Canada Pension Plan Investment Board Buys 8,300 Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Posted by on Mar 1st, 2023

Canada Pension Plan Investment Board grew its holdings in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX – Get Rating) by 244.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,700 shares of the company’s stock after buying an additional 8,300 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Neurocrine Biosciences were worth $1,243,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Inspire Investing LLC acquired a new position in shares of Neurocrine Biosciences during the 3rd quarter worth about $207,000. Securian Asset Management Inc. grew its stake in Neurocrine Biosciences by 2.7% in the 2nd quarter. Securian Asset Management Inc. now owns 8,713 shares of the company’s stock valued at $849,000 after buying an additional 225 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Neurocrine Biosciences by 4.4% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,706 shares of the company’s stock valued at $2,199,000 after buying an additional 869 shares during the last quarter. Jupiter Asset Management Ltd. grew its stake in Neurocrine Biosciences by 140.2% in the 3rd quarter. Jupiter Asset Management Ltd. now owns 12,153 shares of the company’s stock valued at $1,291,000 after buying an additional 7,094 shares during the last quarter. Finally, Oppenheimer & Co. Inc. grew its stake in Neurocrine Biosciences by 1.2% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 12,267 shares of the company’s stock valued at $1,196,000 after buying an additional 145 shares during the last quarter. 92.58% of the stock is owned by institutional investors.

Neurocrine Biosciences Stock Performance

NBIX stock opened at $103.10 on Wednesday. The company has a fifty day moving average price of $110.14 and a 200-day moving average price of $111.54. The company has a market capitalization of $9.96 billion, a P/E ratio of 67.39 and a beta of 0.49. Neurocrine Biosciences, Inc. has a 52-week low of $75.25 and a 52-week high of $129.29.

Neurocrine Biosciences (NASDAQ:NBIX – Get Rating) last released its quarterly earnings results on Monday, February 6th. The company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.09. The firm had revenue of $412.00 million during the quarter, compared to the consensus estimate of $408.96 million. Neurocrine Biosciences had a net margin of 10.38% and a return on equity of 10.19%. The company’s revenue for the quarter was up 32.1% on a year-over-year basis. During the same quarter last year, the firm earned ($0.08) earnings per share. As a group, sell-side analysts forecast that Neurocrine Biosciences, Inc. will post 2.77 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Morgan Stanley upgraded shares of Neurocrine Biosciences from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $120.00 to $130.00 in a research report on Friday, February 3rd. Cantor Fitzgerald decreased their target price on shares of Neurocrine Biosciences from $132.00 to $127.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 7th. Wedbush increased their target price on shares of Neurocrine Biosciences from $125.00 to $131.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 7th. BMO Capital Markets increased their target price on shares of Neurocrine Biosciences from $78.00 to $101.00 in a research report on Wednesday, November 2nd. Finally, HC Wainwright restated a “buy” rating and set a $140.00 target price on shares of Neurocrine Biosciences in a research report on Tuesday, February 7th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $123.53.

Insider Transactions at Neurocrine Biosciences

In other news, major shareholder Neurocrine Biosciences Inc acquired 4,395,588 shares of the firm’s stock in a transaction dated Thursday, February 23rd. The stock was bought at an average cost of $8.88 per share, for a total transaction of $39,032,821.44. Following the completion of the transaction, the insider now directly owns 8,575,316 shares in the company, valued at approximately $76,148,806.08. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Neurocrine Biosciences news, insider Eric Benevich sold 400 shares of the firm’s stock in a transaction on Friday, January 6th. The shares were sold at an average price of $125.00, for a total value of $50,000.00. Following the completion of the sale, the insider now directly owns 15,643 shares in the company, valued at $1,955,375. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Neurocrine Biosciences Inc purchased 4,395,588 shares of Neurocrine Biosciences stock in a transaction on Thursday, February 23rd. The stock was bought at an average price of $8.88 per share, with a total value of $39,032,821.44. Following the completion of the acquisition, the insider now directly owns 8,575,316 shares of the company’s stock, valued at approximately $76,148,806.08. The disclosure for this purchase can be found here. Insiders sold a total of 69,749 shares of company stock worth $7,706,823 over the last three months. 4.40% of the stock is owned by company insiders.

Neurocrine Biosciences Company Profile

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Neurocrine Biosciences, Inc is a neuroscience-focused, biopharmaceutical company. It discovers, develops, and intends to commercialize drugs for the treatment of neurological and endocrine related diseases and disorders. The company was founded by Kevin C. Gorman and Wylie W. Vale in January 1992 and is headquartered in San Diego, CA.

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Institutional Ownership by Quarter for Neurocrine Biosciences (NASDAQ:NBIX)

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