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

Palo Alto Investors LP bought a new stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 18,117 shares of the company’s stock, valued at approximately $3,053,349,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. grew its position in shares of 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 buying an additional 135 shares in the last quarter. DJE Kapital AG acquired a new stake in Neurocrine Biosciences in the fourth quarter valued at $28,000. Basecamp Wealth Advisors LLC boosted its stake in Neurocrine Biosciences by 582.9% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 239 shares of the company’s stock valued at $31,000 after acquiring an additional 204 shares during the last quarter. Meeder Asset Management Inc. boosted its stake in Neurocrine Biosciences by 651.6% during the 4th quarter. Meeder Asset Management Inc. now owns 233 shares of the company’s stock valued at $33,000 after acquiring an additional 202 shares during the last quarter. Finally, Cassaday & Co Wealth Management LLC acquired a new position in Neurocrine Biosciences during the 1st quarter worth $33,000. 92.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on NBIX shares. Weiss Ratings raised shares of Neurocrine Biosciences from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday. JPMorgan Chase & Co. increased their price target on shares of Neurocrine Biosciences from $177.00 to $185.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. Cantor Fitzgerald lifted their price target on Neurocrine Biosciences from $210.00 to $215.00 and gave the stock an “overweight” rating in a research note on Friday, July 31st. Guggenheim boosted their price objective on Neurocrine Biosciences from $200.00 to $222.00 and gave the company a “buy” rating in a report on Friday, July 31st. Finally, Piper Sandler upped their price objective on Neurocrine Biosciences from $207.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $200.86.

Insider Buying and Selling at Neurocrine Biosciences

In other Neurocrine Biosciences news, Director Leslie V. Norwalk sold 1,250 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $182.01, for a total value of $227,512.50. Following the transaction, the director owned 1,588 shares of the company’s stock, valued at $289,031.88. This trade represents a 44.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Darin Lippoldt sold 10,000 shares of the firm’s 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 in the company, valued at $9,829,328.40. This 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. Insiders have sold 114,375 shares of company stock worth $18,994,756 in the last ninety days. Insiders own 4.60% of the company’s stock.

Neurocrine Biosciences Price Performance

NBIX stock opened at $155.92 on Friday. The firm has a market cap of $15.85 billion, a price-to-earnings ratio of 22.86, a PEG ratio of 0.73 and a beta of 0.39. Neurocrine Biosciences, Inc. has a 1-year low of $122.14 and a 1-year high of $186.12. The firm has a fifty day moving average price of $166.86 and a two-hundred 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 earnings per share (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 the consensus estimate of $891.16 million. During the same period last year, the firm posted $1.65 EPS. The company’s revenue for the quarter was up 39.5% on a year-over-year basis. As a group, analysts expect that Neurocrine Biosciences, Inc. will post 7.25 EPS for the current fiscal 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.