Suncoast Equity Management Buys New Shares in Neurocrine Biosciences, Inc. $NBIX

Suncoast Equity Management bought a new stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) during the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 5,085 shares of the company’s stock, valued at approximately $721,000.

Other large investors also recently modified their holdings of the company. Nilsine Partners LLC purchased a new position in shares of Neurocrine Biosciences during the 4th quarter valued at $1,197,000. Ruffer LLP purchased a new position in shares of Neurocrine Biosciences during the 4th quarter valued at $2,479,000. Korea Investment CORP lifted its stake in shares of Neurocrine Biosciences by 94.3% during the 3rd quarter. Korea Investment CORP now owns 71,689 shares of the company’s stock valued at $10,064,000 after buying an additional 34,800 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Neurocrine Biosciences by 2.4% during the 3rd quarter. Envestnet Asset Management Inc. now owns 202,846 shares of the company’s stock valued at $28,476,000 after buying an additional 4,807 shares in the last quarter. Finally, CIBC Private Wealth Group LLC lifted its stake in shares of Neurocrine Biosciences by 17,250.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 7,981 shares of the company’s stock valued at $1,120,000 after buying an additional 7,935 shares in the last quarter. Hedge funds and other institutional investors own 92.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on NBIX shares. HC Wainwright lifted their target price on shares of Neurocrine Biosciences from $192.00 to $215.00 and gave the company a “buy” rating in a research note on Tuesday, April 7th. Canaccord Genuity Group boosted their price target on shares of Neurocrine Biosciences from $164.00 to $200.00 and gave the stock a “buy” rating in a research note on Tuesday, April 7th. Needham & Company LLC reiterated a “buy” rating and issued a $185.00 price target on shares of Neurocrine Biosciences in a research note on Monday, April 6th. Royal Bank Of Canada boosted their price target on shares of Neurocrine Biosciences from $180.00 to $183.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, BMO Capital Markets decreased their price target on shares of Neurocrine Biosciences from $147.00 to $140.00 and set a “market perform” rating on the stock in a research note on Thursday, February 12th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $186.05.

Insider Activity

In related news, Director Leslie V. Norwalk sold 3,810 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $155.01, for a total transaction of $590,588.10. Following the transaction, the director directly owned 2,429 shares in the company, valued at approximately $376,519.29. This represents a 61.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin Charles Gorman sold 245,088 shares of the company’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $154.33, for a total transaction of $37,824,431.04. Following the transaction, the director owned 511,293 shares in the company, valued at $78,907,848.69. The trade was a 32.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 278,786 shares of company stock worth $43,099,615. 4.60% of the stock is owned by insiders.

Neurocrine Biosciences Stock Performance

Shares of NASDAQ NBIX opened at $158.30 on Monday. The firm’s 50-day moving average price is $139.36 and its 200-day moving average price is $139.08. The stock has a market capitalization of $15.92 billion, a price-to-earnings ratio of 24.39, a P/E/G ratio of 1.19 and a beta of 0.39. Neurocrine Biosciences, Inc. has a 12-month low of $121.42 and a 12-month high of $162.39.

About Neurocrine Biosciences

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.