Connor Clark & Lunn Investment Management Ltd. Acquires 32,480 Shares of Neurocrine Biosciences, Inc. $NBIX

Connor Clark & Lunn Investment Management Ltd. grew its holdings in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 13.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 281,113 shares of the company’s stock after buying an additional 32,480 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.28% of Neurocrine Biosciences worth $39,463,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. increased its stake in shares of Neurocrine Biosciences by 59.6% during the second quarter. JPMorgan Chase & Co. now owns 4,261,747 shares of the company’s stock valued at $535,659,000 after buying an additional 1,590,749 shares during the period. Norges Bank purchased a new stake in Neurocrine Biosciences in the second quarter worth $122,278,000. AQR Capital Management LLC boosted 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 valued at $189,794,000 after acquiring 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 valued at $42,933,000. Finally, Boone Capital Management LLC purchased a new position in Neurocrine Biosciences during the 2nd quarter valued at $22,667,000. 92.59% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Leslie V. Norwalk sold 5,000 shares of the company’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $152.23, for a total value of $761,150.00. Following the transaction, the director owned 7,429 shares in the company, valued at $1,130,916.67. The trade was a 40.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Kyle Gano sold 36,400 shares of the 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 sale, 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 SEC filing for this sale provides additional information. In the last ninety days, insiders sold 42,590 shares of company stock valued at $5,775,987. 4.80% of the stock is owned by insiders.

Analysts Set New Price Targets

NBIX has been the subject of several research reports. BMO Capital Markets decreased their price objective on shares of Neurocrine Biosciences from $147.00 to $140.00 and set a “market perform” rating for the company in a report on Thursday, February 12th. UBS Group reduced their price target on shares of Neurocrine Biosciences from $188.00 to $178.00 and set a “buy” rating on the stock in a research report on Friday, January 23rd. Mizuho increased their price target on shares of Neurocrine Biosciences from $146.00 to $175.00 and gave the stock a “neutral” rating in a research note on Friday, December 12th. JPMorgan Chase & Co. raised their price objective on shares of Neurocrine Biosciences from $176.00 to $177.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, Needham & Company LLC cut their price objective on Neurocrine Biosciences from $187.00 to $185.00 and set a “buy” rating on the stock in a research report on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Neurocrine Biosciences has an average rating of “Moderate Buy” and a consensus target price of $175.10.

Neurocrine Biosciences Stock Down 1.4%

Neurocrine Biosciences stock opened at $127.78 on Friday. Neurocrine Biosciences, Inc. has a twelve month low of $84.23 and a twelve month high of $160.18. The company has a market capitalization of $12.82 billion, a P/E ratio of 27.42, a PEG ratio of 0.68 and a beta of 0.32. The stock’s 50 day moving average is $133.29 and its 200 day moving average is $140.27.

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

About Neurocrine Biosciences

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.