Neurocrine Biosciences, Inc. $NBIX Stake Boosted by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 8.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 220,449 shares of the company’s stock after purchasing an additional 17,783 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.22% of Neurocrine Biosciences worth $29,042,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Royal Bank of Canada raised its stake in Neurocrine Biosciences by 36.7% during the first quarter. Royal Bank of Canada now owns 82,810 shares of the company’s stock worth $9,158,000 after acquiring an additional 22,224 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Neurocrine Biosciences by 60.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,783 shares of the company’s stock valued at $1,647,000 after purchasing an additional 5,577 shares during the last quarter. NewEdge Advisors LLC grew its holdings in shares of Neurocrine Biosciences by 56.3% during the first quarter. NewEdge Advisors LLC now owns 7,630 shares of the company’s stock valued at $844,000 after purchasing an additional 2,747 shares during the last quarter. Empowered Funds LLC acquired a new stake in shares of Neurocrine Biosciences during the 1st quarter worth approximately $1,333,000. Finally, Geneos Wealth Management Inc. raised its position in shares of Neurocrine Biosciences by 143.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock worth $25,000 after purchasing an additional 135 shares during the period. 92.59% of the stock is currently owned by institutional investors.

Insider Activity

In other Neurocrine Biosciences 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 transaction of $5,770,298.14. Following the sale, the insider directly owned 22,374 shares in the company, valued at approximately $3,495,266.28. The trade was a 62.28% decrease in their position. The transaction was disclosed in a filing 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, Director Richard F. Pops sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $157.65, for a total transaction of $2,364,750.00. Following the completion of the sale, the director directly owned 34,480 shares of the company’s stock, valued at approximately $5,435,772. This represents a 30.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 394,172 shares of company stock worth $62,221,181 in the last 90 days. 4.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. boosted their price objective on Neurocrine Biosciences from $177.00 to $185.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Morgan Stanley increased their target price on Neurocrine Biosciences from $185.00 to $191.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. Royal Bank Of Canada boosted their price target on shares of Neurocrine Biosciences from $183.00 to $195.00 and gave the company an “outperform” rating in a report on Tuesday, July 7th. Sanford C. Bernstein initiated coverage on shares of Neurocrine Biosciences in a research report on Friday, May 22nd. They set an “outperform” rating and a $221.00 price target for the company. Finally, The Goldman Sachs Group began coverage on shares of Neurocrine Biosciences in a report on Tuesday, June 2nd. They issued a “buy” rating and a $213.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $191.67.

Key Headlines Impacting Neurocrine Biosciences

Here are the key news stories impacting Neurocrine Biosciences this week:

• Positive Sentiment: Truist Financial raised its price target on Neurocrine Biosciences to $200 from $155 and reiterated a buy rating, signaling confidence in further upside for the stock. Benzinga report on Truist price target increase
• Neutral Sentiment: BMO Capital Markets also lifted its price target on Neurocrine Biosciences to $170 from $144, but kept a market perform rating, suggesting a more cautious view despite the higher valuation estimate. Benzinga report on BMO price target increase
• Negative Sentiment: Two insiders sold shares in recent transactions, including Darin Lippoldt and Ingrid Delaet, which can create concern about management’s near-term outlook even though the sales were made under pre-arranged 10b5-1 plans. Article on Darin Lippoldt sale Article on Ingrid Delaet sale

Neurocrine Biosciences Stock Down 1.7%

Shares of NASDAQ NBIX opened at $174.10 on Tuesday. The stock has a market cap of $17.51 billion, a P/E ratio of 26.83, a P/E/G ratio of 0.71 and a beta of 0.39. The firm’s 50-day simple moving average is $161.69 and its 200 day simple moving average is $143.06. Neurocrine Biosciences, Inc. has a fifty-two week low of $122.14 and a fifty-two week high of $181.18.

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.