The Manufacturers Life Insurance Company Invests $10.75 Million in Neurocrine Biosciences, Inc. $NBIX

The Manufacturers Life Insurance Company bought a new stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 63,784 shares of the company’s stock, valued at approximately $10,750,000.

Several other hedge funds also recently modified their holdings of NBIX. NewEdge Advisors LLC grew its holdings in Neurocrine Biosciences by 0.5% during the first quarter. NewEdge Advisors LLC now owns 13,066 shares of the company’s stock worth $1,721,000 after buying an additional 68 shares in the last quarter. Huntington National Bank lifted its stake in Neurocrine Biosciences by 12.6% during the 4th quarter. Huntington National Bank now owns 678 shares of the company’s stock valued at $96,000 after acquiring an additional 76 shares in the last quarter. Motley Fool Asset Management LLC boosted its holdings in Neurocrine Biosciences by 4.8% during the 4th quarter. Motley Fool Asset Management LLC now owns 1,693 shares of the company’s stock worth $240,000 after acquiring an additional 78 shares during the last quarter. Main Management ETF Advisors LLC boosted its holdings in Neurocrine Biosciences by 1.0% during the 4th quarter. Main Management ETF Advisors LLC now owns 7,830 shares of the company’s stock worth $1,111,000 after acquiring an additional 80 shares during the last quarter. Finally, Westpac Banking Corp grew its stake in shares of Neurocrine Biosciences by 6.0% in the 1st quarter. Westpac Banking Corp now owns 1,615 shares of the company’s stock worth $213,000 after acquiring an additional 91 shares in the last quarter. Hedge funds and other institutional investors own 92.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NBIX. Citigroup raised their price target on shares of Neurocrine Biosciences from $246.00 to $249.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Royal Bank Of Canada lifted their target price on shares of Neurocrine Biosciences from $195.00 to $198.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Wall Street Zen downgraded Neurocrine Biosciences from a “buy” rating to a “hold” rating in a research note on Sunday, August 9th. Morgan Stanley reduced their target price on Neurocrine Biosciences from $196.00 to $182.00 and set an “equal weight” rating for the company in a report on Thursday, August 13th. Finally, Truist Financial increased their price target on Neurocrine Biosciences from $200.00 to $213.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $200.86.

Neurocrine Biosciences Stock Performance

NBIX opened at $154.06 on Friday. Neurocrine Biosciences, Inc. has a fifty-two week low of $122.14 and a fifty-two week high of $186.12. The firm has a 50-day moving average of $166.77 and a 200 day moving average of $149.43. The firm has a market cap of $15.66 billion, a P/E ratio of 22.59, a PEG ratio of 0.72 and a beta of 0.39.

Neurocrine Biosciences (NASDAQ:NBIX) last released its earnings results on Friday, July 31st. The company reported $2.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.65 by $1.20. Neurocrine Biosciences had a net margin of 20.91% and a return on equity of 22.43%. The firm had revenue of $959.00 million for the quarter, compared to analysts’ expectations of $891.16 million. During the same period in the previous year, the company earned $1.65 earnings per share. The company’s quarterly revenue was up 39.5% on a year-over-year basis. Equities research analysts predict that Neurocrine Biosciences, Inc. will post 7.25 earnings per share for the current fiscal year.

Insider Activity at Neurocrine Biosciences

In related news, insider Ingrid Delaet sold 4,367 shares of the company’s stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $181.02, for a total value of $790,514.34. Following the transaction, the insider owned 16,225 shares in the company, valued at approximately $2,937,049.50. This represents a 21.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen A. Sherwin sold 25,000 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $165.32, for a total value of $4,133,000.00. Following the completion of the sale, the director directly owned 15,860 shares of the company’s stock, valued at $2,621,975.20. This represents a 61.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 114,375 shares of company stock worth $18,994,756. Company insiders own 4.60% of the company’s stock.

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.