Suncoast Equity Management Takes Position in Neurocrine Biosciences, Inc. $NBIX

Suncoast Equity Management purchased a new stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 5,085 shares of the company’s stock, valued at approximately $721,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. USA Financial Formulas bought a new position in shares of Neurocrine Biosciences during the fourth quarter valued at $25,000. Geneos Wealth Management Inc. lifted its holdings 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 valued at $25,000 after purchasing an additional 135 shares in the last quarter. Golden State Wealth Management LLC lifted its holdings in shares of Neurocrine Biosciences by 120.5% during the third quarter. Golden State Wealth Management LLC now owns 183 shares of the company’s stock valued at $26,000 after purchasing an additional 100 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new position in shares of Neurocrine Biosciences during the third quarter valued at $49,000. Finally, Leonteq Securities AG bought a new position in shares of Neurocrine Biosciences during the fourth quarter valued at $58,000. 92.59% of the stock is owned by institutional investors.

Neurocrine Biosciences Price Performance

Shares of NBIX stock opened at $158.30 on Monday. Neurocrine Biosciences, Inc. has a 1 year low of $121.42 and a 1 year high of $162.39. The firm has a fifty day moving average price of $139.36 and a 200-day moving average price of $139.08. The company has a market cap of $15.92 billion, a price-to-earnings ratio of 24.39, a PEG ratio of 1.19 and a beta of 0.39.

Insider Activity

In other news, insider Jude Onyia sold 11,000 shares of the business’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $155.53, for a total transaction of $1,710,830.00. Following the completion of the sale, the insider owned 25,846 shares of the company’s stock, valued at $4,019,828.38. The trade was a 29.85% decrease in their position. 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, Director Leslie V. Norwalk sold 3,810 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $155.01, for a total transaction of $590,588.10. Following the sale, the director directly owned 2,429 shares of the company’s stock, valued at approximately $376,519.29. The trade was a 61.07% 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. Over the last 90 days, insiders have sold 278,786 shares of company stock worth $43,099,615. Company insiders own 4.60% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on NBIX shares. Truist Financial lifted their target price on shares of Neurocrine Biosciences from $140.00 to $155.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Wells Fargo & Company cut their target price on shares of Neurocrine Biosciences from $180.00 to $175.00 and set an “overweight” rating for the company in a research report on Friday, February 13th. Citigroup lifted their target price on shares of Neurocrine Biosciences from $242.00 to $246.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. HC Wainwright lifted their target price on shares of Neurocrine Biosciences from $192.00 to $215.00 and gave the stock a “buy” rating in a research report on Tuesday, April 7th. Finally, Canaccord Genuity Group lifted their target price on shares of Neurocrine Biosciences from $164.00 to $200.00 and gave the stock a “buy” rating in a research report on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $186.05.

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.