Primecap Management Co. CA Sells 11,270 Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Key Points

• Primecap Management Co. CA reduced its stake in Neurocrine Biosciences by 2.9%, now holding approximately $42.30 million worth of the company's shares.
• Several institutional investors, including Huntington National Bank and Versant Capital Management Inc, have significantly increased their positions in Neurocrine Biosciences in recent quarters.
• Neurocrine Biosciences reported a strong quarterly earnings performance, with EPS of $1.06 beating the consensus estimate of $0.98, and a revenue increase of 16.5% year-over-year.

Primecap Management Co. CA reduced its stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 2.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 382,440 shares of the company's stock after selling 11,270 shares during the quarter. Primecap Management Co. CA owned 0.39% of Neurocrine Biosciences worth $42,298,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. LPL Financial LLC raised its holdings in Neurocrine Biosciences by 27.8% during the 4th quarter. LPL Financial LLC now owns 16,754 shares of the company's stock valued at $2,287,000 after buying an additional 3,643 shares during the last quarter. Huntington National Bank raised its stake in shares of Neurocrine Biosciences by 73.5% during the fourth quarter. Huntington National Bank now owns 229 shares of the company's stock valued at $31,000 after acquiring an additional 97 shares during the last quarter. ExodusPoint Capital Management LP purchased a new stake in shares of Neurocrine Biosciences during the fourth quarter worth about $2,163,000. Aviva PLC boosted its holdings in shares of Neurocrine Biosciences by 157.0% during the fourth quarter. Aviva PLC now owns 61,918 shares of the company's stock worth $8,452,000 after purchasing an additional 37,826 shares during the period. Finally, Cerity Partners LLC grew its stake in shares of Neurocrine Biosciences by 7.0% in the fourth quarter. Cerity Partners LLC now owns 41,737 shares of the company's stock worth $5,290,000 after purchasing an additional 2,713 shares during the last quarter. Hedge funds and other institutional investors own 92.59% of the company's stock.

Insider Buying and Selling at Neurocrine Biosciences

In other Neurocrine Biosciences news, 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 completion of the sale, the insider directly owned 4,730 shares in the company, valued at approximately $638,550. The trade was a 8.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kevin Charles Gorman sold 9,613 shares of the firm's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $120.38, for a total value of $1,157,212.94. Following the completion of the transaction, the director owned 514,596 shares in the company, valued at approximately $61,947,066.48. This trade represents a 1.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 90,251 shares of company stock worth $11,672,602. Company insiders own 4.80% of the company's stock.

Neurocrine Biosciences Stock Performance

Shares of NBIX traded down $0.59 during trading hours on Friday, hitting $125.01. The company had a trading volume of 1,048,379 shares, compared to its average volume of 1,013,648. The stock has a market capitalization of $12.40 billion, a price-to-earnings ratio of 36.99, a P/E/G ratio of 0.90 and a beta of 0.25. The firm has a fifty day moving average price of $128.72 and a 200-day moving average price of $120.47. Neurocrine Biosciences, Inc. has a 52-week low of $84.23 and a 52-week high of $154.87.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $0.98 by $0.08. Neurocrine Biosciences had a net margin of 13.88% and a return on equity of 13.22%. The business had revenue of $687.50 million during the quarter, compared to analyst estimates of $653.09 million. During the same period last year, the business earned $1.63 EPS. Neurocrine Biosciences's revenue was up 16.5% compared to the same quarter last year. Research analysts anticipate that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on NBIX. Wedbush increased their price objective 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. upped their target price on Neurocrine Biosciences from $140.00 to $145.00 and gave the company a "neutral" rating in a report on Thursday, July 31st. Piper Sandler lifted 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. Guggenheim boosted their price objective on shares of Neurocrine Biosciences from $165.00 to $175.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Finally, Needham & Company LLC raised their target price on shares of Neurocrine Biosciences from $138.00 to $139.00 and gave the stock a "buy" rating in a research report on Tuesday, May 6th. Three investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Neurocrine Biosciences currently has an average rating of "Moderate Buy" and an average target price of $160.90.

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.