Public Employees Retirement System of Ohio Acquires New Stake in Neurocrine Biosciences, Inc. $NBIX

Public Employees Retirement System of Ohio bought a new position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 28,709 shares of the company’s stock, valued at approximately $4,838,000.

Other hedge funds also recently modified their holdings of the company. Bank of America Corp DE lifted its stake in Neurocrine Biosciences by 10.6% during the first quarter. Bank of America Corp DE now owns 583,827 shares of the company’s stock valued at $76,913,000 after purchasing an additional 55,723 shares during the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in Neurocrine Biosciences in the fourth quarter worth approximately $1,866,000. ABN AMRO Bank N.V. bought a new position in shares of Neurocrine Biosciences in the second quarter valued at $2,510,000. Wesbanco Bank Inc. increased its holdings in shares of Neurocrine Biosciences by 88.9% in the fourth quarter. Wesbanco Bank Inc. now owns 17,000 shares of the company’s stock valued at $2,411,000 after buying an additional 8,000 shares in the last quarter. Finally, SEB Asset Management AB acquired a new stake in shares of Neurocrine Biosciences during the 1st quarter valued at $10,483,000. 92.59% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Neurocrine Biosciences

In other news, insider Darin Lippoldt sold 10,000 shares of the stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $179.60, for a total value of $1,796,000.00. Following the completion of the sale, the insider directly owned 54,729 shares of the company’s stock, valued at $9,829,328.40. This represents a 15.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ingrid Delaet sold 4,367 shares of the firm’s stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $181.02, for a total transaction of $790,514.34. Following the sale, the insider owned 16,225 shares of the company’s stock, valued at approximately $2,937,049.50. This 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. Insiders sold 65,188 shares of company stock valued at $11,251,633 over the last ninety days. 4.60% of the stock is owned by company insiders.

Neurocrine Biosciences Stock Up 0.7%

Shares of Neurocrine Biosciences stock opened at $157.79 on Thursday. The stock has a market cap of $16.04 billion, a PE ratio of 23.14, a price-to-earnings-growth ratio of 0.73 and a beta of 0.38. The business has a fifty day simple moving average of $166.36 and a 200-day simple moving average of $150.00. Neurocrine Biosciences, Inc. has a 12 month low of $122.14 and a 12 month high of $186.12.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its quarterly 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. Neurocrine Biosciences had a return on equity of 22.43% and a net margin of 20.91%.The firm had revenue of $959.00 million for the quarter, compared to analyst estimates of $891.16 million. During the same period in the previous year, the firm earned $1.65 earnings per share. Neurocrine Biosciences’s quarterly revenue was up 39.5% on a year-over-year basis. Analysts expect that Neurocrine Biosciences, Inc. will post 7.25 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on NBIX shares. Sanford C. Bernstein started coverage on Neurocrine Biosciences in a report on Friday, May 22nd. They issued an “outperform” rating and a $221.00 target price on the stock. Citigroup upped their target price on Neurocrine Biosciences from $246.00 to $249.00 and gave the company a “buy” rating in a report on Friday, July 31st. Wedbush increased their price target on Neurocrine Biosciences from $185.00 to $194.00 and gave the company an “outperform” rating in a research report on Monday, August 3rd. TD Cowen lifted their price target on Neurocrine Biosciences from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Finally, Wall Street Zen downgraded Neurocrine Biosciences from a “buy” rating to a “hold” rating in a report on Sunday, August 9th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $200.86.

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.