972,856 Shares in Neurocrine Biosciences, Inc. $NBIX Bought by Norges Bank

Norges Bank bought a new stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) in the second quarter, HoldingsChannel reports. The institutional investor bought 972,856 shares of the company’s stock, valued at approximately $122,278,000.

Several other institutional investors also recently made changes to their positions in NBIX. Geneos Wealth Management Inc. increased its holdings in shares of 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 in the last quarter. WPG Advisers LLC purchased a new stake in Neurocrine Biosciences during the first quarter worth about $32,000. SVB Wealth LLC acquired a new position in Neurocrine Biosciences during the first quarter worth about $35,000. MAI Capital Management increased its holdings in Neurocrine Biosciences by 101.2% in the second quarter. MAI Capital Management now owns 328 shares of the company’s stock valued at $41,000 after buying an additional 165 shares in the last quarter. Finally, True Wealth Design LLC increased its holdings in Neurocrine Biosciences by 1,215.4% in the second quarter. True Wealth Design LLC now owns 342 shares of the company’s stock valued at $43,000 after buying an additional 316 shares in the last quarter. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Neurocrine Biosciences Stock Performance

Shares of NASDAQ:NBIX opened at $152.48 on Wednesday. The business’s fifty day moving average price is $143.08 and its two-hundred day moving average price is $135.48. The stock has a market cap of $15.20 billion, a PE ratio of 36.48, a price-to-earnings-growth ratio of 0.94 and a beta of 0.27. Neurocrine Biosciences, Inc. has a one year low of $84.23 and a one year high of $157.67.

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

Analysts Set New Price Targets

Several equities research analysts have recently commented on NBIX shares. Needham & Company LLC boosted their price target on Neurocrine Biosciences from $170.00 to $184.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Citigroup lifted their price objective on Neurocrine Biosciences from $175.00 to $203.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th. Canaccord Genuity Group upped their target price on Neurocrine Biosciences from $160.00 to $164.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Truist Financial restated a “buy” rating and issued a $172.00 price target (up previously from $165.00) on shares of Neurocrine Biosciences in a research report on Thursday, October 30th. Finally, UBS Group lifted their price target on Neurocrine Biosciences from $188.00 to $195.00 and gave the stock a “buy” rating in a research note on Thursday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $170.53.

Insider Buying and Selling

In related news, Director George J. Morrow sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $143.37, for a total transaction of $2,150,550.00. Following the transaction, the director owned 7,068 shares of the company’s stock, valued at approximately $1,013,339.16. This represents a 67.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Kyle Gano sold 300 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $141.97, for a total transaction of $42,591.00. Following the sale, the chief executive officer owned 140,407 shares in the company, valued at approximately $19,933,581.79. This trade represents a 0.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 33,300 shares of company stock worth $4,925,901. 4.30% of the stock is owned by corporate insiders.

About Neurocrine Biosciences

Neurocrine Biosciences, Inc discovers, develops, and markets pharmaceuticals for neurological, neuroendocrine, and neuropsychiatric disorders in the United States and internationally. The company’s products include INGREZZA for tardive dyskinesia and chorea associated with Huntington’s disease; ALKINDI for adrenal insufficiency; Efmody capsules for classic congenital adrenal hyperplasia; Orilissa tablets for endometriosis; and Oriahnn capsules to treat uterine fibroids.