Summit Global Investments Has $2.25 Million Stake in Neurocrine Biosciences, Inc. $NBIX

Summit Global Investments reduced its stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 31.1% in the first quarter, HoldingsChannel.com reports. The firm owned 17,083 shares of the company’s stock after selling 7,721 shares during the period. Summit Global Investments’ holdings in Neurocrine Biosciences were worth $2,251,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. AQR Capital Management LLC lifted its holdings in shares of Neurocrine Biosciences by 83.7% in the third quarter. AQR Capital Management LLC now owns 2,773,648 shares of the company’s stock valued at $388,435,000 after purchasing an additional 1,263,633 shares in the last quarter. Norges Bank bought a new stake in Neurocrine Biosciences during the fourth quarter worth $162,664,000. UBS Group AG lifted its stake in Neurocrine Biosciences by 169.8% during the 4th quarter. UBS Group AG now owns 983,528 shares of the company’s stock valued at $139,494,000 after acquiring an additional 618,956 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new position in Neurocrine Biosciences during the 4th quarter worth $65,162,000. Finally, Two Sigma Investments LP purchased a new position in Neurocrine Biosciences during the 3rd quarter worth $48,791,000. 92.59% of the stock is owned by hedge funds and other institutional investors.

Neurocrine Biosciences Trading Up 1.2%

NBIX stock opened at $173.00 on Tuesday. The stock has a market cap of $17.40 billion, a P/E ratio of 26.66, a P/E/G ratio of 0.68 and a beta of 0.39. The stock’s fifty day simple moving average is $164.19 and its two-hundred day simple moving average is $144.02. Neurocrine Biosciences, Inc. has a 1-year low of $122.14 and a 1-year high of $181.18.

Insider Activity at Neurocrine Biosciences

In related news, insider Julie Cooke sold 36,937 shares of the business’s stock in a transaction dated 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 transaction, the insider directly owned 22,374 shares of the company’s stock, valued at approximately $3,495,266.28. The trade was a 62.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ingrid Delaet sold 4,367 shares of the business’s stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $181.02, for a total transaction of $790,514.34. Following the completion of the transaction, the insider directly owned 16,225 shares in the company, valued at $2,937,049.50. This trade represents a 21.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 394,172 shares of company stock worth $62,221,181. 4.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on NBIX. Morgan Stanley upped their target price on shares of Neurocrine Biosciences from $185.00 to $191.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 6th. Canaccord Genuity Group raised their price target on shares of Neurocrine Biosciences from $164.00 to $200.00 and gave the company a “buy” rating in a research report on Tuesday, April 7th. Wall Street Zen upgraded shares of Neurocrine Biosciences from a “buy” rating to a “strong-buy” rating in a report on Saturday, April 25th. BMO Capital Markets upped their price objective on shares of Neurocrine Biosciences from $144.00 to $170.00 and gave the stock a “market perform” rating in a research report on Monday, July 13th. Finally, Citigroup increased their price objective on shares of Neurocrine Biosciences from $242.00 to $246.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Neurocrine Biosciences currently has a consensus rating of “Moderate Buy” and an average price target of $192.86.

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.