PNC Financial Services Group Inc. Cuts Stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

PNC Financial Services Group Inc. reduced its stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 10.8% during the first quarter, according to its most recent filing with the SEC. The fund owned 3,392 shares of the company’s stock after selling 412 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Neurocrine Biosciences were worth $375,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NBIX. Orbimed Advisors LLC boosted its holdings in shares of Neurocrine Biosciences by 210.4% in the 4th quarter. Orbimed Advisors LLC now owns 938,120 shares of the company’s stock worth $128,053,000 after buying an additional 635,900 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Neurocrine Biosciences by 1,405.2% in the 1st quarter. Assenagon Asset Management S.A. now owns 393,455 shares of the company’s stock worth $43,516,000 after buying an additional 367,315 shares during the last quarter. Iron Triangle Partners LP purchased a new position in shares of Neurocrine Biosciences in the 4th quarter worth about $43,434,000. Alyeska Investment Group L.P. purchased a new position in shares of Neurocrine Biosciences in the 4th quarter worth about $33,979,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Neurocrine Biosciences by 9,446.8% in the 1st quarter. GAMMA Investing LLC now owns 219,099 shares of the company’s stock worth $24,232,000 after buying an additional 216,804 shares during the last quarter. 92.59% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Neurocrine Biosciences

In other news, Director Kevin Charles Gorman sold 106,322 shares of the business’s stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $126.41, for a total transaction of $13,440,164.02. Following the completion of the transaction, the director owned 514,596 shares of the company’s stock, valued at approximately $65,050,080.36. The trade was a 17.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jude Onyia sold 59,819 shares of the business’s stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $130.46, for a total value of $7,803,986.74. Following the transaction, the insider directly owned 18,289 shares of the company’s stock, valued at $2,385,982.94. The trade was a 76.58% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 196,573 shares of company stock valued at $25,112,766. 4.80% of the stock is owned by corporate insiders.

Neurocrine Biosciences Stock Down 0.2%

Shares of NBIX opened at $131.31 on Friday. The business’s 50-day moving average price is $129.06 and its 200-day moving average price is $119.95. Neurocrine Biosciences, Inc. has a twelve month low of $84.23 and a twelve month high of $154.87. The stock has a market cap of $13.02 billion, a PE ratio of 38.85, a P/E/G ratio of 0.95 and a beta of 0.25.

Neurocrine Biosciences (NASDAQ:NBIX) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $1.06 EPS for the quarter, topping the consensus estimate of $0.98 by $0.08. Neurocrine Biosciences had a return on equity of 13.22% and a net margin of 13.88%. The company had revenue of $687.50 million during the quarter, compared to analyst estimates of $653.09 million. During the same quarter in the previous year, the firm earned $1.63 earnings per share. Neurocrine Biosciences’s revenue was up 16.5% on a year-over-year basis. Analysts expect that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on NBIX. Needham & Company LLC boosted their price target on shares of Neurocrine Biosciences from $138.00 to $139.00 and gave the stock a “buy” rating in a report on Tuesday, May 6th. Morgan Stanley boosted their price objective on Neurocrine Biosciences from $150.00 to $158.00 and gave the company an “overweight” rating in a research note on Thursday, July 31st. The Goldman Sachs Group initiated coverage on Neurocrine Biosciences in a research note on Thursday, July 10th. They issued a “buy” rating and a $182.00 price objective on the stock. BMO Capital Markets boosted their price objective on Neurocrine Biosciences from $96.00 to $115.00 and gave the company a “market perform” rating in a research note on Tuesday, May 6th. Finally, Guggenheim boosted their price objective on Neurocrine Biosciences from $165.00 to $175.00 and gave the company a “buy” rating in a research note on Friday, August 1st. Three investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $160.90.

Neurocrine Biosciences Profile

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.