Peregrine Capital Management LLC Reduces Holdings in Neurocrine Biosciences, Inc. $NBIX

Peregrine Capital Management LLC trimmed its stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 12.3% during the 3rd quarter, Holdings Channel.com reports. The fund owned 58,844 shares of the company’s stock after selling 8,225 shares during the quarter. Peregrine Capital Management LLC’s holdings in Neurocrine Biosciences were worth $8,261,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Geneos Wealth Management Inc. boosted its stake in shares of Neurocrine Biosciences by 143.6% during the first quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock valued at $25,000 after purchasing an additional 135 shares during the period. MAI Capital Management raised its holdings in Neurocrine Biosciences by 101.2% during the 2nd quarter. MAI Capital Management now owns 328 shares of the company’s stock valued at $41,000 after buying an additional 165 shares during the last quarter. True Wealth Design LLC boosted its position in Neurocrine Biosciences by 1,215.4% during the 2nd quarter. True Wealth Design LLC now owns 342 shares of the company’s stock valued at $43,000 after buying an additional 316 shares during the period. Huntington National Bank boosted its position in Neurocrine Biosciences by 26.4% during the 2nd quarter. Huntington National Bank now owns 604 shares of the company’s stock valued at $76,000 after buying an additional 126 shares during the period. Finally, Elevation Point Wealth Partners LLC purchased a new position in shares of Neurocrine Biosciences in the second quarter valued at about $97,000. Institutional investors own 92.59% of the company’s stock.

Wall Street Analyst Weigh In

NBIX has been the subject of several recent analyst reports. Truist Financial lowered their price objective on shares of Neurocrine Biosciences from $172.00 to $169.00 and set a “buy” rating for the company in a research note on Thursday. Canaccord Genuity Group boosted their price target on Neurocrine Biosciences from $160.00 to $164.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. TD Cowen increased their price objective on Neurocrine Biosciences from $175.00 to $200.00 and gave the stock a “buy” rating in a report on Friday, December 5th. Citigroup lifted their price objective on Neurocrine Biosciences from $175.00 to $203.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Finally, JPMorgan Chase & Co. upped their target price on Neurocrine Biosciences from $171.00 to $179.00 and gave the company an “overweight” rating in a report on Monday, November 3rd. Seventeen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $175.20.

Neurocrine Biosciences Stock Performance

Neurocrine Biosciences stock opened at $135.79 on Friday. Neurocrine Biosciences, Inc. has a fifty-two week low of $84.23 and a fifty-two week high of $160.18. The stock’s 50 day simple moving average is $146.36 and its two-hundred day simple moving average is $139.65. The stock has a market cap of $13.54 billion, a price-to-earnings ratio of 32.49, a PEG ratio of 0.66 and a beta of 0.28.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its earnings results on Tuesday, October 28th. The company reported $2.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.59. The firm had revenue of $794.90 million during the quarter, compared to analyst estimates of $746.61 million. Neurocrine Biosciences had a return on equity of 15.82% and a net margin of 15.95%.The business’s revenue was up 27.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.81 EPS. On average, analysts predict that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Darin Lippoldt sold 4,376 shares of the company’s stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $159.65, for a total value of $698,628.40. Following the sale, the insider directly owned 43,405 shares of the company’s stock, valued at $6,929,608.25. This represents a 9.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kyle Gano sold 300 shares of the stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $141.97, for a total transaction of $42,591.00. Following the completion of the transaction, the chief executive officer owned 140,407 shares of the company’s stock, valued at approximately $19,933,581.79. The trade was a 0.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 43,866 shares of company stock valued at $6,570,237 in the last 90 days. Corporate insiders own 4.80% of the company’s stock.

Neurocrine Biosciences Profile

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.