Primecap Management Co. CA Makes New Investment in Neurocrine Biosciences, Inc. $NBIX

Primecap Management Co. CA acquired a new stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 491,340 shares of the company’s stock, valued at approximately $82,808,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. DJE Kapital AG bought a new stake in shares of Neurocrine Biosciences during the fourth quarter valued at approximately $28,000. Geneos Wealth Management Inc. raised its holdings in Neurocrine Biosciences by 143.6% in the first quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock worth $25,000 after purchasing an additional 135 shares in the last quarter. Meeder Asset Management Inc. raised its holdings in Neurocrine Biosciences by 651.6% in the fourth quarter. Meeder Asset Management Inc. now owns 233 shares of the company’s stock worth $33,000 after purchasing an additional 202 shares in the last quarter. Basecamp Wealth Advisors LLC lifted its position in Neurocrine Biosciences by 582.9% during the first quarter. Basecamp Wealth Advisors LLC now owns 239 shares of the company’s stock valued at $31,000 after buying an additional 204 shares during the period. Finally, Cassaday & Co Wealth Management LLC bought a new stake in shares of Neurocrine Biosciences during the 1st quarter valued at $33,000. Hedge funds and other institutional investors own 92.59% of the company’s stock.

Neurocrine Biosciences Price Performance

Shares of NASDAQ:NBIX opened at $156.59 on Thursday. Neurocrine Biosciences, Inc. has a 1-year low of $122.14 and a 1-year high of $186.12. The business has a fifty day moving average price of $166.91 and a 200-day moving average price of $149.30. The company has a market capitalization of $15.92 billion, a PE ratio of 22.96, a PEG ratio of 0.72 and a beta of 0.39.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its quarterly earnings results on Friday, July 31st. The company reported $2.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.65 by $1.20. Neurocrine Biosciences had a net margin of 20.91% and a return on equity of 22.43%. The company had revenue of $959.00 million for the quarter, compared to analysts’ expectations of $891.16 million. During the same quarter in the previous year, the business posted $1.65 EPS. Neurocrine Biosciences’s revenue was up 39.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Neurocrine Biosciences, Inc. will post 7.25 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Ingrid Delaet sold 4,367 shares of the stock in a transaction that occurred on Friday, July 10th. The shares were 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 in the company, valued at $2,937,049.50. This represents a 21.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen A. Sherwin sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $165.32, for a total transaction of $4,133,000.00. Following the sale, the director directly owned 15,860 shares of the company’s stock, valued at $2,621,975.20. This trade represents a 61.18% decrease in their position. 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 116,636 shares of company stock valued at $19,349,078 in the last quarter. 4.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

NBIX has been the subject of several research reports. Citigroup increased their price target on shares of Neurocrine Biosciences from $246.00 to $249.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. JPMorgan Chase & Co. boosted their price objective on shares of Neurocrine Biosciences from $177.00 to $185.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. Needham & Company LLC upped their price objective on shares of Neurocrine Biosciences from $200.00 to $204.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Piper Sandler raised their target price on shares of Neurocrine Biosciences from $207.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, July 31st. Finally, Canaccord Genuity Group lifted their target price on shares of Neurocrine Biosciences from $200.00 to $210.00 and gave the company a “buy” rating in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Neurocrine Biosciences presently has a consensus rating of “Moderate Buy” and an average price target of $200.86.

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.