Palo Alto Investors LP Makes New $1.48 Million Investment in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Palo Alto Investors LP has acquired a new position in Neurocrine Biosciences, purchasing 13,334 shares valued at approximately $1,475,000.
• Neurocrine Biosciences reported $1.06 earnings per share for the last quarter, exceeding analyst expectations by $0.08, with a revenue increase of 16.5% year-over-year.
• The average analyst rating for Neurocrine Biosciences is a "Moderate Buy," with an average target price of $159.50.

Palo Alto Investors LP acquired a new position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 13,334 shares of the company's stock, valued at approximately $1,475,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Marshall Wace LLP purchased a new stake in shares of Neurocrine Biosciences in the fourth quarter valued at about $331,000. Mercer Global Advisors Inc. ADV lifted its holdings in shares of Neurocrine Biosciences by 52.0% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 12,112 shares of the company's stock valued at $1,653,000 after purchasing an additional 4,143 shares in the last quarter. Algert Global LLC lifted its holdings in shares of Neurocrine Biosciences by 86.0% in the fourth quarter. Algert Global LLC now owns 34,166 shares of the company's stock valued at $4,664,000 after purchasing an additional 15,800 shares in the last quarter. Balyasny Asset Management L.P. purchased a new stake in shares of Neurocrine Biosciences in the fourth quarter valued at about $26,580,000. Finally, Baird Financial Group Inc. lifted its holdings in shares of Neurocrine Biosciences by 82.0% in the fourth quarter. Baird Financial Group Inc. now owns 54,717 shares of the company's stock valued at $7,469,000 after purchasing an additional 24,657 shares in the last quarter. Hedge funds and other institutional investors own 92.59% of the company's stock.

Neurocrine Biosciences Stock Up 3.2%

Shares of NBIX traded up $4.29 on Thursday, hitting $140.40. 772,402 shares of the stock traded hands, compared to its average volume of 754,301. The firm has a market capitalization of $13.92 billion, a P/E ratio of 41.54, a P/E/G ratio of 0.98 and a beta of 0.28. The stock's 50 day moving average is $132.25 and its two-hundred day moving average is $120.06. 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 quarterly earnings data on Wednesday, July 30th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.08. The business had revenue of $687.50 million for the quarter, compared to the consensus estimate of $653.09 million. Neurocrine Biosciences had a net margin of 13.88% and a return on equity of 13.22%. The company's quarterly revenue was up 16.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.63 earnings per share. Research analysts forecast that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current year.

Analyst Upgrades and Downgrades

NBIX has been the topic of several recent research reports. Stifel Nicolaus upped their price target on shares of Neurocrine Biosciences from $166.00 to $174.00 and gave the company a "buy" rating in a report on Thursday, July 31st. JPMorgan Chase & Co. upped their price target on shares of Neurocrine Biosciences from $140.00 to $145.00 and gave the company a "neutral" rating in a report on Thursday, July 31st. Royal Bank Of Canada reduced their price target on shares of Neurocrine Biosciences from $146.00 to $144.00 and set an "outperform" rating on the stock in a report on Thursday, July 31st. Piper Sandler upped their price target on shares of Neurocrine Biosciences from $154.00 to $175.00 and gave the company an "overweight" rating in a report on Thursday, July 31st. Finally, UBS Group upped their price objective on shares of Neurocrine Biosciences from $152.00 to $174.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Eighteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $159.50.

Insiders Place Their Bets

In other Neurocrine Biosciences news, insider Jude Onyia sold 59,819 shares of the stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $130.46, for a total transaction of $7,803,986.74. Following the transaction, the insider owned 18,289 shares of the company's stock, valued at $2,385,982.94. This trade represents a 76.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kevin Charles Gorman sold 106,322 shares of the stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $126.41, for a total transaction of $13,440,164.02. Following the transaction, the director directly owned 514,596 shares in the company, valued at approximately $65,050,080.36. This represents a 17.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 186,960 shares of company stock valued at $23,955,553 over the last quarter. Company insiders own 4.80% of the company's stock.

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.