Man Group plc Makes New Investment in Neurocrine Biosciences, Inc. $NBIX

Man Group plc acquired a new stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 601,019 shares of the company’s stock, valued at approximately $101,293,000.

A number of other institutional investors have also added to or reduced their stakes in NBIX. Roberts Glore & Co. Inc. IL bought a new stake in shares of Neurocrine Biosciences during the second quarter valued at approximately $222,000. Jupiter Topco LLC bought a new position in shares of Neurocrine Biosciences during the second quarter worth $88,707,000. Hsbc Holdings PLC bought a new position in shares of Neurocrine Biosciences during the second quarter worth $19,578,000. Primecap Management Co. CA purchased a new position in Neurocrine Biosciences during the second quarter valued at $82,808,000. Finally, Canada Pension Plan Investment Board purchased a new position in Neurocrine Biosciences during the second quarter valued at $13,769,000. 92.59% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Neurocrine Biosciences news, insider Darin Lippoldt sold 10,000 shares of the company’s stock in a transaction that occurred on 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 sale, the insider directly owned 54,729 shares in the company, valued at $9,829,328.40. This represents a 15.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Julie Cooke sold 36,937 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $156.22, for a total value of $5,770,298.14. Following the completion of the sale, the insider directly owned 22,374 shares of the company’s stock, valued at $3,495,266.28. The trade was a 62.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 116,636 shares of company stock valued at $19,349,078 in the last quarter. 4.60% of the stock is currently owned by insiders.

Analysts Set New Price Targets

NBIX has been the topic of a number of research reports. Canaccord Genuity Group lifted their price target on shares of Neurocrine Biosciences from $200.00 to $210.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Guggenheim increased their price objective on shares of Neurocrine Biosciences from $200.00 to $222.00 and gave the company a “buy” rating in a report on Friday, July 31st. Piper Sandler raised their price objective on Neurocrine Biosciences from $207.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, July 31st. The Goldman Sachs Group began coverage on Neurocrine Biosciences in a report on Tuesday, June 2nd. They issued a “buy” rating and a $213.00 target price on the stock. Finally, Weiss Ratings downgraded Neurocrine Biosciences from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. One research 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. Based on data from MarketBeat.com, Neurocrine Biosciences has a consensus rating of “Moderate Buy” and an average target price of $200.86.

Neurocrine Biosciences Stock Up 0.2%

Shares of NASDAQ:NBIX opened at $153.37 on Wednesday. Neurocrine Biosciences, Inc. has a 52 week low of $122.14 and a 52 week high of $186.12. The stock has a market capitalization of $15.59 billion, a P/E ratio of 22.49, a PEG ratio of 0.72 and a beta of 0.39. The firm has a fifty day simple moving average of $166.95 and a two-hundred day simple moving average of $149.17.

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

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.