Neurocrine Biosciences, Inc. $NBIX Holdings Trimmed by Plato Investment Management Ltd

Key Points

• Plato Investment Management Ltd significantly reduced its holdings in Neurocrine Biosciences by 79% during Q1, leaving it with 2,282 shares valued at approximately $255,000.
• Several hedge funds including Cetera Investment Advisers and Ethic Inc. increased their positions in Neurocrine Biosciences, showcasing a trend of institutional investment in the company.
• Neurocrine Biosciences reported strong Q2 earnings with earnings per share of $1.06, surpassing analysts' expectations and indicating a 16.5% year-over-year revenue growth.

Plato Investment Management Ltd cut its holdings in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 79.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,282 shares of the company's stock after selling 8,562 shares during the period. Plato Investment Management Ltd's holdings in Neurocrine Biosciences were worth $255,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. DE Burlo Group Inc. boosted its position in shares of Neurocrine Biosciences by 2.2% during the first quarter. DE Burlo Group Inc. now owns 4,717 shares of the company's stock worth $522,000 after buying an additional 100 shares during the period. Nissay Asset Management Corp Japan ADV boosted its position in shares of Neurocrine Biosciences by 0.9% during the first quarter. Nissay Asset Management Corp Japan ADV now owns 12,293 shares of the company's stock worth $1,360,000 after buying an additional 107 shares during the period. Sheaff Brock Investment Advisors LLC boosted its position in shares of Neurocrine Biosciences by 4.8% during the first quarter. Sheaff Brock Investment Advisors LLC now owns 2,619 shares of the company's stock worth $290,000 after buying an additional 120 shares during the period. Aurora Investment Counsel boosted its position in shares of Neurocrine Biosciences by 1.3% during the first quarter. Aurora Investment Counsel now owns 10,520 shares of the company's stock worth $1,164,000 after buying an additional 138 shares during the period. Finally, Illumine Investment Management LLC boosted its position in shares of Neurocrine Biosciences by 1.5% during the first quarter. Illumine Investment Management LLC now owns 9,641 shares of the company's stock worth $1,066,000 after buying an additional 139 shares during the period. 92.59% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Neurocrine Biosciences

In other Neurocrine Biosciences news, insider Ingrid Delaet sold 457 shares of the company's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $135.00, for a total value of $61,695.00. Following the transaction, the insider owned 4,730 shares of the company's stock, valued at approximately $638,550. This represents a 8.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kevin Charles Gorman sold 106,322 shares of Neurocrine Biosciences 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 owned 514,596 shares in the company, valued at approximately $65,050,080.36. The trade was a 17.12% 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 valued at $23,955,553. Corporate insiders own 4.30% of the company's stock.

Neurocrine Biosciences Stock Performance

Shares of NASDAQ NBIX traded up $0.62 during trading on Wednesday, hitting $141.52. The company had a trading volume of 75,073 shares, compared to its average volume of 1,206,559. The company has a market cap of $14.04 billion, a P/E ratio of 41.87, a PEG ratio of 1.01 and a beta of 0.28. Neurocrine Biosciences, Inc. has a 52 week low of $84.23 and a 52 week high of $154.61. The business's 50-day moving average is $134.63 and its 200 day moving average is $121.49.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $687.50 million for the quarter, compared to analysts' expectations of $653.09 million. Neurocrine Biosciences had a return on equity of 13.22% and a net margin of 13.88%.The firm's revenue was up 16.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.63 earnings per share. On average, research analysts expect that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on NBIX shares. Truist Financial started coverage on Neurocrine Biosciences in a research report on Monday, July 21st. They set a "buy" rating and a $163.00 price objective for the company. Wall Street Zen raised Neurocrine Biosciences from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Wedbush boosted their target price on Neurocrine Biosciences from $137.00 to $141.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. JPMorgan Chase & Co. boosted their target price on Neurocrine Biosciences from $140.00 to $145.00 and gave the stock a "neutral" rating in a report on Thursday, July 31st. Finally, UBS Group boosted their target price on Neurocrine Biosciences from $152.00 to $174.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Seventeen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $160.26.

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.