value of $7,803,986.74. Following the completion of the transaction, the insider directly owned 18,289 shares in the company, valued at $2,385,982.94. This trade represents a 76.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 186,960 shares of company stock worth $23,955,553. 4.80% of the stock is owned by insiders.

Neurocrine Biosciences Price Performance

NASDAQ:NBIX traded up $0.09 during trading hours on Thursday, reaching $138.22. 255,698 shares of the company traded hands, compared to its average volume of 1,241,597. The firm's 50-day moving average is $130.76 and its 200-day moving average is $119.11. The stock has a market cap of $13.71 billion, a P/E ratio of 40.88, a P/E/G ratio of 0.99 and a beta of 0.25. 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 announced its earnings results on Wednesday, July 30th. The company reported $1.06 EPS for the quarter, beating analysts' consensus estimates of $0.98 by $0.08. Neurocrine Biosciences had a return on equity of 13.22% and a net margin of 13.88%.The firm had revenue of $687.50 million for the quarter, compared to analysts' expectations of $653.09 million. During the same quarter in the prior year, the firm earned $1.63 EPS. Neurocrine Biosciences's quarterly revenue was up 16.5% on a year-over-year basis. As a group, research analysts predict 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.