Iron Triangle Partners LP Acquires New Stake in Neurocrine Biosciences, Inc. $NBIX

Iron Triangle Partners LP bought a new position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 131,390 shares of the company’s stock, valued at approximately $18,445,000. Neurocrine Biosciences makes up approximately 2.6% of Iron Triangle Partners LP’s portfolio, making the stock its 18th largest position. Iron Triangle Partners LP owned about 0.13% of Neurocrine Biosciences at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Holocene Advisors LP acquired a new stake in shares of Neurocrine Biosciences during the third quarter worth about $731,000. Gotham Asset Management LLC grew its holdings in shares of Neurocrine Biosciences by 49.6% in the third quarter. Gotham Asset Management LLC now owns 136,354 shares of the company’s stock valued at $19,141,000 after purchasing an additional 45,225 shares in the last quarter. Fred Alger Management LLC lifted its holdings in Neurocrine Biosciences by 5.6% during the 3rd quarter. Fred Alger Management LLC now owns 2,122 shares of the company’s stock worth $298,000 after buying an additional 113 shares in the last quarter. Focus Partners Wealth boosted its position in Neurocrine Biosciences by 15.1% in the 3rd quarter. Focus Partners Wealth now owns 65,822 shares of the company’s stock valued at $9,238,000 after buying an additional 8,645 shares during the period. Finally, California Public Employees Retirement System boosted its position in Neurocrine Biosciences by 12.0% in the 3rd quarter. California Public Employees Retirement System now owns 194,157 shares of the company’s stock valued at $27,256,000 after buying an additional 20,788 shares during the period. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Neurocrine Biosciences Trading Up 1.6%

Shares of NBIX opened at $129.78 on Monday. The firm has a market capitalization of $13.02 billion, a price-to-earnings ratio of 27.85, a PEG ratio of 0.68 and a beta of 0.32. The firm’s fifty day simple moving average is $133.08 and its 200-day simple moving average is $140.28. Neurocrine Biosciences, Inc. has a twelve month low of $84.23 and a twelve month high of $160.18.

Neurocrine Biosciences (NASDAQ:NBIX) last posted 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 net margin of 16.73% and a return on equity of 16.48%. The business had revenue of $805.50 million during the quarter, compared to analysts’ expectations of $804.21 million. During the same period last year, the company earned $1.69 EPS. The business’s quarterly revenue was up 28.3% compared to the same quarter last year. On average, analysts predict that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on NBIX. 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. Wall Street Zen lowered Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a report on Monday, February 16th. 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. Zacks Research downgraded Neurocrine Biosciences from a “hold” rating to a “strong sell” rating in a report on Tuesday, February 17th. Finally, TD Cowen increased their price target on Neurocrine Biosciences from $175.00 to $200.00 and gave the company a “buy” rating in a research report on Friday, December 5th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $175.10.

Insider Activity at Neurocrine Biosciences

In related news, CEO Kyle Gano sold 36,400 shares of the business’s stock in a transaction that occurred on Friday, January 16th. The stock was sold at an average price of $132.70, for a total transaction of $4,830,280.00. Following the completion of the sale, the chief executive officer owned 140,407 shares in the company, valued at $18,632,008.90. The trade was a 20.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Leslie V. Norwalk sold 1,190 shares of the company’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $155.09, for a total value of $184,557.10. Following the completion of the transaction, the director directly owned 6,239 shares of the company’s stock, valued at $967,606.51. This trade represents a 16.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 4.30% of the stock is owned by insiders.

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.