The Manufacturers Life Insurance Company Trims Stock Position in Neurocrine Biosciences, Inc. $NBIX

Key Points

• The Manufacturers Life Insurance Company cut its Neurocrine Biosciences position by 25.7% in the first quarter, selling 23,498 shares and retaining 68,112 shares worth approximately $8.97 million. Institutional investors collectively own 92.59% of NBIX.
• NBIX was trading at $166.06, with a market capitalization of $16.88 billion and a 12-month range of $122.14 to $186.12. The stock has a favorable analyst consensus of “Moderate Buy” and an average price target of $201.50.
• Analyst sentiment remains positive, with several firms raising price targets, while insiders sold roughly 395,422 shares worth $62.45 million over the past three months, primarily through pre-arranged Rule 10b5-1 plans.

The Manufacturers Life Insurance Company decreased its position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 25.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 68,112 shares of the company's stock after selling 23,498 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.07% of Neurocrine Biosciences worth $8,973,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Ruffer LLP acquired a new stake in shares of Neurocrine Biosciences in the fourth quarter valued at approximately $2,479,000. Robinhood Asset Management LLC purchased a new stake in Neurocrine Biosciences in the 4th quarter valued at $5,715,000. Wesbanco Bank Inc. boosted its stake in Neurocrine Biosciences by 88.9% during the 4th quarter. Wesbanco Bank Inc. now owns 17,000 shares of the company's stock worth $2,411,000 after purchasing an additional 8,000 shares during the period. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in Neurocrine Biosciences during the 4th quarter worth $1,866,000. Finally, Swedbank AB increased its stake in Neurocrine Biosciences by 6.7% in the fourth quarter. Swedbank AB now owns 584,129 shares of the company's stock valued at $82,847,000 after purchasing an additional 36,800 shares during the period. 92.59% of the stock is owned by hedge funds and other institutional investors.

Neurocrine Biosciences Price Performance

NBIX opened at $166.06 on Wednesday. The business has a 50 day simple moving average of $168.20 and a 200-day simple moving average of $146.95. The stock has a market capitalization of $16.88 billion, a P/E ratio of 24.35, a P/E/G ratio of 0.63 and a beta of 0.39. Neurocrine Biosciences, Inc. has a 12 month low of $122.14 and a 12 month high of $186.12.

Neurocrine Biosciences News Summary

Here are the key news stories impacting Neurocrine Biosciences this week:

• Positive Sentiment: Canaccord Genuity raised its price target from $200 to $210 and maintained a Buy rating, implying approximately 26.5% upside. Benzinga article
• Positive Sentiment: Truist Financial increased its target from $200 to $213 and assigned a Buy rating, representing roughly 28.3% potential upside. Benzinga article
• Positive Sentiment: Wedbush lifted its target from $185 to $194 and reiterated an Outperform rating, suggesting approximately 16.8% upside. Benzinga article
• Positive Sentiment: Additional analyst updates raised NBIX price targets to $196, $198, $210, $215, $220, $222, and $249. The breadth of these increases reinforces improving sentiment and may attract additional investor interest. American Banking News report American Banking News report American Banking News report

Insider Transactions at Neurocrine Biosciences

In other Neurocrine Biosciences news, Director Richard F. Pops sold 15,000 shares of the firm's stock in a transaction on Friday, May 15th. The stock was sold at an average price of $157.65, for a total value of $2,364,750.00. Following the completion of the sale, the director owned 34,480 shares of the company's stock, valued at approximately $5,435,772. This trade represents a 30.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jude Onyia sold 11,000 shares of the firm's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $160.25, for a total value of $1,762,750.00. Following the completion of the sale, the insider directly owned 25,846 shares of the company's stock, valued at approximately $4,141,821.50. This trade represents a 29.85% 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. Insiders have sold a total of 395,422 shares of company stock valued at $62,448,693 in the last three months. Insiders own 4.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NBIX. Wedbush increased their target price on shares of Neurocrine Biosciences from $185.00 to $194.00 and gave the stock an "outperform" rating in a research note on Monday. BMO Capital Markets boosted their price target on Neurocrine Biosciences from $144.00 to $170.00 and gave the company a "market perform" rating in a research report on Monday, July 13th. JPMorgan Chase & Co. increased their price objective on Neurocrine Biosciences from $177.00 to $185.00 and gave the stock an "overweight" rating in a research report on Friday, May 8th. Zacks Research upgraded Neurocrine Biosciences from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 23rd. Finally, Stifel Nicolaus boosted their target price on Neurocrine Biosciences from $188.00 to $215.00 and gave the company a "buy" rating in a report on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $201.50.

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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