Peregrine Capital Management LLC Reduces Stock Position in Neurocrine Biosciences, Inc. $NBIX

Peregrine Capital Management LLC cut its stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 12.3% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 58,844 shares of the company’s stock after selling 8,225 shares during the quarter. Peregrine Capital Management LLC owned about 0.06% of Neurocrine Biosciences worth $8,261,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NBIX. Geneos Wealth Management Inc. grew its holdings in Neurocrine Biosciences by 143.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock valued at $25,000 after buying an additional 135 shares in the last quarter. MAI Capital Management lifted its holdings in shares of Neurocrine Biosciences by 101.2% in the second quarter. MAI Capital Management now owns 328 shares of the company’s stock worth $41,000 after buying an additional 165 shares in the last quarter. True Wealth Design LLC boosted its position in shares of 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 acquiring an additional 316 shares during the period. Huntington National Bank grew its stake in Neurocrine Biosciences by 26.4% during the second quarter. Huntington National Bank now owns 604 shares of the company’s stock valued at $76,000 after acquiring an additional 126 shares in the last quarter. Finally, Elevation Point Wealth Partners LLC bought a new stake in Neurocrine Biosciences during the 2nd quarter worth approximately $97,000. 92.59% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

NBIX has been the subject of several analyst reports. Wedbush reissued an “outperform” rating on shares of Neurocrine Biosciences in a report on Monday, September 22nd. Citigroup increased their price objective on Neurocrine Biosciences from $175.00 to $203.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Truist Financial reduced their target price on Neurocrine Biosciences from $172.00 to $169.00 and set a “buy” rating for the company in a research report on Thursday. TD Cowen raised their price target on Neurocrine Biosciences from $175.00 to $200.00 and gave the company a “buy” rating in a report on Friday, December 5th. Finally, Piper Sandler lifted their price target on Neurocrine Biosciences from $175.00 to $179.00 and gave the company an “overweight” rating in a research report on Wednesday, October 29th. Seventeen analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $175.20.

Neurocrine Biosciences Stock Up 0.2%

NASDAQ NBIX opened at $135.79 on Friday. The stock’s 50-day simple moving average is $146.36 and its two-hundred day simple moving average is $139.65. Neurocrine Biosciences, Inc. has a twelve month low of $84.23 and a twelve month high of $160.18. The company has a market capitalization of $13.54 billion, a price-to-earnings ratio of 32.49, a PEG ratio of 0.66 and a beta of 0.28.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its quarterly earnings data on Tuesday, October 28th. The company reported $2.17 EPS for the quarter, beating the consensus estimate of $1.58 by $0.59. The firm had revenue of $794.90 million for the quarter, compared to analyst estimates of $746.61 million. Neurocrine Biosciences had a return on equity of 15.82% and a net margin of 15.95%.The company’s revenue was up 27.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.81 EPS. On average, equities analysts expect that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current fiscal year.

Insider Activity

In other news, Director William H. Rastetter sold 18,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $151.82, for a total value of $2,732,760.00. Following the completion of the sale, the director directly owned 40,360 shares in the company, valued at approximately $6,127,455.20. The trade was a 30.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Leslie V. Norwalk sold 5,000 shares of the company’s stock in a transaction on Monday, December 15th. The shares were sold at an average price of $152.23, for a total transaction of $761,150.00. Following the completion of the sale, the director directly owned 7,429 shares of the company’s stock, valued at $1,130,916.67. This trade represents a 40.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 43,866 shares of company stock valued at $6,570,237. Insiders own 4.80% 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.