Primecap Management Co. CA Invests $82.81 Million in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Primecap Management acquired 491,340 Neurocrine Biosciences shares worth approximately $82.8 million, giving it a 0.48% stake. Institutional investors collectively own 92.59% of NBIX.
• Neurocrine reported quarterly EPS of $2.85, surpassing the $1.65 consensus estimate, while revenue rose 39.5% year over year to $959 million.
• Analysts maintain a favorable outlook, with the stock receiving a “Moderate Buy” consensus rating and an average price target of $200.86, above its reported $156.59 trading price.

Primecap Management Co. CA acquired a new stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 491,340 shares of the company's stock, valued at approximately $82,808,000. Primecap Management Co. CA owned approximately 0.48% of Neurocrine Biosciences as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in NBIX. Geneos Wealth Management Inc. lifted its stake in Neurocrine Biosciences by 143.6% in the first quarter. Geneos Wealth Management Inc. now owns 229 shares of the company's stock worth $25,000 after purchasing an additional 135 shares during the last quarter. DJE Kapital AG bought a new position in shares of Neurocrine Biosciences during the fourth quarter valued at about $28,000. Basecamp Wealth Advisors LLC grew 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 buying an additional 204 shares during the last quarter. Cassaday & Co Wealth Management LLC purchased a new position in shares of Neurocrine Biosciences in the first quarter worth about $33,000. Finally, Meeder Asset Management Inc. increased its holdings in shares of Neurocrine Biosciences by 651.6% in the fourth quarter. Meeder Asset Management Inc. now owns 233 shares of the company's stock worth $33,000 after buying an additional 202 shares during the period. Institutional investors own 92.59% of the company's stock.

Neurocrine Biosciences Trading Up 2.1%

Shares of NASDAQ:NBIX opened at $156.59 on Thursday. The company has a market cap of $15.92 billion, a price-to-earnings ratio of 22.96, a price-to-earnings-growth ratio of 0.72 and a beta of 0.39. The company has a 50-day moving average price of $166.91 and a 200-day moving average price of $149.30. Neurocrine Biosciences, Inc. has a 12 month low of $122.14 and a 12 month high of $186.12.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last posted its earnings results on Friday, July 31st. The company reported $2.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.65 by $1.20. Neurocrine Biosciences had a return on equity of 22.43% and a net margin of 20.91%.The company had revenue of $959.00 million for the quarter, compared to analysts' expectations of $891.16 million. During the same period last year, the firm earned $1.65 earnings per share. Neurocrine Biosciences's quarterly revenue was up 39.5% on a year-over-year basis. As a group, research analysts forecast that Neurocrine Biosciences, Inc. will post 7.25 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Leslie V. Norwalk sold 1,250 shares of Neurocrine Biosciences stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $182.01, for a total value of $227,512.50. Following the sale, the director directly owned 1,588 shares in the company, valued at approximately $289,031.88. This trade represents a 44.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ingrid Delaet sold 4,367 shares of the business's stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $181.02, for a total value of $790,514.34. Following the transaction, the insider directly owned 16,225 shares in the company, valued at $2,937,049.50. This trade represents a 21.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 116,636 shares of company stock worth $19,349,078. Corporate insiders own 4.60% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. increased their target price on Neurocrine Biosciences from $177.00 to $185.00 and gave the company an "overweight" rating in a report on Friday, May 8th. The Goldman Sachs Group began coverage on Neurocrine Biosciences in a research report on Tuesday, June 2nd. They set a "buy" rating and a $213.00 price target on the stock. TD Cowen lifted their price target on Neurocrine Biosciences from $200.00 to $220.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Canaccord Genuity Group increased their price objective on Neurocrine Biosciences from $200.00 to $210.00 and gave the company a "buy" rating in a research note on Monday, August 3rd. Finally, BMO Capital Markets increased their price objective on Neurocrine Biosciences from $144.00 to $170.00 and gave the company a "market perform" rating in a research note on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $200.86.

Neurocrine Biosciences Company Profile

Neurocrine Biosciences NASDAQ: NBIX is a biopharmaceutical company based in San Diego, California, focused on developing treatments for neurological, endocrine and neuropsychiatric disorders. Since its founding in 1992, the company has pursued a research‐driven strategy aimed at addressing unmet medical needs in movement disorders, reproductive health and central nervous system conditions. Neurocrine's operations encompass drug discovery, clinical development and commercialization activities.

The company's lead marketed product, Ingrezza™ (valbenazine), is indicated for the treatment of tardive dyskinesia, a movement disorder associated with long-term antipsychotic use.

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