Legal & General Group Plc Makes New $53 Million Investment in Neurocrine Biosciences, Inc. $NBIX

Legal & General Group Plc purchased a new position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 314,451 shares of the company’s stock, valued at approximately $52,996,000. Legal & General Group Plc owned approximately 0.31% of Neurocrine Biosciences as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. DJE Kapital AG bought a new position in shares of Neurocrine Biosciences in the fourth quarter valued at approximately $28,000. Geneos Wealth Management Inc. boosted its holdings in shares of Neurocrine Biosciences by 143.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock worth $25,000 after buying an additional 135 shares during the period. Meeder Asset Management Inc. boosted its holdings in shares of Neurocrine Biosciences by 651.6% during the 4th quarter. Meeder Asset Management Inc. now owns 233 shares of the company’s stock worth $33,000 after buying an additional 202 shares during the period. Basecamp Wealth Advisors LLC grew its stake in Neurocrine Biosciences by 582.9% in the 1st 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. Finally, Cassaday & Co Wealth Management LLC bought a new position in Neurocrine Biosciences in the 1st quarter worth $33,000. Institutional investors and hedge funds own 92.59% of the company’s stock.

Insider Buying and Selling at Neurocrine Biosciences

In related news, Director Stephen A. Sherwin sold 25,000 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $165.32, for a total value of $4,133,000.00. Following the sale, the director owned 15,860 shares of the company’s stock, valued at $2,621,975.20. The trade was a 61.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Darin Lippoldt sold 10,000 shares of the stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $179.60, for a total transaction of $1,796,000.00. Following the completion of the transaction, the insider directly owned 54,729 shares of the company’s stock, valued at $9,829,328.40. This trade represents a 15.45% 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. In the last three months, insiders sold 114,375 shares of company stock worth $18,994,756. Insiders own 4.60% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Cantor Fitzgerald upped their price target on shares of Neurocrine Biosciences from $210.00 to $215.00 and gave the company an “overweight” rating in a report on Friday, July 31st. TD Cowen lifted their price objective on Neurocrine Biosciences from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Truist Financial boosted their price objective on Neurocrine Biosciences from $200.00 to $213.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Royal Bank Of Canada increased their target price on Neurocrine Biosciences from $195.00 to $198.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. Finally, Citigroup lifted their price target on Neurocrine Biosciences from $246.00 to $249.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $200.86.

Neurocrine Biosciences Price Performance

Shares of NBIX stock opened at $154.06 on Friday. The stock has a market cap of $15.66 billion, a P/E ratio of 22.59, a price-to-earnings-growth ratio of 0.73 and a beta of 0.39. Neurocrine Biosciences, Inc. has a one year low of $122.14 and a one year high of $186.12. The stock has a fifty day moving average price of $166.77 and a 200 day moving average price of $149.43.

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