Neurocrine Biosciences, Inc. $NBIX Shares Acquired by Summit Global Investments

Summit Global Investments grew its position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 214.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,155 shares of the company’s stock after purchasing an additional 24,639 shares during the quarter. Summit Global Investments’ holdings in Neurocrine Biosciences were worth $5,075,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in NBIX. Royal Bank of Canada increased its holdings in Neurocrine Biosciences by 36.7% in the first quarter. Royal Bank of Canada now owns 82,810 shares of the company’s stock valued at $9,158,000 after buying an additional 22,224 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Neurocrine Biosciences by 60.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,783 shares of the company’s stock valued at $1,647,000 after acquiring an additional 5,577 shares during the period. NewEdge Advisors LLC increased its stake in shares of Neurocrine Biosciences by 56.3% in the 1st quarter. NewEdge Advisors LLC now owns 7,630 shares of the company’s stock valued at $844,000 after purchasing an additional 2,747 shares in the last quarter. Empowered Funds LLC acquired a new position in Neurocrine Biosciences in the 1st quarter worth about $1,333,000. Finally, Geneos Wealth Management Inc. boosted its position in Neurocrine Biosciences by 143.6% during the first quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock worth $25,000 after purchasing an additional 135 shares in the last quarter. 92.59% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Neurocrine Biosciences

In other news, CEO Kyle Gano sold 36,400 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 140,407 shares in the company, valued at $18,632,008.90. This represents a 20.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William H. Rastetter sold 18,000 shares of the stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $151.82, for a total value of $2,732,760.00. Following the completion of the sale, the director directly owned 40,360 shares of the company’s stock, valued at approximately $6,127,455.20. This represents a 30.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 80,266 shares of company stock worth $11,400,517 in the last 90 days. 4.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on NBIX. Wall Street Zen raised Neurocrine Biosciences from a “buy” rating to a “strong-buy” rating in a report on Sunday, January 18th. UBS Group dropped their price target on shares of Neurocrine Biosciences from $188.00 to $178.00 and set a “buy” rating on the stock in a research note on Friday, January 23rd. JPMorgan Chase & Co. cut their price target on shares of Neurocrine Biosciences from $179.00 to $177.00 and set an “overweight” rating for the company in a report on Monday, January 12th. Citigroup increased their price objective on shares of Neurocrine Biosciences from $175.00 to $203.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Finally, HC Wainwright boosted their target price on shares of Neurocrine Biosciences from $168.00 to $198.00 and gave the stock a “buy” rating in a research note on Wednesday, December 17th. Seventeen analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $174.25.

Neurocrine Biosciences Stock Up 2.5%

Shares of NBIX opened at $137.96 on Friday. Neurocrine Biosciences, Inc. has a 52-week low of $84.23 and a 52-week high of $160.18. The firm’s fifty day moving average is $143.25 and its two-hundred day moving average is $140.19. The stock has a market cap of $13.76 billion, a PE ratio of 33.00, a price-to-earnings-growth ratio of 0.71 and a beta of 0.28.

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

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.