Summit Global Investments Invests $4.96 Million in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Summit Global Investments purchased 29,424 shares of Neurocrine Biosciences during the second quarter, representing an investment of approximately $4.96 million.
• Institutional ownership remains high at 92.59%, with major investors including AQR Capital Management, Norges Bank, UBS Group and First Trust Advisors increasing or initiating positions.
• Wall Street maintains a positive outlook, with a consensus “Moderate Buy” rating and an average price target of $200.86, while NBIX recently traded at $152.72; insiders, however, have sold more than $59.4 million in shares over the past 90 days.

Summit Global Investments purchased a new stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 29,424 shares of the company's stock, valued at approximately $4,959,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in NBIX. AQR Capital Management LLC boosted its stake in Neurocrine Biosciences by 83.7% during the 3rd quarter. AQR Capital Management LLC now owns 2,773,648 shares of the company's stock valued at $388,435,000 after purchasing an additional 1,263,633 shares during the last quarter. Norges Bank purchased a new position in shares of Neurocrine Biosciences in the fourth quarter worth $162,664,000. UBS Group AG lifted its holdings in shares of Neurocrine Biosciences by 169.8% during the fourth quarter. UBS Group AG now owns 983,528 shares of the company's stock valued at $139,494,000 after purchasing an additional 618,956 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of Neurocrine Biosciences by 97.0% during the first quarter. First Trust Advisors LP now owns 959,217 shares of the company's stock valued at $126,367,000 after purchasing an additional 472,408 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI purchased a new stake in shares of Neurocrine Biosciences during the fourth quarter valued at $65,162,000. 92.59% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on NBIX. Guggenheim lifted their price objective on Neurocrine Biosciences from $200.00 to $222.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Canaccord Genuity Group upped their target price on shares of Neurocrine Biosciences from $200.00 to $210.00 and gave the company a "buy" rating in a research note on Monday, August 3rd. Truist Financial raised their price target on shares of Neurocrine Biosciences from $200.00 to $213.00 and gave the company a "buy" rating in a report on Monday, August 3rd. TD Cowen lifted their price target on shares of Neurocrine Biosciences from $200.00 to $220.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Neurocrine Biosciences from $177.00 to $185.00 and gave the company an "overweight" rating in a report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $200.86.

Neurocrine Biosciences Price Performance

Shares of NASDAQ:NBIX opened at $152.72 on Friday. The company has a market capitalization of $15.52 billion, a P/E ratio of 22.39, a P/E/G ratio of 0.53 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. The firm's 50 day simple moving average is $167.98 and its two-hundred day simple moving average is $148.23.

Insider Activity

In related news, insider Darin Lippoldt sold 10,000 shares of the company's stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $179.60, for a total value of $1,796,000.00. Following the completion of the transaction, 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 filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Leslie V. Norwalk sold 1,250 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $182.01, for a total value of $227,512.50. Following the completion of the sale, the director owned 1,588 shares of the company's stock, valued at $289,031.88. The trade was a 44.05% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 376,612 shares of company stock valued at $59,493,355 over the last 90 days. Company insiders own 4.60% of the company's stock.

Neurocrine Biosciences Company Profile

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.

Want to see what other hedge funds are holding NBIX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source