Rakuten Investment Management Inc. Takes $18.07 Million Position in Neurocrine Biosciences, Inc. $NBIX

Rakuten Investment Management Inc. bought a new position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) during the third quarter, HoldingsChannel.com reports. The institutional investor bought 128,736 shares of the company’s stock, valued at approximately $18,072,000.

Several other institutional investors have also modified their holdings of NBIX. Chicago Partners Investment Group LLC acquired a new stake in Neurocrine Biosciences during the 3rd quarter valued at approximately $526,000. Allegiance Financial Group Advisory Services LLC acquired a new position in shares of Neurocrine Biosciences in the 3rd quarter valued at approximately $250,000. Seizert Capital Partners LLC purchased a new position in shares of Neurocrine Biosciences during the 3rd quarter valued at approximately $9,832,000. Jackson Thornton Wealth Management LLC purchased a new position in shares of Neurocrine Biosciences during the 3rd quarter valued at approximately $469,000. Finally, QTR Family Wealth LLC acquired a new stake in shares of Neurocrine Biosciences during the third quarter worth approximately $203,000. Institutional investors and hedge funds own 92.59% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on NBIX. Canaccord Genuity Group upped their price target on shares of Neurocrine Biosciences from $160.00 to $164.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Royal Bank Of Canada increased their price target on shares of Neurocrine Biosciences from $160.00 to $180.00 and gave the stock an “outperform” rating in a research report on Monday, December 8th. HC Wainwright lifted their price target on Neurocrine Biosciences from $168.00 to $198.00 and gave the stock a “buy” rating in a research note on Wednesday, December 17th. UBS Group upped their price objective on Neurocrine Biosciences from $188.00 to $195.00 and gave the company a “buy” rating in a research note on Thursday, October 9th. Finally, Zacks Research downgraded Neurocrine Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. Seventeen analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, Neurocrine Biosciences has an average rating of “Moderate Buy” and an average target price of $175.10.

Insiders Place Their Bets

In other Neurocrine Biosciences news, CEO Kyle Gano sold 36,400 shares of the stock in a transaction on Friday, January 16th. The stock was sold at an average price of $132.70, for a total value of $4,830,280.00. Following the sale, the chief executive officer directly owned 140,407 shares of the company’s stock, valued at $18,632,008.90. This trade represents a 20.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director George J. Morrow sold 15,000 shares of the firm’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $143.37, for a total value of $2,150,550.00. Following the completion of the sale, the director owned 7,068 shares in the company, valued at $1,013,339.16. The trade was a 67.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 80,266 shares of company stock worth $11,400,517. 4.30% of the stock is currently owned by insiders.

Neurocrine Biosciences Stock Up 1.6%

Shares of NASDAQ:NBIX opened at $134.54 on Wednesday. The company has a market cap of $13.41 billion, a PE ratio of 32.19, a P/E/G ratio of 0.65 and a beta of 0.28. Neurocrine Biosciences, Inc. has a fifty-two week low of $84.23 and a fifty-two week high of $160.18. The firm has a 50-day simple moving average of $144.15 and a 200 day simple moving average of $140.11.

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