The Manufacturers Life Insurance Company Buys Shares of 63,784 Neurocrine Biosciences, Inc. $NBIX

The Manufacturers Life Insurance Company purchased a new position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 63,784 shares of the company’s stock, valued at approximately $10,750,000. The Manufacturers Life Insurance Company owned 0.06% of Neurocrine Biosciences as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. DJE Kapital AG acquired a new stake in shares of Neurocrine Biosciences during the fourth quarter worth $28,000. Geneos Wealth Management Inc. boosted its position in Neurocrine Biosciences by 143.6% during the first quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock valued at $25,000 after acquiring an additional 135 shares during the last quarter. Meeder Asset Management Inc. boosted its position in Neurocrine Biosciences by 651.6% during the fourth 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. Basecamp Wealth Advisors LLC grew its holdings in Neurocrine Biosciences by 582.9% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 239 shares of the company’s stock worth $31,000 after acquiring an additional 204 shares during the period. Finally, Cassaday & Co Wealth Management LLC acquired a new stake in Neurocrine Biosciences during the 1st quarter worth about $33,000. Institutional investors and hedge funds own 92.59% of the company’s stock.

Neurocrine Biosciences Price Performance

Shares of Neurocrine Biosciences stock opened at $154.06 on Friday. The business has a 50-day simple moving average of $166.77 and a 200 day simple moving average of $149.43. Neurocrine Biosciences, Inc. has a one year low of $122.14 and a one year high of $186.12. The firm has a market capitalization of $15.66 billion, a price-to-earnings ratio of 22.59, 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 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 business had revenue of $959.00 million for the quarter, compared to analyst estimates of $891.16 million. During the same quarter in the prior year, the company earned $1.65 earnings per share. The company’s quarterly revenue was up 39.5% on a year-over-year basis. On average, sell-side analysts expect that Neurocrine Biosciences, Inc. will post 7.25 EPS for the current year.

Insider Activity at Neurocrine Biosciences

In related news, insider Ingrid Delaet sold 8,433 shares of the stock in a transaction on 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 transaction, the insider directly owned 16,225 shares in the company, valued at $2,899,732. This trade represents a 34.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen A. Sherwin sold 25,000 shares of Neurocrine Biosciences stock in a transaction 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 completion of the sale, the director directly owned 15,860 shares of the company’s stock, valued at approximately $2,621,975.20. The trade was a 61.18% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 114,375 shares of company stock valued at $18,994,756 over the last three months. 4.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NBIX. Truist Financial boosted their price objective on Neurocrine Biosciences from $200.00 to $213.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Zacks Research downgraded Neurocrine Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 4th. TD Cowen boosted their price target on Neurocrine Biosciences from $200.00 to $220.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Morgan Stanley cut their price target on Neurocrine Biosciences from $196.00 to $182.00 and set an “equal weight” rating on the stock in a report on Thursday, August 13th. Finally, Weiss Ratings raised shares of Neurocrine Biosciences from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus 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.