Sumitomo Mitsui Trust Group Inc. Decreases Stock Position in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Sumitomo Mitsui Trust Group cut its stake in Neurocrine by 8.4%, selling 18,624 shares and now holding 202,666 shares (about 0.20% of the company) valued at $28.74 million.
• Neurocrine missed EPS expectations, reporting $1.88 EPS versus a $2.36 consensus while revenue was $805.5M (up 28.3% YoY); NBIX opened near $128.41 (down 2.3%), has a market cap of ~$12.9B, and a consensus analyst rating of Moderate Buy with a $181.20 price target.
• Institutional investors own 92.59% of NBIX, and other firms made notable moves—Robeco increased its stake by 301.8% to 113,261 shares during the quarter.

Sumitomo Mitsui Trust Group Inc. lessened its position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 8.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 202,666 shares of the company's stock after selling 18,624 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.20% of Neurocrine Biosciences worth $28,744,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Altfest L J & Co. Inc. lifted its position in shares of Neurocrine Biosciences by 8.0% in the fourth quarter. Altfest L J & Co. Inc. now owns 2,835 shares of the company's stock valued at $402,000 after acquiring an additional 210 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its position in Neurocrine Biosciences by 301.8% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 113,261 shares of the company's stock worth $16,064,000 after buying an additional 85,076 shares in the last quarter. Ritholtz Wealth Management purchased a new position in Neurocrine Biosciences during the fourth quarter worth approximately $216,000. Jackson Thornton Wealth Management LLC lifted its position in Neurocrine Biosciences by 4.1% during the fourth quarter. Jackson Thornton Wealth Management LLC now owns 3,508 shares of the company's stock worth $482,000 after buying an additional 137 shares in the last quarter. Finally, V Square Quantitative Management LLC purchased a new position in Neurocrine Biosciences during the fourth quarter worth approximately $238,000. Hedge funds and other institutional investors own 92.59% of the company's stock.

Neurocrine Biosciences Stock Down 2.3%

NBIX stock opened at $128.41 on Friday. The business has a fifty day moving average of $130.46 and a two-hundred day moving average of $138.28. The stock has a market cap of $12.89 billion, a price-to-earnings ratio of 27.56, a price-to-earnings-growth ratio of 0.70 and a beta of 0.35. Neurocrine Biosciences, Inc. has a 52-week low of $98.95 and a 52-week high of $160.18.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last posted its earnings results on Wednesday, February 11th. The company reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.36 by ($0.48). The business had revenue of $805.50 million for the quarter, compared to analyst estimates of $804.21 million. Neurocrine Biosciences had a return on equity of 16.48% and a net margin of 16.73%.Neurocrine Biosciences's revenue was up 28.3% compared to the same quarter last year. During the same period last year, the business earned $1.69 EPS. As a group, sell-side analysts anticipate that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on NBIX shares. Wolfe Research started coverage on Neurocrine Biosciences in a research report on Tuesday, February 24th. They set an "outperform" rating and a $160.00 price objective on the stock. Zacks Research downgraded Neurocrine Biosciences from a "hold" rating to a "strong sell" rating in a research report on Tuesday, February 17th. Truist Financial reduced their price objective on Neurocrine Biosciences from $169.00 to $140.00 and set a "buy" rating on the stock in a research report on Tuesday, February 17th. Morgan Stanley lifted their price objective on Neurocrine Biosciences from $173.00 to $185.00 and gave the stock an "equal weight" rating in a research report on Friday, April 10th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Neurocrine Biosciences in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $181.20.

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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