Jennison Associates LLC Sells 106,016 Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Jennison Associates LLC reduced its position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 23.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 345,446 shares of the company’s stock after selling 106,016 shares during the quarter. Jennison Associates LLC owned approximately 0.35% of Neurocrine Biosciences worth $47,644,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of NBIX. Vestal Point Capital LP acquired a new position in shares of Neurocrine Biosciences during the 4th quarter valued at $105,408,000. Los Angeles Capital Management LLC lifted its position in shares of Neurocrine Biosciences by 66.0% during the 4th quarter. Los Angeles Capital Management LLC now owns 918,391 shares of the company’s stock valued at $121,007,000 after acquiring an additional 364,986 shares during the period. Norges Bank acquired a new position in Neurocrine Biosciences during the fourth quarter worth $35,731,000. Jacobs Levy Equity Management Inc. raised its holdings in Neurocrine Biosciences by 59.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 692,374 shares of the company’s stock worth $77,892,000 after buying an additional 256,920 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in Neurocrine Biosciences by 81.9% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 410,103 shares of the company’s stock worth $54,035,000 after buying an additional 184,660 shares during the last quarter. Institutional investors and hedge funds own 92.59% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on NBIX shares. Evercore ISI started coverage on shares of Neurocrine Biosciences in a report on Tuesday, May 14th. They set an “outperform” rating and a $175.00 price objective on the stock. JPMorgan Chase & Co. upped their price objective on shares of Neurocrine Biosciences from $148.00 to $158.00 and gave the stock an “overweight” rating in a report on Wednesday, March 20th. StockNews.com downgraded shares of Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a report on Friday, June 21st. HC Wainwright upped their price objective on shares of Neurocrine Biosciences from $150.00 to $160.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Finally, Barclays increased their target price on shares of Neurocrine Biosciences from $150.00 to $169.00 and gave the company an “overweight” rating in a report on Thursday, May 2nd. Six equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $152.00.

Neurocrine Biosciences Price Performance

NASDAQ:NBIX traded up $3.16 on Monday, reaching $142.24. 581,220 shares of the company’s stock were exchanged, compared to its average volume of 827,895. The firm has a market cap of $14.32 billion, a price-to-earnings ratio of 39.18 and a beta of 0.37. Neurocrine Biosciences, Inc. has a 52 week low of $93.84 and a 52 week high of $148.37. The stock has a fifty day simple moving average of $137.54 and a 200-day simple moving average of $136.58.

Neurocrine Biosciences (NASDAQ:NBIX) last issued its earnings results on Wednesday, May 1st. The company reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.62). The business had revenue of $515.30 million for the quarter, compared to the consensus estimate of $512.21 million. Neurocrine Biosciences had a return on equity of 17.45% and a net margin of 18.65%. As a group, sell-side analysts predict that Neurocrine Biosciences, Inc. will post 4.22 EPS for the current year.

Insider Transactions at Neurocrine Biosciences

In other news, insider Eric Benevich sold 19,818 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $133.36, for a total value of $2,642,928.48. Following the sale, the insider now directly owns 40,778 shares of the company’s stock, valued at $5,438,154.08. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Stephen A. Sherwin sold 40,000 shares of the stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $133.46, for a total value of $5,338,400.00. Following the sale, the director now directly owns 26,504 shares of the company’s stock, valued at $3,537,223.84. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Eric Benevich sold 19,818 shares of the stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $133.36, for a total transaction of $2,642,928.48. Following the completion of the sale, the insider now directly owns 40,778 shares in the company, valued at $5,438,154.08. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 98,697 shares of company stock valued at $13,377,515. 4.30% of the stock is currently owned by corporate insiders.

Neurocrine Biosciences Profile

Neurocrine Biosciences, Inc discovers, develops, and markets pharmaceuticals for neurological, neuroendocrine, and neuropsychiatric disorders in the United States and internationally. The company's products include INGREZZA for tardive dyskinesia and chorea associated with Huntington's disease; ALKINDI for adrenal insufficiency; Efmody capsules for classic congenital adrenal hyperplasia; Orilissa tablets for endometriosis; and Oriahnn capsules to treat uterine fibroids.