Palo Alto Investors LP Invests $3.05 Billion in Neurocrine Biosciences, Inc. $NBIX

Palo Alto Investors LP bought a new stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 18,117 shares of the company’s stock, valued at approximately $3,053,349,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. raised its position in 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 purchasing an additional 135 shares during the last quarter. DJE Kapital AG acquired a new position in Neurocrine Biosciences in the fourth quarter valued at $28,000. Basecamp Wealth Advisors LLC raised its holdings in shares of Neurocrine Biosciences by 582.9% in the first quarter. Basecamp Wealth Advisors LLC now owns 239 shares of the company’s stock valued at $31,000 after buying an additional 204 shares during the last quarter. Cassaday & Co Wealth Management LLC purchased a new stake in Neurocrine Biosciences during the 1st quarter valued at approximately $33,000. Finally, Meeder Asset Management Inc. lifted its holdings in shares of Neurocrine Biosciences by 651.6% during the fourth quarter. Meeder Asset Management Inc. now owns 233 shares of the company’s stock worth $33,000 after purchasing an additional 202 shares during the period. Hedge funds and other institutional investors own 92.59% of the company’s stock.

Neurocrine Biosciences Stock Down 0.4%

Shares of NBIX opened at $155.92 on Friday. Neurocrine Biosciences, Inc. has a 52-week low of $122.14 and a 52-week high of $186.12. The company has a 50-day simple moving average of $166.86 and a 200-day simple moving average of $149.40. The company has a market capitalization of $15.85 billion, a PE ratio of 22.86, a P/E/G ratio of 0.73 and a beta of 0.39.

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

Analyst Ratings Changes

A number of brokerages have recently issued reports on NBIX. Canaccord Genuity Group boosted their price target on shares of Neurocrine Biosciences from $200.00 to $210.00 and gave the stock a “buy” rating in a research note on Monday, August 3rd. Wall Street Zen downgraded shares of Neurocrine Biosciences from a “buy” rating to a “hold” rating in a research report on Sunday, August 9th. Wedbush lifted their price objective on Neurocrine Biosciences from $185.00 to $194.00 and gave the company an “outperform” rating in a report on Monday, August 3rd. Truist Financial boosted their target price on Neurocrine Biosciences from $200.00 to $213.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Finally, BMO Capital Markets increased their target price on Neurocrine Biosciences from $144.00 to $170.00 and gave the stock a “market perform” rating in a research note on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $200.86.

Insider Buying and Selling at Neurocrine Biosciences

In other Neurocrine Biosciences news, insider Ingrid Delaet sold 8,433 shares of the firm’s stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $178.72, for a total transaction of $1,507,145.76. Following the completion of the transaction, the insider owned 16,225 shares of the company’s stock, valued at approximately $2,899,732. This trade represents a 34.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen A. Sherwin sold 25,000 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $165.32, for a total transaction of $4,133,000.00. Following the completion of the transaction, the director directly owned 15,860 shares of the company’s stock, valued at $2,621,975.20. The trade was a 61.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 114,375 shares of company stock worth $18,994,756. 4.60% of the stock is currently owned by insiders.

Neurocrine Biosciences Company 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.