Mitsubishi UFJ Asset Management Co. Ltd. Buys New Holdings in Neurocrine Biosciences, Inc. $NBIX

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 111,484 shares of the company’s stock, valued at approximately $18,789,000.

Other large investors also recently modified their holdings of the company. AQR Capital Management LLC increased its position in Neurocrine Biosciences by 18.0% during the 4th quarter. AQR Capital Management LLC now owns 3,271,706 shares of the company’s stock worth $462,652,000 after purchasing an additional 498,058 shares in the last quarter. Renaissance Technologies LLC lifted its position in Neurocrine Biosciences by 8.0% during the first quarter. Renaissance Technologies LLC now owns 2,418,897 shares of the company’s stock valued at $318,665,000 after buying an additional 180,100 shares in the last quarter. Geode Capital Management LLC lifted its position in Neurocrine Biosciences by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 2,059,282 shares of the company’s stock valued at $291,342,000 after buying an additional 34,457 shares in the last quarter. Los Angeles Capital Management LLC grew its stake in Neurocrine Biosciences by 7.4% during the fourth quarter. Los Angeles Capital Management LLC now owns 1,291,278 shares of the company’s stock worth $178,248,000 after buying an additional 88,522 shares during the period. Finally, Northern Trust Corp grew its stake in Neurocrine Biosciences by 31.9% during the fourth quarter. Northern Trust Corp now owns 1,221,184 shares of the company’s stock worth $173,201,000 after buying an additional 295,470 shares during the period. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Neurocrine Biosciences Stock Down 1.7%

NBIX opened at $152.93 on Friday. The firm’s 50 day moving average is $167.29 and its 200-day moving average is $148.85. Neurocrine Biosciences, Inc. has a 52-week low of $122.14 and a 52-week high of $186.12. The firm has a market capitalization of $15.55 billion, a P/E ratio of 22.42, a P/E/G ratio of 0.73 and a beta of 0.39.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its earnings results on Friday, July 31st. The company reported $2.85 earnings per share for the quarter, beating the consensus estimate of $1.65 by $1.20. The business had revenue of $959.00 million during 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% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.65 earnings per share. Equities analysts expect that Neurocrine Biosciences, Inc. will post 7.25 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Truist Financial raised their target price on shares of Neurocrine Biosciences from $200.00 to $213.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Piper Sandler upped their price target on shares of Neurocrine Biosciences from $207.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, July 31st. JPMorgan Chase & Co. increased their price target on Neurocrine Biosciences from $177.00 to $185.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Wedbush raised their price objective on Neurocrine Biosciences from $185.00 to $194.00 and gave the company an “outperform” rating in a research report on Monday, August 3rd. Finally, Zacks Research cut Neurocrine Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $200.86.

Insider Buying and Selling

In other news, Director Stephen A. Sherwin sold 25,000 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $165.32, for a total transaction of $4,133,000.00. Following the completion of the sale, the director directly owned 15,860 shares in the company, valued at $2,621,975.20. This trade represents a 61.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ingrid Delaet sold 8,433 shares of Neurocrine Biosciences stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $178.72, for a total value of $1,507,145.76. Following the sale, the insider directly owned 16,225 shares in the company, valued at approximately $2,899,732. The trade was a 34.20% 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. Insiders sold a total of 131,524 shares of company stock worth $21,668,924 over the last quarter. Company insiders own 4.60% of the company’s stock.

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.