Summit Global Investments Boosts Stock Position in Neurocrine Biosciences, Inc. $NBIX

Summit Global Investments raised its position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 214.0% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 36,155 shares of the company’s stock after buying an additional 24,639 shares during the quarter. Summit Global Investments’ holdings in Neurocrine Biosciences were worth $5,075,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of NBIX. Geneos Wealth Management Inc. raised its stake in shares of Neurocrine Biosciences by 143.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock worth $25,000 after acquiring an additional 135 shares in the last quarter. Golden State Wealth Management LLC boosted its stake in Neurocrine Biosciences by 120.5% in the third quarter. Golden State Wealth Management LLC now owns 183 shares of the company’s stock valued at $26,000 after acquiring an additional 100 shares in the last quarter. Eastern Bank purchased a new position in Neurocrine Biosciences in the third quarter worth $27,000. Quent Capital LLC acquired a new position in shares of Neurocrine Biosciences during the third quarter worth $32,000. Finally, MAI Capital Management lifted its holdings in shares of Neurocrine Biosciences by 101.2% during the 2nd quarter. MAI Capital Management now owns 328 shares of the company’s stock valued at $41,000 after purchasing an additional 165 shares during the last quarter. 92.59% of the stock is currently owned by institutional investors.

Insider Activity

In other Neurocrine Biosciences news, Director Leslie V. Norwalk sold 5,000 shares of Neurocrine Biosciences 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 completion of the transaction, the director owned 7,429 shares in the company, valued at approximately $1,130,916.67. This trade represents a 40.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director William H. Rastetter sold 18,000 shares of the business’s stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $151.82, for a total value of $2,732,760.00. Following the completion of the transaction, the director directly owned 40,360 shares of the company’s stock, valued at approximately $6,127,455.20. This trade represents a 30.84% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 80,266 shares of company stock valued at $11,400,517 over the last quarter. Insiders own 4.80% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on NBIX. Stifel Nicolaus boosted their target price on Neurocrine Biosciences from $183.00 to $188.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Wall Street Zen upgraded Neurocrine Biosciences from a “buy” rating to a “strong-buy” rating in a research note on Sunday, January 18th. Canaccord Genuity Group upped their price objective on shares of Neurocrine Biosciences from $160.00 to $164.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Citigroup increased their price objective on shares of Neurocrine Biosciences from $175.00 to $203.00 and gave the company a “buy” rating in a research report on Wednesday, October 29th. Finally, Zacks Research downgraded shares of Neurocrine Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 29th. Seventeen research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Neurocrine Biosciences has an average rating of “Moderate Buy” and an average target price of $174.25.

Neurocrine Biosciences Stock Up 2.5%

Shares of NASDAQ NBIX opened at $137.96 on Friday. Neurocrine Biosciences, Inc. has a 52 week low of $84.23 and a 52 week high of $160.18. The business’s 50 day moving average price is $143.25 and its 200 day moving average price is $140.19. The firm has a market cap of $13.76 billion, a P/E ratio of 33.00, a P/E/G ratio of 0.71 and a beta of 0.28.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its quarterly earnings data on Tuesday, October 28th. The company reported $2.17 EPS for the quarter, beating the consensus estimate of $1.58 by $0.59. The business had revenue of $794.90 million during the quarter, compared to analysts’ expectations of $746.61 million. Neurocrine Biosciences had a net margin of 15.95% and a return on equity of 15.82%. The business’s quarterly revenue was up 27.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.81 EPS. As a group, research analysts expect that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current year.

Neurocrine Biosciences Company 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.