Matt Abernethy Sells 2,311 Shares of Neurocrine Biosciences (NASDAQ:NBIX) Stock

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) CFO Matt Abernethy sold 2,311 shares of the business’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $157.20, for a total value of $363,289.20. Following the completion of the sale, the chief financial officer directly owned 42,808 shares in the company, valued at approximately $6,729,417.60. This represents a 5.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Neurocrine Biosciences Stock Performance

Shares of NASDAQ NBIX traded down $7.20 during midday trading on Tuesday, reaching $150.02. 1,332,090 shares of the company traded hands, compared to its average volume of 1,192,526. The firm has a market cap of $15.25 billion, a PE ratio of 22.00, a PEG ratio of 0.73 and a beta of 0.38. The stock’s 50-day simple moving average is $164.12 and its 200-day simple moving average is $151.60. Neurocrine Biosciences, Inc. has a 12 month low of $122.14 and a 12 month high of $186.12.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its earnings results on Friday, July 31st. The company reported $2.85 earnings per share for the quarter, topping the consensus estimate of $1.65 by $1.20. The business had revenue of $959.00 million for the quarter, compared to analyst estimates of $891.16 million. Neurocrine Biosciences had a net margin of 20.91% and a return on equity of 22.43%. The firm’s quarterly revenue was up 39.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.65 EPS. On average, equities research analysts expect that Neurocrine Biosciences, Inc. will post 7.25 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Neurocrine Biosciences from a “buy” rating to a “hold” rating in a report on Sunday, August 9th. BMO Capital Markets increased their price target on Neurocrine Biosciences from $144.00 to $170.00 and gave the stock a “market perform” rating in a research report on Monday, July 13th. Stifel Nicolaus raised their price target on Neurocrine Biosciences from $188.00 to $215.00 and gave the company a “buy” rating in a report on Friday, July 31st. Wells Fargo & Company lifted their price objective on Neurocrine Biosciences from $175.00 to $200.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Finally, Morgan Stanley boosted their price objective on Neurocrine Biosciences from $182.00 to $183.00 and gave the stock an “equal weight” rating in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $201.09.

Institutional Trading of Neurocrine Biosciences

Several hedge funds have recently modified their holdings of NBIX. Sequoia Financial Advisors LLC raised its position in Neurocrine Biosciences by 31.0% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 6,351 shares of the company’s stock worth $1,070,000 after purchasing an additional 1,502 shares during the last quarter. Tidal Investments LLC lifted its holdings in Neurocrine Biosciences by 186.7% during the 2nd quarter. Tidal Investments LLC now owns 81,460 shares of the company’s stock worth $13,729,000 after buying an additional 53,045 shares in the last quarter. WINTON GROUP Ltd bought a new position in Neurocrine Biosciences in the 2nd quarter valued at $270,000. Engineers Gate Manager LP boosted its position in Neurocrine Biosciences by 64.0% in the 2nd quarter. Engineers Gate Manager LP now owns 18,361 shares of the company’s stock valued at $3,094,000 after buying an additional 7,163 shares during the last quarter. Finally, RFG Advisory LLC acquired a new stake in shares of Neurocrine Biosciences in the 2nd quarter valued at $1,381,000. 92.59% of the stock is owned by institutional investors.

About Neurocrine Biosciences

Neurocrine Biosciences, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for neurological, neuroendocrine and psychiatric disorders. The company develops therapies for conditions with significant unmet medical needs, using expertise in neuroscience and endocrine biology.

Its primary commercial product is INGREZZA (valbenazine), a vesicular monoamine transporter 2 inhibitor approved in the United States for the treatment of tardive dyskinesia and chorea associated with Huntington’s disease.