Skandinaviska Enskilda Banken AB publ Cuts Stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Key Points

• Skandinaviska Enskilda Banken AB published reduced its stock holdings in Neurocrine Biosciences by 20.9%, now owning approximately 142,761 shares, valued at about $15.8 million.
• Neurocrine reported a quarterly earnings miss with earnings per share of $0.08, falling short of expectations of $0.70, alongside a revenue of $572.6 million.
• Despite the earnings miss, analysts maintain a consensus target price of $163.87 for the stock, with many issuing "buy" ratings, indicating a persistent optimism about the company's prospects.

Skandinaviska Enskilda Banken AB publ lessened its holdings in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 20.9% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 142,761 shares of the company's stock after selling 37,645 shares during the period. Skandinaviska Enskilda Banken AB publ owned 0.14% of Neurocrine Biosciences worth $15,779,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Cetera Investment Advisers raised its position in shares of Neurocrine Biosciences by 45.1% in the first quarter. Cetera Investment Advisers now owns 11,857 shares of the company's stock worth $1,311,000 after buying an additional 3,688 shares in the last quarter. KLP Kapitalforvaltning AS lifted its stake in Neurocrine Biosciences by 3.7% during the first quarter. KLP Kapitalforvaltning AS now owns 36,100 shares of the company's stock worth $3,993,000 after purchasing an additional 1,300 shares during the last quarter. Pier 88 Investment Partners LLC lifted its stake in Neurocrine Biosciences by 82.3% during the first quarter. Pier 88 Investment Partners LLC now owns 8,550 shares of the company's stock worth $946,000 after purchasing an additional 3,860 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Neurocrine Biosciences during the first quarter worth about $1,460,000. Finally, HighPoint Advisor Group LLC increased its holdings in shares of Neurocrine Biosciences by 15.0% in the first quarter. HighPoint Advisor Group LLC now owns 2,812 shares of the company's stock worth $302,000 after buying an additional 366 shares during the period. Hedge funds and other institutional investors own 92.59% of the company's stock.

Neurocrine Biosciences Price Performance

Shares of NASDAQ:NBIX traded up $2.24 during midday trading on Wednesday, hitting $136.43. The company had a trading volume of 374,796 shares, compared to its average volume of 1,278,924. The company has a market cap of $13.50 billion, a price-to-earnings ratio of 46.19, a PEG ratio of 1.38 and a beta of 0.24. Neurocrine Biosciences, Inc. has a 12-month low of $84.23 and a 12-month high of $157.98. The company has a fifty day moving average of $127.57 and a two-hundred day moving average of $121.10.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.70 by ($0.62). Neurocrine Biosciences had a return on equity of 11.81% and a net margin of 12.68%. The business had revenue of $572.60 million during the quarter, compared to analysts' expectations of $587.06 million. During the same quarter in the previous year, the company posted $1.20 EPS. The company's quarterly revenue was up 11.1% on a year-over-year basis. Research analysts expect that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on NBIX. UBS Group boosted their target price on Neurocrine Biosciences from $152.00 to $174.00 and gave the company a "buy" rating in a research note on Wednesday, July 9th. Guggenheim boosted their price target on Neurocrine Biosciences from $155.00 to $165.00 and gave the company a "buy" rating in a report on Tuesday, May 6th. Wedbush restated an "outperform" rating on shares of Neurocrine Biosciences in a report on Tuesday, May 6th. Morgan Stanley boosted their price target on Neurocrine Biosciences from $148.00 to $150.00 and gave the company an "overweight" rating in a report on Tuesday, July 22nd. Finally, Evercore ISI reduced their price target on Neurocrine Biosciences from $190.00 to $185.00 and set an "outperform" rating on the stock in a report on Thursday, April 24th. Three research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $163.87.

Insider Activity at Neurocrine Biosciences

In related news, insider Jude Onyia sold 59,819 shares of the stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $130.46, for a total value of $7,803,986.74. Following the completion of the transaction, the insider owned 18,289 shares of the company's stock, valued at approximately $2,385,982.94. This trade represents a 76.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kevin Charles Gorman sold 9,613 shares of the stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $120.38, for a total transaction of $1,157,212.94. Following the completion of the transaction, the director directly owned 514,596 shares of the company's stock, valued at approximately $61,947,066.48. The trade was a 1.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold 120,251 shares of company stock worth $14,978,602 over the last 90 days. Company insiders own 4.30% of the company's stock.

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.