Rock Springs Capital Management LP Grows Stake in Neurocrine Biosciences, Inc. $NBIX

Rock Springs Capital Management LP lifted its position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 19.9% during the 1st quarter, HoldingsChannel reports. The firm owned 150,450 shares of the company’s stock after buying an additional 24,950 shares during the period. Neurocrine Biosciences comprises about 1.2% of Rock Springs Capital Management LP’s investment portfolio, making the stock its 27th biggest position. Rock Springs Capital Management LP’s holdings in Neurocrine Biosciences were worth $19,820,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. USA Financial Formulas purchased a new position in Neurocrine Biosciences during the fourth quarter worth about $25,000. DJE Kapital AG purchased a new stake in shares of Neurocrine Biosciences in the 4th quarter valued at about $28,000. Geneos Wealth Management Inc. raised its holdings in shares of Neurocrine Biosciences by 143.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock valued at $25,000 after acquiring an additional 135 shares in the last quarter. Meeder Asset Management Inc. boosted its position in shares of Neurocrine Biosciences by 651.6% during the 4th quarter. Meeder Asset Management Inc. now owns 233 shares of the company’s stock valued at $33,000 after acquiring an additional 202 shares during the last quarter. Finally, Cassaday & Co Wealth Management LLC bought a new stake in shares of Neurocrine Biosciences during the 1st quarter valued at about $33,000. Institutional investors own 92.59% of the company’s stock.

Neurocrine Biosciences Stock Up 0.4%

NASDAQ NBIX opened at $176.41 on Tuesday. The company has a 50-day simple moving average of $165.91 and a two-hundred day simple moving average of $145.29. Neurocrine Biosciences, Inc. has a 12-month low of $122.14 and a 12-month high of $181.18. The firm has a market cap of $17.74 billion, a price-to-earnings ratio of 27.18, a PEG ratio of 0.74 and a beta of 0.39.

Insider Buying and Selling

In related news, insider Ingrid Delaet sold 4,367 shares of the 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 sale, the insider directly owned 16,225 shares in the company, valued at $2,937,049.50. This represents a 21.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Darin Lippoldt sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $179.60, for a total value of $1,796,000.00. Following the transaction, the insider owned 54,729 shares in the company, valued at approximately $9,829,328.40. The trade was a 15.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 394,172 shares of company stock worth $62,221,181 in the last 90 days. 4.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. The Goldman Sachs Group began coverage on shares of Neurocrine Biosciences in a research report on Tuesday, June 2nd. They issued a “buy” rating and a $213.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and set a $185.00 price target on shares of Neurocrine Biosciences in a research report on Monday, April 6th. Canaccord Genuity Group lifted their price target on Neurocrine Biosciences from $164.00 to $200.00 and gave the stock a “buy” rating in a research note on Tuesday, April 7th. Guggenheim upped their price objective on Neurocrine Biosciences from $175.00 to $200.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. Finally, Wedbush increased their price objective on Neurocrine Biosciences from $166.00 to $176.00 and gave the company an “outperform” rating in a research report on Wednesday, May 6th. Two investment 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’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $194.05.

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.