First Trust Advisors LP Sells 60,358 Shares of Neurocrine Biosciences, Inc. $NBIX

First Trust Advisors LP reduced its holdings in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 14.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 363,113 shares of the company’s stock after selling 60,358 shares during the period. First Trust Advisors LP’s holdings in Neurocrine Biosciences were worth $50,974,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in NBIX. JPMorgan Chase & Co. lifted its stake in shares of Neurocrine Biosciences by 59.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 4,261,747 shares of the company’s stock valued at $535,659,000 after purchasing an additional 1,590,749 shares during the period. Norges Bank acquired a new stake in Neurocrine Biosciences during the second quarter worth approximately $122,278,000. AQR Capital Management LLC increased its holdings in Neurocrine Biosciences by 40.5% in the second quarter. AQR Capital Management LLC now owns 1,510,015 shares of the company’s stock worth $189,794,000 after purchasing an additional 435,385 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new stake in Neurocrine Biosciences in the second quarter worth approximately $42,933,000. Finally, Boone Capital Management LLC acquired a new position in Neurocrine Biosciences in the second quarter valued at approximately $22,667,000. 92.59% of the stock is owned by institutional investors.

Neurocrine Biosciences Stock Down 0.2%

Shares of NASDAQ:NBIX opened at $129.54 on Thursday. Neurocrine Biosciences, Inc. has a twelve month low of $84.23 and a twelve month high of $160.18. The stock’s 50 day moving average is $133.57 and its 200-day moving average is $140.36. The firm has a market capitalization of $13.00 billion, a price-to-earnings ratio of 27.80, a PEG ratio of 0.68 and a beta of 0.32.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.36 by ($0.48). The business had revenue of $805.50 million during the quarter, compared to analyst estimates of $804.21 million. Neurocrine Biosciences had a net margin of 16.73% and a return on equity of 16.48%. The business’s revenue for the quarter was up 28.3% compared to the same quarter last year. During the same period in the previous year, the business posted $1.69 EPS. Equities research analysts anticipate that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Needham & Company LLC cut their price target on Neurocrine Biosciences from $187.00 to $185.00 and set a “buy” rating on the stock in a report on Thursday, February 12th. BMO Capital Markets dropped their target price on shares of Neurocrine Biosciences from $147.00 to $140.00 and set a “market perform” rating on the stock in a research report on Thursday, February 12th. Wolfe Research initiated coverage on shares of Neurocrine Biosciences in a research note on Tuesday, February 24th. They set an “outperform” rating and a $160.00 target price on the stock. Citigroup raised their price target on shares of Neurocrine Biosciences from $203.00 to $204.00 and gave the stock a “buy” rating in a report on Thursday, February 12th. Finally, TD Cowen lifted their price target on shares of Neurocrine Biosciences from $175.00 to $200.00 and gave the company a “buy” rating in a research note on Friday, December 5th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $175.05.

Insiders Place Their Bets

In other news, CEO Kyle Gano sold 36,400 shares of Neurocrine Biosciences stock in a transaction dated Friday, January 16th. The shares were sold at an average price of $132.70, for a total transaction of $4,830,280.00. Following the completion of the transaction, the chief executive officer directly owned 140,407 shares in the company, valued at $18,632,008.90. This trade represents a 20.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Leslie V. Norwalk sold 5,000 shares of the business’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $152.23, for a total transaction of $761,150.00. Following the sale, the director directly owned 7,429 shares of the company’s stock, valued at approximately $1,130,916.67. The trade was a 40.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 42,590 shares of company stock worth $5,775,987 over the last ninety days. Insiders own 4.80% of the company’s stock.

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.