Tredje AP fonden Increases Stock Position in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Tredje AP fonden boosted its Neurocrine Biosciences stake by 626.8% in the fourth quarter, buying 72,876 additional shares and ending with 84,503 shares worth about $12 million.
• Institutional ownership in NBIX remains very high, with hedge funds and other institutions holding 92.59% of the stock; several large investors also increased their positions recently.
• Analysts are broadly positive on the stock, with a consensus rating of “Moderate Buy” and an average price target of $184.15, while insiders recently sold shares in pre-arranged transactions.

Tredje AP fonden lifted its holdings in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) by 626.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 84,503 shares of the company's stock after buying an additional 72,876 shares during the quarter. Tredje AP fonden owned about 0.08% of Neurocrine Biosciences worth $11,985,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. JPMorgan Chase & Co. lifted its stake in shares of Neurocrine Biosciences by 11.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,730,152 shares of the company's stock valued at $664,019,000 after buying an additional 468,405 shares in the last quarter. AQR Capital Management LLC lifted its stake in Neurocrine Biosciences by 83.7% in the 3rd quarter. AQR Capital Management LLC now owns 2,773,648 shares of the company's stock worth $388,435,000 after purchasing an additional 1,263,633 shares in the last quarter. Deerfield Management Company L.P. lifted its stake in Neurocrine Biosciences by 1.4% in the 3rd quarter. Deerfield Management Company L.P. now owns 1,184,345 shares of the company's stock worth $166,258,000 after purchasing an additional 16,543 shares in the last quarter. UBS Group AG lifted its stake in Neurocrine Biosciences by 169.8% in the 4th quarter. UBS Group AG now owns 983,528 shares of the company's stock worth $139,494,000 after purchasing an additional 618,956 shares in the last quarter. Finally, Pictet Asset Management Holding SA lifted its stake in Neurocrine Biosciences by 12.0% in the 4th quarter. Pictet Asset Management Holding SA now owns 776,934 shares of the company's stock worth $110,305,000 after purchasing an additional 83,488 shares in the last quarter. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Neurocrine Biosciences Price Performance

Shares of NASDAQ:NBIX opened at $154.36 on Wednesday. The company's fifty day moving average price is $135.12 and its 200-day moving average price is $138.57. The firm has a market capitalization of $15.52 billion, a price-to-earnings ratio of 23.78, a PEG ratio of 1.18 and a beta of 0.34. Neurocrine Biosciences, Inc. has a one year low of $117.59 and a one year high of $162.39.

Insiders Place Their Bets

In other news, Director Leslie V. Norwalk sold 3,810 shares of the stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $155.01, for a total value of $590,588.10. Following the transaction, the director owned 2,429 shares of the company's stock, valued at $376,519.29. This represents a 61.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Richard F. Pops sold 15,000 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $157.65, for a total transaction of $2,364,750.00. Following the completion of the transaction, the director directly owned 34,480 shares in the company, valued at $5,435,772. The trade was a 30.32% 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. 4.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on NBIX. HC Wainwright increased their target price on shares of Neurocrine Biosciences from $192.00 to $215.00 and gave the stock a "buy" rating in a research note on Tuesday, April 7th. UBS Group lowered their target price on shares of Neurocrine Biosciences from $188.00 to $178.00 and set a "buy" rating on the stock in a research note on Friday, January 23rd. Needham & Company LLC reiterated a "buy" rating and issued a $185.00 target price on shares of Neurocrine Biosciences in a research note on Monday, April 6th. Wells Fargo & Company lowered their target price on shares of Neurocrine Biosciences from $180.00 to $175.00 and set an "overweight" rating on the stock in a research note on Friday, February 13th. Finally, JPMorgan Chase & Co. increased their target price on shares of Neurocrine Biosciences from $177.00 to $185.00 and gave the stock an "overweight" rating in a research note on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $184.15.

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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