Key Points
- Neurocrine Biosciences director Kevin Charles Gorman sold 245,088 shares on May 19 at an average price of $154.33, totaling about $37.8 million. After the sale, he still owned 511,293 shares, a 32.4% reduction in his stake.
- The transaction was disclosed in an SEC filing and was executed under a pre-arranged Rule 10b5-1 trading plan, which can indicate the sale was planned in advance rather than based on immediate news.
- Despite the insider sale, analysts remain generally positive on NBIX, with an average “Moderate Buy” rating and a consensus price target of $184.15. The stock recently opened at $155.50 and has a market cap of about $15.64 billion.
Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Get Free Report) Director Kevin Charles Gorman sold 245,088 shares of the business's stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $154.33, for a total transaction of $37,824,431.04. Following the completion of the transaction, the director owned 511,293 shares of the company's stock, valued at approximately $78,907,848.69. This represents a 32.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Neurocrine Biosciences Stock Performance
NASDAQ:NBIX opened at $155.50 on Friday. The company has a fifty day moving average of $136.13 and a two-hundred day moving average of $138.77. The stock has a market capitalization of $15.64 billion, a PE ratio of 23.96, a P/E/G ratio of 1.16 and a beta of 0.34. Neurocrine Biosciences, Inc. has a fifty-two week low of $117.59 and a fifty-two week high of $162.39.
Institutional Investors Weigh In On Neurocrine Biosciences
A number of large investors have recently modified their holdings of the business. JPMorgan Chase & Co. grew its holdings in shares of Neurocrine Biosciences by 11.0% during the third quarter. JPMorgan Chase & Co. now owns 4,730,152 shares of the company's stock worth $664,019,000 after buying an additional 468,405 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Neurocrine Biosciences by 18.0% during the fourth quarter. AQR Capital Management LLC now owns 3,271,706 shares of the company's stock worth $462,652,000 after buying an additional 498,058 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Neurocrine Biosciences by 8.0% during the first quarter. Renaissance Technologies LLC now owns 2,418,897 shares of the company's stock worth $318,665,000 after buying an additional 180,100 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Neurocrine Biosciences by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 2,059,282 shares of the company's stock worth $291,342,000 after buying an additional 34,457 shares in the last quarter. Finally, Los Angeles Capital Management LLC grew its holdings in shares of Neurocrine Biosciences by 7.4% during the fourth quarter. Los Angeles Capital Management LLC now owns 1,291,278 shares of the company's stock worth $178,248,000 after buying an additional 88,522 shares in the last quarter. Hedge funds and other institutional investors own 92.59% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have weighed in on the stock. Truist Financial upped their price objective on shares of Neurocrine Biosciences from $140.00 to $155.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Needham & Company LLC restated a "buy" rating and set a $185.00 price objective on shares of Neurocrine Biosciences in a research report on Monday, April 6th. Morgan Stanley upped their price objective on shares of Neurocrine Biosciences from $185.00 to $191.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 6th. Guggenheim restated a "buy" rating and set a $175.00 price objective on shares of Neurocrine Biosciences in a research report on Wednesday, May 6th. Finally, Citigroup upped their price objective on shares of Neurocrine Biosciences from $242.00 to $246.00 and gave the stock a "buy" rating in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Neurocrine Biosciences presently has an average rating of "Moderate Buy" and an average price target of $184.15.
View Our Latest Analysis on NBIX
About Neurocrine Biosciences
(
Get 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.
Read More
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
