Fifth Third Bancorp Buys 26,529 Shares of Neurocrine Biosciences, Inc. $NBIX

Fifth Third Bancorp increased its stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 3,070.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 27,393 shares of the company’s stock after buying an additional 26,529 shares during the quarter. Fifth Third Bancorp’s holdings in Neurocrine Biosciences were worth $3,609,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of NBIX. Hsbc Holdings PLC raised its stake in shares of Neurocrine Biosciences by 169.8% in the first quarter. Hsbc Holdings PLC now owns 184,222 shares of the company’s stock valued at $24,297,000 after acquiring an additional 115,930 shares during the period. Graetz Wealth LLC boosted its stake in shares of Neurocrine Biosciences by 14.1% during the 1st quarter. Graetz Wealth LLC now owns 1,868 shares of the company’s stock worth $246,000 after purchasing an additional 231 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Neurocrine Biosciences by 8.8% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 220,449 shares of the company’s stock worth $29,042,000 after purchasing an additional 17,783 shares during the period. Oregon Public Employees Retirement Fund grew its holdings in Neurocrine Biosciences by 3.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 20,584 shares of the company’s stock valued at $2,712,000 after purchasing an additional 651 shares during the last quarter. Finally, Collaborative Fund Advisors LLC bought a new position in Neurocrine Biosciences during the 1st quarter valued at about $434,000. 92.59% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on NBIX shares. Wells Fargo & Company raised their price objective on shares of Neurocrine Biosciences from $175.00 to $200.00 and gave the stock an “overweight” rating in a research note on Friday. JPMorgan Chase & Co. upped their target price on Neurocrine Biosciences from $177.00 to $185.00 and gave the company an “overweight” rating in a research note on Friday, May 8th. The Goldman Sachs Group assumed coverage on Neurocrine Biosciences in a report on Tuesday, June 2nd. They issued a “buy” rating and a $213.00 price target on the stock. BMO Capital Markets increased their target price on Neurocrine Biosciences from $144.00 to $170.00 and gave the stock a “market perform” rating in a research note on Monday, July 13th. Finally, Citigroup upped their price target on shares of Neurocrine Biosciences from $242.00 to $246.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $192.86.

Neurocrine Biosciences Price Performance

NBIX opened at $170.88 on Monday. The stock’s fifty day moving average is $163.74 and its two-hundred day moving average is $143.79. The company has a market capitalization of $17.18 billion, a P/E ratio of 26.33, a PEG ratio of 0.68 and a beta of 0.39. Neurocrine Biosciences, Inc. has a 52 week low of $122.14 and a 52 week high of $181.18.

Insider Activity

In related news, insider Jude Onyia sold 11,000 shares of the company’s stock in a transaction dated 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 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 Julie Cooke sold 36,937 shares of the stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $156.22, for a total transaction of $5,770,298.14. Following the transaction, the insider owned 22,374 shares in the company, valued at approximately $3,495,266.28. The trade was a 62.28% 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. In the last 90 days, insiders have sold 394,172 shares of company stock valued at $62,221,181. Company insiders own 4.60% of the company’s stock.

About Neurocrine Biosciences

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.