Tidal Investments LLC Raises Stake in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Tidal Investments increased its Neurocrine Biosciences stake by 186.7% in the second quarter, bringing its holdings to 81,460 shares valued at approximately $13.7 million. Institutional investors and hedge funds collectively own 92.59% of NBIX.
• Neurocrine reported quarterly earnings of $2.85 per share, well above the $1.65 consensus estimate, while revenue rose 39.5% year over year to $959 million. Analysts expect full-year earnings of $7.25 per share.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $201.09, compared with the stock’s reported price of $156.22. Several firms recently raised their targets, although insiders sold shares worth $7.1 million during the quarter.

Tidal Investments LLC raised its stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 186.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 81,460 shares of the company's stock after buying an additional 53,045 shares during the period. Tidal Investments LLC owned approximately 0.08% of Neurocrine Biosciences worth $13,729,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of NBIX. WINTON GROUP Ltd purchased a new stake in shares of Neurocrine Biosciences in the second quarter valued at about $270,000. Engineers Gate Manager LP increased its stake in shares of Neurocrine Biosciences by 64.0% during the 2nd quarter. Engineers Gate Manager LP now owns 18,361 shares of the company's stock worth $3,094,000 after purchasing an additional 7,163 shares in the last quarter. RFG Advisory LLC purchased a new position in shares of Neurocrine Biosciences during the 2nd quarter worth approximately $1,381,000. IFP Advisors Inc raised its position in shares of Neurocrine Biosciences by 7.7% during the 2nd quarter. IFP Advisors Inc now owns 3,008 shares of the company's stock worth $507,000 after purchasing an additional 216 shares during the last quarter. Finally, Baird Financial Group Inc. raised its position in shares of Neurocrine Biosciences by 3.3% during the 2nd quarter. Baird Financial Group Inc. now owns 39,868 shares of the company's stock worth $6,719,000 after purchasing an additional 1,279 shares during the last quarter. 92.59% of the stock is currently owned by institutional investors and hedge funds.

Neurocrine Biosciences Price Performance

Neurocrine Biosciences stock opened at $156.22 on Friday. Neurocrine Biosciences, Inc. has a 12-month low of $122.14 and a 12-month high of $186.12. The company has a market capitalization of $15.88 billion, a price-to-earnings ratio of 22.91, a price-to-earnings-growth ratio of 0.73 and a beta of 0.38. The firm's fifty day moving average price is $164.46 and its 200 day moving average price is $151.26.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued its quarterly earnings results on Friday, July 31st. The company reported $2.85 EPS for the quarter, topping the consensus estimate of $1.65 by $1.20. Neurocrine Biosciences had a net margin of 20.91% and a return on equity of 22.43%. The business had revenue of $959.00 million for the quarter, compared to analysts' expectations of $891.16 million. During the same quarter last year, the company posted $1.65 earnings per share. The company's quarterly revenue was up 39.5% compared to the same quarter last year. Analysts forecast that Neurocrine Biosciences, Inc. will post 7.25 earnings per share for the current fiscal year.

Analysts Set New Price Targets

NBIX has been the subject of several analyst reports. Royal Bank Of Canada reissued an "outperform" rating and issued a $198.00 target price on shares of Neurocrine Biosciences in a research note on Tuesday. Zacks Research downgraded shares of Neurocrine Biosciences from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 4th. Needham & Company LLC boosted their price objective on shares of Neurocrine Biosciences from $200.00 to $204.00 and gave the company a "buy" rating in a research report on Friday, July 31st. TD Cowen upped their price objective on shares of Neurocrine Biosciences from $200.00 to $220.00 and gave the company a "buy" rating in a research note on Friday, July 31st. Finally, Morgan Stanley upped their price objective on shares of Neurocrine Biosciences from $182.00 to $183.00 and gave the company an "equal weight" rating in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $201.09.

Insider Transactions at Neurocrine Biosciences

In related news, insider Darin Lippoldt sold 10,000 shares of the firm's stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $179.60, for a total transaction of $1,796,000.00. Following the transaction, the insider owned 54,729 shares in the company, valued at $9,829,328.40. This trade represents a 15.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Leslie V. Norwalk sold 1,250 shares of Neurocrine Biosciences stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $182.01, for a total value of $227,512.50. Following the transaction, the director directly owned 1,588 shares in the company, valued at approximately $289,031.88. The trade was a 44.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 40,188 shares of company stock valued at $7,118,633. 4.60% of the stock is currently owned by corporate insiders.

About Neurocrine Biosciences

Neurocrine Biosciences, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for neurological, neuroendocrine and psychiatric disorders. The company develops therapies for conditions with significant unmet medical needs, using expertise in neuroscience and endocrine biology.

Its primary commercial product is INGREZZA (valbenazine), a vesicular monoamine transporter 2 inhibitor approved in the United States for the treatment of tardive dyskinesia and chorea associated with Huntington's disease.

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