Neurocrine Biosciences (NASDAQ:NBIX) CFO Matt Abernethy Sells 2,311 Shares

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) CFO Matt Abernethy sold 2,311 shares of the company’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $157.20, for a total transaction of $363,289.20. Following the transaction, the chief financial officer directly owned 42,808 shares of the company’s stock, valued at approximately $6,729,417.60. This trade represents a 5.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing 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.

Neurocrine Biosciences Price Performance

NASDAQ NBIX opened at $150.02 on Wednesday. The stock has a market capitalization of $15.25 billion, a PE ratio of 22.00, a PEG ratio of 0.73 and a beta of 0.38. Neurocrine Biosciences, Inc. has a 1 year low of $122.14 and a 1 year high of $186.12. The business’s 50-day moving average is $163.57 and its 200 day moving average is $151.73.

Neurocrine Biosciences (NASDAQ:NBIX) last released its quarterly earnings results on Friday, July 31st. The company reported $2.85 EPS for the quarter, beating analysts’ consensus estimates of $1.65 by $1.20. Neurocrine Biosciences had a return on equity of 22.43% and a net margin of 20.91%.The business had revenue of $959.00 million during the quarter, compared to analyst estimates of $891.16 million. During the same quarter in the prior year, the company posted $1.65 EPS. Neurocrine Biosciences’s quarterly revenue was up 39.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Neurocrine Biosciences, Inc. will post 7.25 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in NBIX. Bank of America Corp DE lifted its holdings in shares of Neurocrine Biosciences by 10.6% during the first quarter. Bank of America Corp DE now owns 583,827 shares of the company’s stock valued at $76,913,000 after purchasing an additional 55,723 shares in the last quarter. ABN AMRO Bank N.V. purchased a new stake in shares of Neurocrine Biosciences during the second quarter valued at $2,510,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in Neurocrine Biosciences in the 4th quarter worth about $1,866,000. Summit Global Investments bought a new stake in Neurocrine Biosciences in the 2nd quarter worth about $4,959,000. Finally, Focus Partners Advisor Solutions LLC purchased a new position in Neurocrine Biosciences in the 2nd quarter worth about $1,927,000. Hedge funds and other institutional investors own 92.59% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Piper Sandler raised their price target on Neurocrine Biosciences from $207.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, July 31st. Morgan Stanley boosted their price objective on shares of Neurocrine Biosciences from $182.00 to $183.00 and gave the company an “equal weight” rating in a research report on Friday, September 11th. Royal Bank Of Canada restated an “outperform” rating and issued a $198.00 price objective on shares of Neurocrine Biosciences in a report on Tuesday, September 8th. Sanford C. Bernstein assumed coverage on shares of Neurocrine Biosciences in a report on Friday, May 22nd. They issued an “outperform” rating and a $221.00 price objective for the company. Finally, Cantor Fitzgerald raised their target price on shares of Neurocrine Biosciences from $210.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Neurocrine Biosciences currently has an average rating of “Moderate Buy” and an average target price of $201.09.

Neurocrine Biosciences Company Profile

Neurocrine Biosciences, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for neurological, neuroendocrine and psychiatric disorders. The company develops therapies for conditions with significant unmet medical needs, using expertise in neuroscience and endocrine biology.

Its primary commercial 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.