Daiichi Life Insurance Co. Ltd. Makes New $2.48 Million Investment in Neurocrine Biosciences, Inc. $NBIX

by · The Markets Daily

Daiichi Life Insurance Co. Ltd. acquired a new stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX – Free Report) during the second quarter, Holdings Channel.com reports. The institutional investor acquired 14,741 shares of the company’s stock, valued at approximately $2,484,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Royal Bank of Canada raised its position in shares of Neurocrine Biosciences by 36.7% during the first quarter. Royal Bank of Canada now owns 82,810 shares of the company’s stock worth $9,158,000 after acquiring an additional 22,224 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Neurocrine Biosciences by 60.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,783 shares of the company’s stock worth $1,647,000 after purchasing an additional 5,577 shares during the period. NewEdge Advisors LLC boosted its position in shares of Neurocrine Biosciences by 56.3% during the first quarter. NewEdge Advisors LLC now owns 7,630 shares of the company’s stock worth $844,000 after purchasing an additional 2,747 shares in the last quarter. Empowered Funds LLC bought a new stake in shares of Neurocrine Biosciences in the first quarter worth about $1,333,000. Finally, Geneos Wealth Management Inc. lifted its stake in Neurocrine Biosciences by 143.6% in the first quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock valued at $25,000 after buying an additional 135 shares in the last quarter. 92.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on NBIX. Cantor Fitzgerald increased their price objective on Neurocrine Biosciences from $210.00 to $215.00 and gave the stock an “overweight” rating in a report on Friday, July 31st. Weiss Ratings cut shares of Neurocrine Biosciences from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Piper Sandler increased their price objective on shares of Neurocrine Biosciences from $207.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, July 31st. BMO Capital Markets raised their price objective on Neurocrine Biosciences from $144.00 to $170.00 and gave the company a “market perform” rating in a report on Monday, July 13th. Finally, Needham & Company LLC lifted their target price on Neurocrine Biosciences from $200.00 to $204.00 and gave the company a “buy” rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Neurocrine Biosciences has an average rating of “Moderate Buy” and a consensus price target of $200.86.

Check Out Our Latest Report on NBIX

Neurocrine Biosciences Price Performance

NASDAQ:NBIX opened at $152.57 on Monday. The firm’s fifty day moving average price is $167.14 and its two-hundred day moving average price is $148.96. The company has a market cap of $15.51 billion, a P/E ratio of 22.37, a P/E/G ratio of 0.71 and a beta of 0.39. Neurocrine Biosciences, Inc. has a one year low of $122.14 and a one year high of $186.12.

Neurocrine Biosciences (NASDAQ:NBIX – Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The company reported $2.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.65 by $1.20. Neurocrine Biosciences had a return on equity of 22.43% and a net margin of 20.91%.The company had revenue of $959.00 million during the quarter, compared to analysts’ expectations of $891.16 million. During the same quarter in the previous year, the company posted $1.65 earnings per share. The business’s revenue was up 39.5% on a year-over-year basis. As a group, equities research analysts expect that Neurocrine Biosciences, Inc. will post 7.25 earnings per share for the current year.

Insider Transactions at Neurocrine Biosciences

In related news, Director Leslie V. Norwalk sold 1,250 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $182.01, for a total transaction of $227,512.50. Following the transaction, the director directly owned 1,588 shares of the company’s stock, valued at approximately $289,031.88. This trade represents a 44.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Darin Lippoldt sold 10,000 shares of the business’s stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $179.60, for a total transaction of $1,796,000.00. Following the completion of the sale, the insider directly owned 54,729 shares of the company’s stock, valued at $9,829,328.40. This represents a 15.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 131,524 shares of company stock valued at $21,668,924. Company insiders own 4.60% of the company’s stock.

About Neurocrine Biosciences

(Free Report)

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.

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