Magnetar Financial LLC Makes New Investment in Neurocrine Biosciences, Inc. $NBIX

Magnetar Financial LLC acquired a new stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 34,071 shares of the company’s stock, valued at approximately $4,783,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in NBIX. Golden State Wealth Management LLC increased its position in shares of Neurocrine Biosciences by 120.5% in the third quarter. Golden State Wealth Management LLC now owns 183 shares of the company’s stock worth $26,000 after acquiring an additional 100 shares in the last quarter. Eastern Bank purchased a new stake in shares of Neurocrine Biosciences in the 3rd quarter valued at approximately $27,000. Geneos Wealth Management Inc. lifted its position in shares of Neurocrine Biosciences by 143.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock valued at $25,000 after acquiring an additional 135 shares in the last quarter. Quent Capital LLC acquired a new position in Neurocrine Biosciences in the 3rd quarter worth approximately $32,000. Finally, MAI Capital Management boosted its stake in Neurocrine Biosciences by 101.2% in the 2nd quarter. MAI Capital Management now owns 328 shares of the company’s stock worth $41,000 after purchasing an additional 165 shares during the period. 92.59% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Neurocrine Biosciences

In other Neurocrine Biosciences news, Director Leslie V. Norwalk sold 5,000 shares of the business’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $152.23, for a total value of $761,150.00. Following the transaction, the director owned 7,429 shares in the company, valued at $1,130,916.67. The trade was a 40.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Kyle Gano sold 36,400 shares of the company’s stock in a transaction dated Friday, January 16th. The stock was sold at an average price of $132.70, for a total value of $4,830,280.00. Following the completion of the transaction, the chief executive officer directly owned 140,407 shares in the company, valued at approximately $18,632,008.90. The trade was a 20.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 42,590 shares of company stock worth $5,775,987 in the last 90 days. Corporate insiders own 4.80% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Truist Financial cut their target price on shares of Neurocrine Biosciences from $169.00 to $140.00 and set a “buy” rating on the stock in a research note on Tuesday, February 17th. Mizuho raised their target price on Neurocrine Biosciences from $146.00 to $175.00 and gave the stock a “neutral” rating in a research report on Friday, December 12th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Neurocrine Biosciences in a report on Thursday, January 22nd. BMO Capital Markets dropped their price target on Neurocrine Biosciences from $147.00 to $140.00 and set a “market perform” rating on the stock in a research report on Thursday, February 12th. Finally, Stifel Nicolaus increased their price objective on Neurocrine Biosciences from $183.00 to $188.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $175.05.

Neurocrine Biosciences Stock Down 0.2%

Shares of NASDAQ:NBIX opened at $129.54 on Thursday. The firm has a fifty day moving average of $133.57 and a two-hundred day moving average of $140.36. Neurocrine Biosciences, Inc. has a 12-month low of $84.23 and a 12-month high of $160.18. The firm has a market capitalization of $13.00 billion, a P/E ratio of 27.80, a price-to-earnings-growth ratio of 0.68 and a beta of 0.32.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $1.88 earnings per share for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.48). Neurocrine Biosciences had a return on equity of 16.48% and a net margin of 16.73%.The company had revenue of $805.50 million during the quarter, compared to analyst estimates of $804.21 million. During the same period last year, the company posted $1.69 earnings per share. The company’s revenue was up 28.3% compared to the same quarter last year. Equities research analysts expect that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current fiscal year.

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.