Woodline Partners LP Buys Shares of 132,892 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 Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 132,892 shares of the company's stock, valued at approximately $14,698,000. Woodline Partners LP owned 0.13% of Neurocrine Biosciences as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of NBIX. Captrust Financial Advisors boosted its holdings in Neurocrine Biosciences by 18.7% in the 4th quarter. Captrust Financial Advisors now owns 11,644 shares of the company's stock worth $1,589,000 after buying an additional 1,836 shares during the period. Cetera Investment Advisers boosted its holdings in shares of Neurocrine Biosciences by 46.5% during the 4th quarter. Cetera Investment Advisers now owns 8,169 shares of the company's stock valued at $1,115,000 after purchasing an additional 2,593 shares during the last quarter. Ethic Inc. boosted its holdings in shares of Neurocrine Biosciences by 34.4% during the 4th quarter. Ethic Inc. now owns 4,192 shares of the company's stock valued at $572,000 after purchasing an additional 1,073 shares during the last quarter. Focus Partners Wealth boosted its holdings in shares of Neurocrine Biosciences by 9.5% during the 4th quarter. Focus Partners Wealth now owns 51,078 shares of the company's stock valued at $6,972,000 after purchasing an additional 4,420 shares during the last quarter. Finally, Lighthouse Investment Partners LLC bought a new position in shares of Neurocrine Biosciences during the 4th quarter valued at about $2,048,000. Institutional investors own 92.59% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on NBIX shares. Morgan Stanley increased their price objective on shares of Neurocrine Biosciences from $158.00 to $163.00 and gave the company an "overweight" rating in a report on Friday, September 5th. The Goldman Sachs Group started coverage on shares of Neurocrine Biosciences in a report on Thursday, July 10th. They set a "buy" rating and a $182.00 price objective for the company. Guggenheim increased their price objective on shares of Neurocrine Biosciences from $165.00 to $175.00 and gave the company a "buy" rating in a report on Friday, August 1st. Truist Financial initiated coverage on shares of Neurocrine Biosciences in a report on Monday, July 21st. They set a "buy" rating and a $163.00 price objective for the company. Finally, Wall Street Zen raised shares of Neurocrine Biosciences from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Seventeen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $160.26.

Neurocrine Biosciences Price Performance

Shares of NASDAQ:NBIX traded down $0.56 during trading on Tuesday, reaching $139.88. 97,247 shares of the company were exchanged, compared to its average volume of 1,208,933. The firm has a market capitalization of $13.87 billion, a PE ratio of 41.42, a P/E/G ratio of 1.02 and a beta of 0.28. The business's fifty day simple moving average is $134.38 and its 200-day simple moving average is $121.35. Neurocrine Biosciences, Inc. has a 12-month low of $84.23 and a 12-month high of $154.61.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $0.98 by $0.08. The business had revenue of $687.50 million for the quarter, compared to analyst estimates of $653.09 million. Neurocrine Biosciences had a net margin of 13.88% and a return on equity of 13.22%. The company's quarterly revenue was up 16.5% compared to the same quarter last year. During the same period last year, the company posted $1.63 earnings per share. On average, sell-side analysts anticipate that Neurocrine Biosciences, Inc. will post 4.28 EPS for the current fiscal year.

Insider Activity at Neurocrine Biosciences

In related news, insider Ingrid Delaet sold 457 shares of Neurocrine Biosciences stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $135.00, for a total transaction of $61,695.00. Following the transaction, the insider directly owned 4,730 shares of the company's stock, valued at $638,550. This trade represents a 8.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Jude Onyia sold 59,819 shares of Neurocrine Biosciences stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $130.46, for a total transaction of $7,803,986.74. Following the transaction, the insider directly owned 18,289 shares in the company, valued at approximately $2,385,982.94. The trade was a 76.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 186,960 shares of company stock valued at $23,955,553 over the last ninety days. 4.30% of the stock is owned by company insiders.

Neurocrine Biosciences Profile

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.