Braidwell LP Reduces Stake in Neurocrine Biosciences, Inc. $NBIX

Braidwell LP reduced its stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 48.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 336,171 shares of the company’s stock after selling 315,950 shares during the period. Neurocrine Biosciences comprises 2.1% of Braidwell LP’s investment portfolio, making the stock its 13th biggest position. Braidwell LP’s holdings in Neurocrine Biosciences were worth $56,657,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Bank of America Corp DE lifted its position in shares of Neurocrine Biosciences by 10.6% during the 1st quarter. Bank of America Corp DE now owns 583,827 shares of the company’s stock valued at $76,913,000 after buying an additional 55,723 shares during the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in shares of Neurocrine Biosciences during the 4th quarter worth $1,866,000. ABN AMRO Bank N.V. purchased a new stake in Neurocrine Biosciences in the 2nd quarter worth about $2,510,000. Wesbanco Bank Inc. increased its holdings in Neurocrine Biosciences by 88.9% in the 4th quarter. Wesbanco Bank Inc. now owns 17,000 shares of the company’s stock worth $2,411,000 after acquiring an additional 8,000 shares during the last quarter. Finally, SEB Asset Management AB bought a new stake in Neurocrine Biosciences in the 1st quarter valued at about $10,483,000. Hedge funds and other institutional investors own 92.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on NBIX shares. BMO Capital Markets upped their price objective on shares of Neurocrine Biosciences from $144.00 to $170.00 and gave the company a “market perform” rating in a report on Monday, July 13th. Weiss Ratings upgraded shares of Neurocrine Biosciences from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, August 25th. Truist Financial boosted their price target on shares of Neurocrine Biosciences from $200.00 to $213.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. Stifel Nicolaus upped their price target on shares of Neurocrine Biosciences from $188.00 to $215.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Finally, Wedbush raised their price objective on shares of Neurocrine Biosciences from $185.00 to $194.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Neurocrine Biosciences has a consensus rating of “Moderate Buy” and a consensus target price of $200.86.

Neurocrine Biosciences Trading Up 0.7%

Shares of NASDAQ:NBIX opened at $157.79 on Thursday. The company has a 50 day moving average of $166.36 and a 200 day moving average of $150.00. The stock has a market cap of $16.04 billion, a P/E ratio of 23.14, a P/E/G ratio of 0.73 and a beta of 0.38. Neurocrine Biosciences, Inc. has a 12 month low of $122.14 and a 12 month high of $186.12.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its earnings results on Friday, July 31st. The company reported $2.85 earnings per share (EPS) for the quarter, topping 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 business had revenue of $959.00 million for the quarter, compared to analysts’ expectations of $891.16 million. During the same period in the prior year, the company posted $1.65 EPS. The business’s revenue for the quarter was up 39.5% compared to the same quarter last year. On average, equities analysts forecast that Neurocrine Biosciences, Inc. will post 7.25 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Stephen A. Sherwin sold 25,000 shares of the stock in a transaction on Friday, June 5th. The stock was 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 in the company, valued at approximately $2,621,975.20. This trade represents a 61.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ingrid Delaet sold 8,433 shares of the stock in a transaction 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 completion of the sale, the insider owned 16,225 shares in the company, valued at $2,899,732. This trade represents a 34.20% 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 65,188 shares of company stock worth $11,251,633. Company insiders own 4.60% of the company’s stock.

Neurocrine Biosciences Company 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.