Neurocrine Biosciences, Inc. $NBIX Holdings Lifted by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. increased its position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 8.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 220,449 shares of the company’s stock after acquiring an additional 17,783 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Neurocrine Biosciences were worth $29,042,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Nilsine Partners LLC bought a new stake in Neurocrine Biosciences during the fourth quarter worth approximately $1,197,000. Ruffer LLP bought a new position in shares of Neurocrine Biosciences in the fourth quarter valued at $2,479,000. Nordea Investment Management AB lifted its position in shares of Neurocrine Biosciences by 81.3% during the 4th quarter. Nordea Investment Management AB now owns 27,202 shares of the company’s stock valued at $3,834,000 after acquiring an additional 12,195 shares during the last quarter. CIBC Private Wealth Group LLC lifted its position in shares of Neurocrine Biosciences by 17,250.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 7,981 shares of the company’s stock valued at $1,120,000 after acquiring an additional 7,935 shares during the last quarter. Finally, Iron Triangle Partners LP bought a new stake in shares of Neurocrine Biosciences during the 3rd quarter worth $18,445,000. 92.59% of the stock is currently owned by institutional investors.

Key Stories Impacting Neurocrine Biosciences

Here are the key news stories impacting Neurocrine Biosciences this week:

• Positive Sentiment: Truist Financial raised its price target on Neurocrine Biosciences to $200 from $155 and reiterated a buy rating, signaling confidence in further upside for the stock. Benzinga report on Truist price target increase
• Neutral Sentiment: BMO Capital Markets also lifted its price target on Neurocrine Biosciences to $170 from $144, but kept a market perform rating, suggesting a more cautious view despite the higher valuation estimate. Benzinga report on BMO price target increase
• Negative Sentiment: Two insiders sold shares in recent transactions, including Darin Lippoldt and Ingrid Delaet, which can create concern about management’s near-term outlook even though the sales were made under pre-arranged 10b5-1 plans. Article on Darin Lippoldt sale Article on Ingrid Delaet sale

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on NBIX. Weiss Ratings cut Neurocrine Biosciences from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday. Leerink Partners increased their price target on Neurocrine Biosciences from $160.00 to $170.00 and gave the company an “outperform” rating in a research report on Wednesday, April 22nd. Royal Bank Of Canada lifted their price target on Neurocrine Biosciences from $183.00 to $195.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 7th. Sanford C. Bernstein began coverage on Neurocrine Biosciences in a report on Friday, May 22nd. They set an “outperform” rating and a $221.00 price objective on the stock. Finally, Piper Sandler upped their price objective on shares of Neurocrine Biosciences from $190.00 to $207.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $191.67.

Insider Buying and Selling

In other news, insider Jude Onyia sold 11,000 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $160.25, for a total value of $1,762,750.00. Following the completion of the sale, the insider directly owned 25,846 shares of the company’s stock, valued at $4,141,821.50. This represents a 29.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Richard F. Pops sold 15,000 shares of the stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $157.65, for a total transaction of $2,364,750.00. Following the completion of the sale, the director directly owned 34,480 shares of the company’s stock, valued at $5,435,772. This trade represents a 30.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 394,172 shares of company stock worth $62,221,181 over the last ninety days. 4.60% of the stock is currently owned by corporate insiders.

Neurocrine Biosciences Trading Down 1.7%

Shares of Neurocrine Biosciences stock opened at $174.10 on Tuesday. Neurocrine Biosciences, Inc. has a 1 year low of $122.14 and a 1 year high of $181.18. The company has a market cap of $17.51 billion, a P/E ratio of 26.83, a P/E/G ratio of 0.71 and a beta of 0.39. The stock has a 50-day moving average price of $161.69 and a 200 day moving average price of $143.06.

Neurocrine Biosciences 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.