Jennison Associates LLC Sells 233,598 Shares of Neurocrine Biosciences, Inc. $NBIX

Jennison Associates LLC trimmed its position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 29.0% during the 2nd quarter, HoldingsChannel reports. The firm owned 570,868 shares of the company’s stock after selling 233,598 shares during the quarter. Jennison Associates LLC’s holdings in Neurocrine Biosciences were worth $71,752,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC increased its stake in Neurocrine Biosciences by 116.9% during the first quarter. Golden State Wealth Management LLC now owns 397 shares of the company’s stock worth $44,000 after acquiring an additional 214 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its position in shares of Neurocrine Biosciences by 10.8% during the first quarter. Robeco Institutional Asset Management B.V. now owns 16,220 shares of the company’s stock valued at $1,794,000 after buying an additional 1,586 shares during the period. Smallwood Wealth Investment Management LLC purchased a new position in shares of Neurocrine Biosciences during the first quarter valued at approximately $34,000. Vontobel Holding Ltd. boosted its position in shares of Neurocrine Biosciences by 17.8% during the first quarter. Vontobel Holding Ltd. now owns 9,943 shares of the company’s stock valued at $1,100,000 after buying an additional 1,501 shares during the period. Finally, GF Fund Management CO. LTD. boosted its position in shares of Neurocrine Biosciences by 22.0% during the first quarter. GF Fund Management CO. LTD. now owns 2,593 shares of the company’s stock valued at $287,000 after buying an additional 467 shares during the period. Hedge funds and other institutional investors own 92.59% of the company’s stock.

Neurocrine Biosciences Trading Down 6.4%

Shares of NBIX stock opened at $138.02 on Thursday. The business’s fifty day simple moving average is $140.64 and its 200-day simple moving average is $129.12. Neurocrine Biosciences, Inc. has a 12-month low of $84.23 and a 12-month high of $154.61. The company has a market cap of $13.69 billion, a PE ratio of 33.02, a PEG ratio of 1.01 and a beta of 0.21.

Neurocrine Biosciences (NASDAQ:NBIX) last released its earnings results on Tuesday, October 28th. The company reported $2.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.46. Neurocrine Biosciences had a return on equity of 16.42% and a net margin of 15.95%.The firm had revenue of $794.90 million for the quarter, compared to the consensus estimate of $746.61 million. During the same period in the prior year, the firm earned $1.81 EPS. The firm’s revenue was up 27.8% on a year-over-year basis. On average, equities analysts forecast that Neurocrine Biosciences, Inc. will post 4.28 earnings per share for the current year.

Insider Activity

In related news, Director Kevin Charles Gorman sold 106,322 shares of the company’s stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $126.41, for a total value of $13,440,164.02. Following the transaction, the director directly owned 514,596 shares of the company’s stock, valued at $65,050,080.36. This represents a 17.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.80% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on NBIX shares. Needham & Company LLC boosted their price target on Neurocrine Biosciences from $170.00 to $184.00 and gave the company a “buy” rating in a report on Wednesday. Piper Sandler boosted their price target on Neurocrine Biosciences from $175.00 to $179.00 and gave the company an “overweight” rating in a report on Wednesday. Zacks Research upgraded Neurocrine Biosciences from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 15th. UBS Group upped their target price on Neurocrine Biosciences from $188.00 to $195.00 and gave the stock a “buy” rating in a report on Thursday, October 9th. Finally, Wall Street Zen upgraded Neurocrine Biosciences from a “hold” rating to a “strong-buy” rating in a report on Saturday, August 2nd. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $168.00.

Neurocrine Biosciences Company 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.