Pictet Asset Management Holding SA Sells 37,337 Shares of Neurocrine Biosciences, Inc. $NBIX

Key Points

• Pictet Asset Management cut its Neurocrine Biosciences stake by 8.7%, selling 37,337 shares in the third quarter; it held 393,298 shares worth about $55.5 million at quarter-end.
• Neurocrine reported quarterly EPS of $3.29, beating the $1.91 consensus, while revenue of $1.12 billion exceeded estimates and rose 41.3% year over year.
• Analysts’ consensus rating was “Moderate Buy”, with an average price target of $202.32; institutional investors owned 92.59% of the company’s shares.

Pictet Asset Management Holding SA lessened its position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 8.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 393,298 shares of the company's stock after selling 37,337 shares during the period. Pictet Asset Management Holding SA owned 0.39% of Neurocrine Biosciences worth $55,484,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Basecamp Wealth Advisors LLC boosted its stake in shares of Neurocrine Biosciences by 582.9% during the first quarter. Basecamp Wealth Advisors LLC now owns 239 shares of the company's stock valued at $31,000 after purchasing an additional 204 shares in the last quarter. Raleigh Capital Management Inc. increased its stake in shares of Neurocrine Biosciences by 561.8% in the third quarter. Raleigh Capital Management Inc. now owns 225 shares of the company's stock valued at $32,000 after buying an additional 191 shares during the period. Cassaday & Co Wealth Management LLC acquired a new position in shares of Neurocrine Biosciences in the first quarter valued at approximately $33,000. Ascentis Independent Advisors bought a new position in Neurocrine Biosciences in the 1st quarter valued at approximately $40,000. Finally, TrinityBridge Ltd bought a new position in Neurocrine Biosciences in the 2nd quarter valued at approximately $45,000. 92.59% of the stock is currently owned by institutional investors.

Neurocrine Biosciences Stock Performance

Neurocrine Biosciences stock opened at $168.86 on Tuesday. Neurocrine Biosciences, Inc. has a 52-week low of $122.14 and a 52-week high of $186.12. The firm has a 50 day moving average price of $147.51 and a two-hundred day moving average price of $148.22. The firm has a market cap of $17.09 billion, a price-to-earnings ratio of 20.81, a PEG ratio of 0.74 and a beta of 0.36.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued its quarterly 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 net margin of 18.98% and a return on equity of 23.39%. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the previous year, the company earned $2.04 EPS. The company's revenue for the quarter was up 41.3% on a year-over-year basis. As a group, equities research analysts predict that Neurocrine Biosciences, Inc. will post 8.41 EPS for the current fiscal year.

Insider Activity at Neurocrine Biosciences

In other news, Director George Morrow sold 7,500 shares of the business's stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $145.79, for a total value of $1,093,425.00. Following the transaction, the director directly owned 10,386 shares of the company's stock, valued at $1,514,174.94. The trade was a 41.93% decrease in their position. The sale 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, CFO Matt Abernethy sold 2,311 shares of the company's stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $157.20, for a total value of $363,289.20. Following the sale, the chief financial officer owned 42,808 shares in the company, valued at approximately $6,729,417.60. The trade was a 5.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders have sold a total of 18,137 shares of company stock worth $2,829,332 over the last quarter. Company insiders own 4.60% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. TD Cowen boosted their target price on shares of Neurocrine Biosciences from $200.00 to $220.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Citigroup lifted their price target on shares of Neurocrine Biosciences from $249.00 to $253.00 and gave the stock a "buy" rating in a report on Thursday, September 3rd. Mizuho raised shares of Neurocrine Biosciences to a "hold" rating in a research note on Wednesday, September 16th. Stifel Nicolaus increased their price objective on Neurocrine Biosciences from $188.00 to $215.00 and gave the company a "buy" rating in a report on Friday, July 31st. Finally, Canaccord Genuity Group raised their target price on Neurocrine Biosciences from $210.00 to $220.00 and gave the stock a "buy" rating in a research report on Tuesday, November 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $202.32.

Neurocrine Biosciences Company Profile

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.

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