Silvant Capital Management LLC Makes New $3.49 Million Investment in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Silvant Capital Management acquired 20,706 Neurocrine Biosciences shares worth approximately $3.49 million during the second quarter. Institutional investors collectively own 92.59% of the company.
• Neurocrine insiders sold 131,524 shares valued at about $21.67 million over the past 90 days, including sizable sales by Jude Onyia and Julie Cooke under pre-arranged Rule 10b5-1 plans.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $200.86. The company recently exceeded earnings and revenue expectations, reporting $2.85 EPS and $959 million in quarterly revenue, up 39.5% year over year.

Silvant Capital Management LLC acquired a new position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm acquired 20,706 shares of the company's stock, valued at approximately $3,490,000.

Other hedge funds have also recently made changes to their positions in the company. Royal Bank of Canada boosted its holdings in Neurocrine Biosciences by 36.7% in the first quarter. Royal Bank of Canada now owns 82,810 shares of the company's stock valued at $9,158,000 after acquiring an additional 22,224 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Neurocrine Biosciences by 60.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,783 shares of the company's stock worth $1,647,000 after purchasing an additional 5,577 shares in the last quarter. NewEdge Advisors LLC raised its holdings in Neurocrine Biosciences by 56.3% in the 1st quarter. NewEdge Advisors LLC now owns 7,630 shares of the company's stock worth $844,000 after purchasing an additional 2,747 shares in the last quarter. Empowered Funds LLC bought a new position in Neurocrine Biosciences in the 1st quarter worth $1,333,000. Finally, Geneos Wealth Management Inc. lifted its position in shares of Neurocrine Biosciences by 143.6% in the 1st 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 period. 92.59% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Neurocrine Biosciences

In other news, insider Jude Onyia sold 11,000 shares of the business's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $160.25, for a total value of $1,762,750.00. Following the sale, the insider directly owned 25,846 shares of the company's stock, valued at $4,141,821.50. The trade was a 29.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Julie Cooke sold 36,937 shares of the company's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $156.22, for a total value of $5,770,298.14. Following the completion of the sale, the insider owned 22,374 shares in the company, valued at $3,495,266.28. The trade was a 62.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 131,524 shares of company stock valued at $21,668,924. 4.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Sanford C. Bernstein assumed coverage on shares of Neurocrine Biosciences in a research report on Friday, May 22nd. They set an "outperform" rating and a $221.00 price target on the stock. Zacks Research lowered shares of Neurocrine Biosciences from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 4th. TD Cowen lifted their price objective on Neurocrine Biosciences from $200.00 to $220.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Wall Street Zen downgraded Neurocrine Biosciences from a "buy" rating to a "hold" rating in a report on Sunday, August 9th. Finally, Truist Financial increased their target price on Neurocrine Biosciences from $200.00 to $213.00 and gave the stock a "buy" rating in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Neurocrine Biosciences has an average rating of "Moderate Buy" and an average price target of $200.86.

Neurocrine Biosciences Price Performance

NASDAQ:NBIX opened at $152.93 on Friday. The firm's 50-day moving average price is $167.29 and its 200-day moving average price is $148.85. The company has a market capitalization of $15.55 billion, a PE ratio of 22.42, a P/E/G ratio of 0.73 and a beta of 0.39. Neurocrine Biosciences, Inc. has a 1-year low of $122.14 and a 1-year high of $186.12.

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

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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