Neurocrine Biosciences, Inc. $NBIX Shares Sold by Summit Global Investments

Summit Global Investments lowered its stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 36.4% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 18,708 shares of the company’s stock after selling 10,716 shares during the quarter. Summit Global Investments’ holdings in Neurocrine Biosciences were worth $2,654,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Basecamp Wealth Advisors LLC increased its position in shares of 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 purchasing an additional 204 shares during the last quarter. Raleigh Capital Management Inc. boosted its stake in shares of Neurocrine Biosciences by 561.8% in the third quarter. Raleigh Capital Management Inc. now owns 225 shares of the company’s stock valued at $32,000 after purchasing an additional 191 shares during the period. Cassaday & Co Wealth Management LLC purchased a new position in shares of Neurocrine Biosciences in the first quarter valued at approximately $33,000. Ascentis Independent Advisors acquired a new position in shares of Neurocrine Biosciences in the first quarter valued at approximately $40,000. Finally, TrinityBridge Ltd acquired a new position in shares of Neurocrine Biosciences in the second quarter valued at approximately $45,000. Hedge funds and other institutional investors own 92.59% of the company’s stock.

Neurocrine Biosciences Stock Performance

Shares of NBIX opened at $146.10 on Friday. The stock has a 50-day simple moving average of $146.63 and a 200-day simple moving average of $147.39. The stock has a market capitalization of $14.85 billion, a PE ratio of 21.42, a PEG ratio of 0.64 and a beta of 0.40. Neurocrine Biosciences, Inc. has a 1 year low of $122.14 and a 1 year high of $186.12.

Neurocrine Biosciences (NASDAQ:NBIX) last released its earnings results on Friday, July 31st. The company reported $2.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.65 by $1.20. The firm had revenue of $959.00 million for the quarter, compared to analyst estimates of $891.16 million. Neurocrine Biosciences had a net margin of 20.91% and a return on equity of 22.43%. The business’s quarterly revenue was up 39.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.65 earnings per share. Analysts predict that Neurocrine Biosciences, Inc. will post 7.72 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on NBIX shares. Wedbush upped their target price on shares of Neurocrine Biosciences from $185.00 to $194.00 and gave the stock an “outperform” rating in a research note on Monday, August 3rd. Wall Street Zen cut shares of Neurocrine Biosciences from a “buy” rating to a “hold” rating in a research report on Sunday, August 9th. Cantor Fitzgerald raised their price target on shares of Neurocrine Biosciences from $210.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, July 31st. Royal Bank Of Canada restated an “outperform” rating and issued a $198.00 price target on shares of Neurocrine Biosciences in a research note on Tuesday, September 8th. Finally, Weiss Ratings raised Neurocrine Biosciences from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Neurocrine Biosciences currently has a consensus rating of “Moderate Buy” and a consensus target price of $201.14.

Insider Buying and Selling

In other Neurocrine Biosciences news, insider David W. Boyer sold 826 shares of the stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $157.45, for a total value of $130,053.70. Following the sale, the insider directly owned 8,722 shares of the company’s stock, valued at approximately $1,373,278.90. This represents a 8.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Matt Abernethy sold 2,311 shares of the stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $157.20, for a total transaction of $363,289.20. Following the completion of the sale, the chief financial officer directly owned 42,808 shares in the company, valued at approximately $6,729,417.60. This represents a 5.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 4.60% of the stock is owned by insiders.

Neurocrine Biosciences Profile

Neurocrine Biosciences, Inc is a San Diego-based biopharmaceutical company focused on discovering, developing and commercializing medicines for neurological, neuroendocrine and psychiatric disorders. The company’s research programs target conditions in which treatments may address significant unmet medical needs.

Neurocrine’s leading product is INGREZZA (valbenazine), a vesicular monoamine transporter 2 inhibitor approved in the United States for the treatment of tardive dyskinesia and chorea associated with Huntington’s disease.