Pier 88 Investment Partners LLC Buys 3,860 Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Pier 88 Investment Partners LLC increased its holdings in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 82.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,550 shares of the company's stock after purchasing an additional 3,860 shares during the period. Pier 88 Investment Partners LLC's holdings in Neurocrine Biosciences were worth $946,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. OneDigital Investment Advisors LLC raised its stake in shares of Neurocrine Biosciences by 2.1% during the 4th quarter. OneDigital Investment Advisors LLC now owns 4,215 shares of the company's stock valued at $575,000 after purchasing an additional 87 shares during the period. HighPoint Advisor Group LLC grew its stake in shares of Neurocrine Biosciences by 4.1% in the 4th quarter. HighPoint Advisor Group LLC now owns 2,446 shares of the company's stock worth $334,000 after buying an additional 96 shares in the last quarter. Huntington National Bank boosted its position in Neurocrine Biosciences by 73.5% in the 4th quarter. Huntington National Bank now owns 229 shares of the company's stock valued at $31,000 after buying an additional 97 shares during the period. Utah Retirement Systems raised its stake in shares of Neurocrine Biosciences by 0.6% during the 4th quarter. Utah Retirement Systems now owns 16,583 shares of the company's stock worth $2,264,000 after acquiring an additional 100 shares in the last quarter. Finally, GeoWealth Management LLC increased its stake in shares of Neurocrine Biosciences by 65.4% in the fourth quarter. GeoWealth Management LLC now owns 258 shares of the company's stock worth $35,000 after acquiring an additional 102 shares during the period. Institutional investors and hedge funds own 92.59% of the company's stock.

Wall Street Analyst Weigh In

NBIX has been the subject of a number of analyst reports. Piper Sandler restated an "overweight" rating and set a $154.00 price objective (down previously from $160.00) on shares of Neurocrine Biosciences in a research report on Tuesday, May 6th. Guggenheim lifted their price objective on shares of Neurocrine Biosciences from $155.00 to $165.00 and gave the company a "buy" rating in a research note on Tuesday, May 6th. The Goldman Sachs Group started coverage on shares of Neurocrine Biosciences in a research note on Thursday, July 10th. They issued a "buy" rating and a $182.00 price target for the company. Wedbush reissued an "outperform" rating on shares of Neurocrine Biosciences in a report on Tuesday, May 6th. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $145.00 price target on shares of Neurocrine Biosciences in a report on Monday, June 2nd. Three research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company's stock. Based on data from MarketBeat.com, Neurocrine Biosciences presently has a consensus rating of "Moderate Buy" and a consensus target price of $163.87.

Neurocrine Biosciences Stock Performance

Shares of NBIX traded up $1.16 during midday trading on Tuesday, hitting $132.99. 81,833 shares of the company traded hands, compared to its average volume of 1,142,500. The firm has a 50 day moving average of $126.07 and a 200-day moving average of $121.21. Neurocrine Biosciences, Inc. has a 52 week low of $84.23 and a 52 week high of $157.98. The stock has a market cap of $13.16 billion, a price-to-earnings ratio of 45.06, a PEG ratio of 1.35 and a beta of 0.24.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.62). Neurocrine Biosciences had a return on equity of 11.81% and a net margin of 12.68%. The company had revenue of $572.60 million for the quarter, compared to analyst estimates of $587.06 million. During the same quarter in the previous year, the company posted $1.20 earnings per share. The company's quarterly revenue was up 11.1% compared to the same quarter last year. Sell-side analysts predict that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Kevin Charles Gorman sold 9,613 shares of the company's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $120.38, for a total value of $1,157,212.94. Following the sale, the director directly owned 514,596 shares of the company's stock, valued at approximately $61,947,066.48. This represents a 1.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Ingrid Delaet sold 457 shares of the business's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $135.00, for a total transaction of $61,695.00. Following the sale, the insider directly owned 4,730 shares in the company, valued at $638,550. The trade was a 8.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 120,251 shares of company stock valued at $14,978,602 in the last quarter. 4.30% of the stock is owned by company insiders.

Neurocrine Biosciences Company Profile

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.

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