Woodline Partners LP Takes $14.70 Million Position in Neurocrine Biosciences, Inc. $NBIX

Key Points

• Woodline Partners LP has invested approximately $14.70 million in Neurocrine Biosciences, acquiring 132,892 shares during the first quarter.
• Research analysts have upgraded Neurocrine's stock, with 18 analysts rating it as a "Buy" and setting an average price target of $160.00.
• Neurocrine Biosciences reported a 16.5% year-over-year revenue increase, with earnings per share of $1.06, exceeding analyst expectations.

Woodline Partners LP bought a new position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 132,892 shares of the company's stock, valued at approximately $14,698,000. Woodline Partners LP owned approximately 0.13% of Neurocrine Biosciences as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NBIX. WPG Advisers LLC acquired a new position in Neurocrine Biosciences in the 1st quarter valued at approximately $32,000. Smallwood Wealth Investment Management LLC acquired a new position in shares of Neurocrine Biosciences in the first quarter valued at $34,000. SVB Wealth LLC bought a new position in Neurocrine Biosciences in the first quarter worth $35,000. Golden State Wealth Management LLC lifted its position in Neurocrine Biosciences by 116.9% in the first quarter. Golden State Wealth Management LLC now owns 397 shares of the company's stock worth $44,000 after purchasing an additional 214 shares during the period. Finally, Versant Capital Management Inc boosted its stake in Neurocrine Biosciences by 404.9% during the first quarter. Versant Capital Management Inc now owns 409 shares of the company's stock worth $45,000 after buying an additional 328 shares in the last quarter. 92.59% of the stock is currently owned by institutional investors.

Insider Transactions at Neurocrine Biosciences

In related news, insider Ingrid Delaet sold 457 shares of the stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $135.00, for a total value of $61,695.00. Following the transaction, the insider directly owned 4,730 shares in the company, valued at $638,550. This represents a 8.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kevin Charles Gorman sold 106,322 shares of Neurocrine Biosciences stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $126.41, for a total transaction of $13,440,164.02. Following the sale, the director directly owned 514,596 shares of the company's stock, valued at $65,050,080.36. This represents a 17.12% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 186,960 shares of company stock worth $23,955,553. Corporate insiders own 4.80% of the company's stock.

Neurocrine Biosciences Price Performance

Shares of NBIX stock traded down $1.73 during trading hours on Friday, hitting $141.87. 485,690 shares of the company's stock were exchanged, compared to its average volume of 702,053. Neurocrine Biosciences, Inc. has a 52 week low of $84.23 and a 52 week high of $154.61. The stock has a market cap of $14.07 billion, a price-to-earnings ratio of 41.97, a price-to-earnings-growth ratio of 1.03 and a beta of 0.28. The stock's 50-day moving average is $134.13 and its 200-day moving average is $121.18.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.08. Neurocrine Biosciences had a net margin of 13.88% and a return on equity of 13.22%. The business had revenue of $687.50 million for the quarter, compared to the consensus estimate of $653.09 million. During the same quarter in the prior year, the company earned $1.63 EPS. The firm's quarterly revenue was up 16.5% on a year-over-year basis. Equities research analysts forecast that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on NBIX. JPMorgan Chase & Co. increased their price objective on shares of Neurocrine Biosciences from $140.00 to $145.00 and gave the company a "neutral" rating in a research note on Thursday, July 31st. The Goldman Sachs Group assumed coverage on shares of Neurocrine Biosciences in a research report on Thursday, July 10th. They issued a "buy" rating and a $182.00 price target for the company. Truist Financial started coverage on Neurocrine Biosciences in a report on Monday, July 21st. They set a "buy" rating and a $163.00 price objective on the stock. Piper Sandler increased their target price on Neurocrine Biosciences from $154.00 to $175.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. Finally, Morgan Stanley boosted their price target on Neurocrine Biosciences from $158.00 to $163.00 and gave the company an "overweight" rating in a research note on Friday, September 5th. Eighteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $160.00.

About Neurocrine Biosciences

Neurocrine Biosciences, Inc discovers, develops, and markets pharmaceuticals for neurological, neuroendocrine, and neuropsychiatric disorders in the United States and internationally. The company's products include INGREZZA for tardive dyskinesia and chorea associated with Huntington's disease; ALKINDI for adrenal insufficiency; Efmody capsules for classic congenital adrenal hyperplasia; Orilissa tablets for endometriosis; and Oriahnn capsules to treat uterine fibroids.