National Pension Service Increases Stock Position in Neurocrine Biosciences, Inc. $NBIX

National Pension Service boosted its stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 184.4% in the fourth quarter, Holdings Channel.com reports. The fund owned 28,305 shares of the company’s stock after buying an additional 18,354 shares during the quarter. National Pension Service’s holdings in Neurocrine Biosciences were worth $4,014,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of NBIX. AQR Capital Management LLC lifted its position in Neurocrine Biosciences by 83.7% in the third quarter. AQR Capital Management LLC now owns 2,773,648 shares of the company’s stock valued at $388,435,000 after acquiring an additional 1,263,633 shares during the last quarter. UBS Group AG raised its holdings in shares of Neurocrine Biosciences by 169.8% in the fourth quarter. UBS Group AG now owns 983,528 shares of the company’s stock valued at $139,494,000 after buying an additional 618,956 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Neurocrine Biosciences by 11.0% in the third quarter. JPMorgan Chase & Co. now owns 4,730,152 shares of the company’s stock valued at $664,019,000 after buying an additional 468,405 shares during the last quarter. Two Sigma Investments LP purchased a new stake in shares of Neurocrine Biosciences in the third quarter valued at about $48,791,000. Finally, Adage Capital Partners GP L.L.C. purchased a new stake in shares of Neurocrine Biosciences in the second quarter valued at about $42,933,000. 92.59% of the stock is owned by hedge funds and other institutional investors.

Neurocrine Biosciences Stock Up 1.7%

NASDAQ NBIX opened at $161.00 on Tuesday. The stock has a market capitalization of $16.19 billion, a P/E ratio of 24.81, a P/E/G ratio of 1.19 and a beta of 0.39. Neurocrine Biosciences, Inc. has a 52-week low of $121.83 and a 52-week high of $162.39. The firm has a 50-day moving average price of $139.98 and a 200 day moving average price of $139.18.

Insider Activity

In related news, Director Leslie V. Norwalk sold 3,810 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $155.01, for a total transaction of $590,588.10. Following the completion of the transaction, the director directly owned 2,429 shares of the company’s stock, valued at $376,519.29. This represents a 61.07% decrease in their ownership of the stock. The transaction 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. Also, Director Kevin Charles Gorman sold 245,088 shares of the stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $154.33, for a total transaction of $37,824,431.04. Following the transaction, the director directly owned 511,293 shares of the company’s stock, valued at $78,907,848.69. This represents a 32.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 278,786 shares of company stock valued at $43,099,615 over the last ninety days. 4.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on NBIX. Truist Financial upped their target price on shares of Neurocrine Biosciences from $140.00 to $155.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Canaccord Genuity Group upped their target price on shares of Neurocrine Biosciences from $164.00 to $200.00 and gave the company a “buy” rating in a report on Tuesday, April 7th. Guggenheim reaffirmed a “buy” rating and issued a $175.00 target price on shares of Neurocrine Biosciences in a report on Wednesday, May 6th. Wells Fargo & Company reduced their target price on shares of Neurocrine Biosciences from $180.00 to $175.00 and set an “overweight” rating for the company in a report on Friday, February 13th. Finally, HC Wainwright upped their target price on shares of Neurocrine Biosciences from $192.00 to $215.00 and gave the company a “buy” rating in a report on Tuesday, April 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $186.05.

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.