Neurocrine Biosciences, Inc. (NASDAQ:NBIX) Position Lessened by Seven Eight Capital LP

Seven Eight Capital LP reduced its stake in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 76.8% in the first quarter, Holdings Channel.com reports. The institutional investor owned 1,672 shares of the company’s stock after selling 5,543 shares during the period. Seven Eight Capital LP’s holdings in Neurocrine Biosciences were worth $231,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in NBIX. Pacer Advisors Inc. increased its holdings in shares of Neurocrine Biosciences by 79.1% in the 4th quarter. Pacer Advisors Inc. now owns 14,608 shares of the company’s stock worth $1,925,000 after acquiring an additional 6,450 shares during the period. Clarus Wealth Advisors bought a new stake in shares of Neurocrine Biosciences during the fourth quarter valued at approximately $252,000. State of Michigan Retirement System boosted its position in shares of Neurocrine Biosciences by 0.9% during the fourth quarter. State of Michigan Retirement System now owns 23,581 shares of the company’s stock worth $3,107,000 after buying an additional 200 shares during the period. Total Clarity Wealth Management Inc. acquired a new position in shares of Neurocrine Biosciences during the fourth quarter worth approximately $240,000. Finally, China Universal Asset Management Co. Ltd. grew its holdings in Neurocrine Biosciences by 353.8% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 11,364 shares of the company’s stock worth $1,497,000 after buying an additional 8,860 shares in the last quarter. 92.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on NBIX. Morgan Stanley lifted their target price on Neurocrine Biosciences from $160.00 to $170.00 and gave the company an “overweight” rating in a research note on Friday, July 12th. Wedbush reaffirmed an “outperform” rating and issued a $152.00 price objective on shares of Neurocrine Biosciences in a report on Wednesday, May 29th. UBS Group raised their target price on shares of Neurocrine Biosciences from $174.00 to $193.00 and gave the company a “buy” rating in a research note on Tuesday, May 28th. Wells Fargo & Company raised shares of Neurocrine Biosciences from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $140.00 to $170.00 in a research note on Wednesday, April 24th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Neurocrine Biosciences in a research note on Thursday. Six equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $154.08.

Insiders Place Their Bets

In other news, insider Ingrid Delaet sold 273 shares of the company’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $140.55, for a total value of $38,370.15. Following the transaction, the insider now owns 7,507 shares in the company, valued at approximately $1,055,108.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Ingrid Delaet sold 273 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $140.55, for a total transaction of $38,370.15. Following the transaction, the insider now directly owns 7,507 shares in the company, valued at approximately $1,055,108.85. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Julie Cooke sold 900 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $150.04, for a total transaction of $135,036.00. Following the completion of the transaction, the insider now directly owns 18,202 shares in the company, valued at $2,731,028.08. The disclosure for this sale can be found here. In the last ninety days, insiders sold 80,709 shares of company stock worth $11,009,150. 4.30% of the stock is currently owned by company insiders.

Neurocrine Biosciences Price Performance

Neurocrine Biosciences stock opened at $145.88 on Thursday. The company has a market cap of $14.68 billion, a P/E ratio of 40.19 and a beta of 0.37. Neurocrine Biosciences, Inc. has a fifty-two week low of $99.10 and a fifty-two week high of $150.39. The firm’s 50 day simple moving average is $138.99 and its 200-day simple moving average is $137.75.

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

About Neurocrine Biosciences

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.