Palo Alto Investors LP Purchases New Position in Neurocrine Biosciences, Inc. $NBIX

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

Other hedge funds also recently modified their holdings of the company. NewEdge Advisors LLC grew its holdings in shares of Neurocrine Biosciences by 0.5% during the 1st quarter. NewEdge Advisors LLC now owns 13,066 shares of the company’s stock valued at $1,721,000 after purchasing an additional 68 shares during the last quarter. Huntington National Bank lifted its stake in shares of Neurocrine Biosciences by 12.6% in the fourth quarter. Huntington National Bank now owns 678 shares of the company’s stock worth $96,000 after buying an additional 76 shares in the last quarter. Motley Fool Asset Management LLC boosted its stake in shares of Neurocrine Biosciences by 4.8% in the 4th quarter. Motley Fool Asset Management LLC now owns 1,693 shares of the company’s stock valued at $240,000 after buying an additional 78 shares during the period. Main Management ETF Advisors LLC lifted its holdings in shares of Neurocrine Biosciences by 1.0% in the 4th quarter. Main Management ETF Advisors LLC now owns 7,830 shares of the company’s stock valued at $1,111,000 after buying an additional 80 shares during the period. Finally, Westpac Banking Corp boosted its holdings in shares of Neurocrine Biosciences by 6.0% in the 1st quarter. Westpac Banking Corp now owns 1,615 shares of the company’s stock valued at $213,000 after purchasing an additional 91 shares during the last quarter. Institutional investors own 92.59% of the company’s stock.

Neurocrine Biosciences Price Performance

NASDAQ:NBIX traded down $1.86 on Friday, hitting $154.06. 812,981 shares of the company’s stock were exchanged, compared to its average volume of 1,204,695. The company 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 52 week low of $122.14 and a 52 week high of $186.12. The firm has a 50-day moving average price of $166.86 and a 200-day moving average price of $149.40.

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

Analyst Upgrades and Downgrades

A number of analysts have weighed in on NBIX shares. Guggenheim boosted their price target on Neurocrine Biosciences from $200.00 to $222.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Stifel Nicolaus upped their price objective on shares of Neurocrine Biosciences from $188.00 to $215.00 and gave the company a “buy” rating in a report on Friday, July 31st. TD Cowen increased their target price on Neurocrine Biosciences from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Needham & Company LLC increased their price target on Neurocrine Biosciences from $200.00 to $204.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Finally, Sanford C. Bernstein began coverage on Neurocrine Biosciences in a research report on Friday, May 22nd. They set an “outperform” rating and a $221.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $200.86.

Insider Activity

In related news, insider Ingrid Delaet sold 8,433 shares of Neurocrine Biosciences stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $178.72, for a total value of $1,507,145.76. Following the sale, the insider directly owned 16,225 shares in the company, valued at $2,899,732. The trade was a 34.20% decrease in their ownership of the stock. The transaction 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. Also, Director Stephen A. Sherwin sold 25,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the director directly owned 15,860 shares of the company’s stock, valued at $2,621,975.20. This trade represents a 61.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 114,375 shares of company stock valued at $18,994,756. Insiders own 4.60% of the company’s stock.

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.