Fifth Third Bancorp Increases Position in Neurocrine Biosciences, Inc. $NBIX

Fifth Third Bancorp lifted its stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 3,070.5% in the 1st quarter, HoldingsChannel reports. The fund owned 27,393 shares of the company’s stock after purchasing 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 hedge funds have also recently made changes to their positions in NBIX. USA Financial Formulas purchased a new position in Neurocrine Biosciences in the fourth quarter valued at about $25,000. Geneos Wealth Management Inc. lifted its position in shares of Neurocrine Biosciences by 143.6% during 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 during the last quarter. DJE Kapital AG bought a new stake in shares of Neurocrine Biosciences in the 4th quarter valued at about $28,000. Meeder Asset Management Inc. boosted its holdings in shares of Neurocrine Biosciences by 651.6% in the 4th quarter. Meeder Asset Management Inc. now owns 233 shares of the company’s stock valued at $33,000 after buying an additional 202 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new position in shares of Neurocrine Biosciences in the 4th quarter worth approximately $39,000. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Neurocrine Biosciences

In other Neurocrine Biosciences news, insider Julie Cooke sold 36,937 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $156.22, for a total value of $5,770,298.14. Following the completion of the transaction, the insider owned 22,374 shares of the company’s stock, valued at approximately $3,495,266.28. This trade represents a 62.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Jude Onyia sold 11,000 shares of Neurocrine Biosciences stock in a transaction on Monday, June 1st. The stock was sold at an average price of $160.25, for a total transaction of $1,762,750.00. Following the sale, the insider owned 25,846 shares of the company’s stock, valued at $4,141,821.50. The trade was a 29.85% 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. Insiders have sold a total of 394,172 shares of company stock worth $62,221,181 in the last three months. 4.60% of the stock is owned by company insiders.

Neurocrine Biosciences Price Performance

Shares of Neurocrine Biosciences stock opened at $170.88 on Monday. The firm 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. The company has a 50 day moving average price of $163.74 and a 200 day moving average price of $143.79. Neurocrine Biosciences, Inc. has a 52 week low of $122.14 and a 52 week high of $181.18.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. The Goldman Sachs Group initiated coverage on shares of Neurocrine Biosciences in a research note on Tuesday, June 2nd. They set a “buy” rating and a $213.00 price objective for the company. Zacks Research raised shares of Neurocrine Biosciences from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 23rd. Royal Bank Of Canada lifted their price target on shares of Neurocrine Biosciences from $183.00 to $195.00 and gave the stock an “outperform” rating in a report on Tuesday, July 7th. Wells Fargo & Company upped their price target on Neurocrine Biosciences from $175.00 to $200.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, HC Wainwright increased their price objective on Neurocrine Biosciences from $192.00 to $215.00 and gave the company a “buy” rating in a report on Tuesday, April 7th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $192.86.

Neurocrine Biosciences Company Profile

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.