State of New Jersey Common Pension Fund D Trims Stock Holdings in Neurocrine Biosciences, Inc. $NBIX

Key Points

• The State of New Jersey Common Pension Fund D has reduced its holdings in Neurocrine Biosciences, Inc. by 10.4%, selling 3,962 shares during the first quarter, bringing its total ownership to 34,234 shares valued at approximately $3.79 million.
• Institutional investors now own 92.59% of Neurocrine Biosciences, with American Century Companies Inc. increasing its stake by 106.6% in the same period.
• Analysts are optimistic about Neurocrine Biosciences, with a consensus rating of "Moderate Buy" and an average target price of $159.50, following several price upgrades from major firms.

State of New Jersey Common Pension Fund D reduced its holdings in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 10.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 34,234 shares of the company's stock after selling 3,962 shares during the period. State of New Jersey Common Pension Fund D's holdings in Neurocrine Biosciences were worth $3,786,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Orbimed Advisors LLC increased its stake in shares of Neurocrine Biosciences by 210.4% during the 4th quarter. Orbimed Advisors LLC now owns 938,120 shares of the company's stock worth $128,053,000 after purchasing an additional 635,900 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in Neurocrine Biosciences by 1,405.2% in the 1st quarter. Assenagon Asset Management S.A. now owns 393,455 shares of the company's stock valued at $43,516,000 after buying an additional 367,315 shares during the last quarter. Iron Triangle Partners LP acquired a new position in Neurocrine Biosciences in the 4th quarter valued at about $43,434,000. Nuveen LLC acquired a new position in Neurocrine Biosciences in the 1st quarter valued at about $31,686,000. Finally, Alyeska Investment Group L.P. bought a new stake in Neurocrine Biosciences in the 4th quarter valued at about $33,979,000. 92.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. upped their price target on shares of Neurocrine Biosciences from $140.00 to $145.00 and gave the stock a "neutral" rating in a report on Thursday, July 31st. Evercore ISI decreased their price target on shares of Neurocrine Biosciences from $190.00 to $185.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. UBS Group increased their price objective on shares of Neurocrine Biosciences from $152.00 to $174.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. The Goldman Sachs Group assumed coverage on shares of Neurocrine Biosciences in a research report on Thursday, July 10th. They set a "buy" rating and a $182.00 price objective for the company. Finally, Stifel Nicolaus increased their price objective on shares of Neurocrine Biosciences from $166.00 to $174.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. Eighteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $159.50.

Neurocrine Biosciences Stock Performance

Shares of Neurocrine Biosciences stock traded up $0.15 during trading hours on Friday, reaching $135.43. The company's stock had a trading volume of 547,980 shares, compared to its average volume of 1,047,942. Neurocrine Biosciences, Inc. has a one year low of $84.23 and a one year high of $154.87. The company has a market capitalization of $13.43 billion, a P/E ratio of 40.07, a P/E/G ratio of 0.97 and a beta of 0.25. The stock's fifty day simple moving average is $130.13 and its two-hundred day simple moving average is $119.22.

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 firm had revenue of $687.50 million for the quarter, compared to analyst estimates of $653.09 million. During the same period last year, the firm earned $1.63 earnings per share. The business's quarterly revenue was up 16.5% compared to the same quarter last year. As a group, research analysts forecast that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current year.

Insider Activity at Neurocrine Biosciences

In related news, insider Jude Onyia sold 59,819 shares of the firm's stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $130.46, for a total transaction of $7,803,986.74. Following the transaction, the insider directly owned 18,289 shares of the company's stock, valued at $2,385,982.94. This trade represents a 76.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Ingrid Delaet sold 457 shares of the firm's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $135.00, for a total transaction of $61,695.00. Following the transaction, the insider directly owned 4,730 shares in the company, valued at $638,550. The trade was a 8.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 196,573 shares of company stock valued at $25,112,766 over the last ninety days. Corporate insiders own 4.80% 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.