Covenant Partners LLC Invests $214,000 in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)
Covenant Partners LLC purchased a new position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 2,225 shares of the company’s stock, valued at approximately $214,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Mint Tower Capital Management B.V. acquired a new stake in Neurocrine Biosciences in the 2nd quarter valued at approximately $13,076,000. Orbimed Advisors LLC raised its position in Neurocrine Biosciences by 2.7% in the 2nd quarter. Orbimed Advisors LLC now owns 1,185,915 shares of the company’s stock valued at $144,682,000 after buying an additional 30,900 shares during the last quarter. Congress Asset Management Co. MA acquired a new stake in Neurocrine Biosciences in the 3rd quarter valued at approximately $73,817,000. Two Sigma Advisers LP raised its position in Neurocrine Biosciences by 1.3% in the 2nd quarter. Two Sigma Advisers LP now owns 728,173 shares of the company’s stock valued at $88,837,000 after buying an additional 9,500 shares during the last quarter. Finally, Victory Capital Management Inc. raised its position in Neurocrine Biosciences by 9.2% in the 3rd quarter. Victory Capital Management Inc. now owns 702,111 shares of the company’s stock valued at $67,516,000 after buying an additional 59,279 shares during the last quarter. 96.85% of the stock is currently owned by institutional investors.
In other news, insider Eric Benevich sold 2,257 shares of the business’s stock in a transaction on Thursday, November 12th. The stock was sold at an average price of $90.71, for a total transaction of $204,732.47. Following the completion of the transaction, the insider now owns 17,405 shares of the company’s stock, valued at approximately $1,578,807.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Kevin Charles Gorman sold 3,390 shares of the business’s stock in a transaction on Thursday, November 12th. The stock was sold at an average price of $90.78, for a total value of $307,744.20. Following the transaction, the chief executive officer now directly owns 441,071 shares of the company’s stock, valued at approximately $40,040,425.38. The disclosure for this sale can be found here. Insiders have sold a total of 27,229 shares of company stock valued at $2,594,534 in the last three months. 4.30% of the stock is owned by insiders.
Neurocrine Biosciences (NASDAQ:NBIX) last announced its quarterly earnings data on Saturday, November 14th. The company reported ($0.62) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by ($0.73). Neurocrine Biosciences had a net margin of 20.36% and a return on equity of 39.22%. The company had revenue of $258.80 million during the quarter, compared to analyst estimates of $282.59 million. During the same period in the prior year, the firm earned $0.56 earnings per share. Neurocrine Biosciences’s revenue was up 16.5% on a year-over-year basis. As a group, equities research analysts expect that Neurocrine Biosciences, Inc. will post 2.11 earnings per share for the current fiscal year.
A number of equities research analysts recently issued reports on NBIX shares. Cantor Fitzgerald lifted their target price on Neurocrine Biosciences from $144.00 to $161.00 and gave the company an “overweight” rating in a research report on Tuesday, August 4th. Benchmark assumed coverage on Neurocrine Biosciences in a research note on Wednesday, September 30th. They issued a “hold” rating for the company. JPMorgan Chase & Co. downgraded Neurocrine Biosciences from an “overweight” rating to a “neutral” rating and set a $136.00 price target for the company. in a research note on Tuesday, August 4th. They noted that the move was a valuation call. Mizuho decreased their price target on Neurocrine Biosciences from $132.00 to $117.00 and set a “neutral” rating for the company in a research note on Tuesday, November 10th. Finally, William Blair restated an “outperform” rating on shares of Neurocrine Biosciences in a research note on Tuesday, November 10th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and twelve have issued a buy rating to the company’s stock. Neurocrine Biosciences has a consensus rating of “Hold” and an average target price of $132.14.
About Neurocrine Biosciences
Neurocrine Biosciences, Inc, a commercial-stage biopharmaceutical company, discovers and develops therapeutics for the treatment of neurological, endocrine, and psychiatric disorders in the United States. The company offers INGREZZA (valbenazine), a vesicular monoamine transporter 2 inhibitor (VMAT2) for the treatment of tardive dyskinesia; and ORILISSA, a gonadotropin-releasing hormone antagonist for use in the treatment of endometriosis.
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