Rock Springs Capital Management LP Increases Holdings in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Rock Springs Capital Management increased its Neurocrine Biosciences stake by 19.9% in the first quarter, adding 24,950 shares to own 150,450 shares valued at approximately $19.8 million.
• Institutional investors hold 92.59% of NBIX shares, while insiders sold 394,172 shares worth $62.2 million over the past 90 days, including sales by an insider and a director under pre-arranged Rule 10b5-1 plans.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and a $194.05 price target; NBIX recently opened at $176.41, near its 52-week high of $181.18.

Rock Springs Capital Management LP lifted its holdings in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 19.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 150,450 shares of the company's stock after purchasing an additional 24,950 shares during the period. Neurocrine Biosciences comprises approximately 1.2% of Rock Springs Capital Management LP's investment portfolio, making the stock its 27th largest holding. Rock Springs Capital Management LP owned 0.15% of Neurocrine Biosciences worth $19,820,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NBIX. USA Financial Formulas purchased a new stake in Neurocrine Biosciences during the fourth quarter worth about $25,000. Geneos Wealth Management Inc. boosted 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 valued at $25,000 after acquiring an additional 135 shares during the last quarter. DJE Kapital AG bought a new position in shares of Neurocrine Biosciences during the 4th quarter valued at approximately $28,000. Cassaday & Co Wealth Management LLC purchased a new stake in shares of Neurocrine Biosciences during the 1st quarter worth approximately $33,000. Finally, Meeder Asset Management Inc. increased its stake in shares of Neurocrine Biosciences by 651.6% during the 4th quarter. Meeder Asset Management Inc. now owns 233 shares of the company's stock worth $33,000 after purchasing an additional 202 shares during the last quarter. 92.59% of the stock is owned by hedge funds and other institutional investors.

Neurocrine Biosciences Price Performance

NASDAQ:NBIX opened at $176.41 on Tuesday. The company has a market cap of $17.74 billion, a P/E ratio of 27.18, a P/E/G ratio of 0.74 and a beta of 0.39. The stock's fifty day moving average price is $165.91 and its two-hundred day moving average price is $145.29. Neurocrine Biosciences, Inc. has a 1 year low of $122.14 and a 1 year high of $181.18.

Insider Activity at Neurocrine Biosciences

In related news, insider Darin Lippoldt sold 10,000 shares of the stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $179.60, for a total transaction of $1,796,000.00. Following the sale, the insider owned 54,729 shares of the company's stock, valued at approximately $9,829,328.40. This represents a 15.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Leslie V. Norwalk sold 1,250 shares of the firm's stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $168.06, for a total value of $210,075.00. Following the completion of the transaction, the director owned 2,838 shares of the company's stock, valued at approximately $476,954.28. This represents a 30.58% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 394,172 shares of company stock worth $62,221,181 in the last 90 days. 4.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

NBIX has been the topic of several research analyst reports. Wells Fargo & Company upped their price objective on Neurocrine Biosciences from $175.00 to $200.00 and gave the company an "overweight" rating in a research note on Friday, July 17th. Wall Street Zen raised Neurocrine Biosciences from a "buy" rating to a "strong-buy" rating in a research report on Saturday, April 25th. Truist Financial boosted their target price on Neurocrine Biosciences from $155.00 to $200.00 and gave the company a "buy" rating in a research note on Monday, July 13th. Piper Sandler upped their price target on Neurocrine Biosciences from $190.00 to $207.00 and gave the company an "overweight" rating in a research report on Wednesday, May 6th. Finally, Morgan Stanley increased their price target on Neurocrine Biosciences from $185.00 to $191.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $194.05.

About Neurocrine Biosciences

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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