Bank of New York Mellon Corp Lowers Stock Holdings in Neurocrine Biosciences, Inc. $NBIX

Bank of New York Mellon Corp cut its position in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 4.9% in the first quarter, HoldingsChannel reports. The institutional investor owned 702,492 shares of the company’s stock after selling 36,184 shares during the period. Bank of New York Mellon Corp’s holdings in Neurocrine Biosciences were worth $92,546,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. AQR Capital Management LLC lifted its stake in Neurocrine Biosciences by 18.0% during the 4th quarter. AQR Capital Management LLC now owns 3,271,706 shares of the company’s stock worth $462,652,000 after acquiring an additional 498,058 shares in the last quarter. Geode Capital Management LLC grew its position in Neurocrine Biosciences by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 2,059,282 shares of the company’s stock valued at $291,342,000 after acquiring an additional 34,457 shares in the last quarter. Los Angeles Capital Management LLC grew its position in Neurocrine Biosciences by 7.4% in the 4th quarter. Los Angeles Capital Management LLC now owns 1,291,278 shares of the company’s stock valued at $178,248,000 after acquiring an additional 88,522 shares in the last quarter. Northern Trust Corp increased its stake in Neurocrine Biosciences by 31.9% during the fourth quarter. Northern Trust Corp now owns 1,221,184 shares of the company’s stock worth $173,201,000 after purchasing an additional 295,470 shares during the period. Finally, Deerfield Management Company L.P. increased its stake in Neurocrine Biosciences by 1.4% during the third quarter. Deerfield Management Company L.P. now owns 1,184,345 shares of the company’s stock worth $166,258,000 after purchasing an additional 16,543 shares during the period. Hedge funds and other institutional investors own 92.59% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Truist Financial raised their price objective on shares of Neurocrine Biosciences from $155.00 to $200.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Zacks Research raised shares of Neurocrine Biosciences from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, June 23rd. HC Wainwright upped their target price on shares of Neurocrine Biosciences from $192.00 to $215.00 and gave the stock a “buy” rating in a research note on Tuesday, April 7th. Sanford C. Bernstein initiated coverage on shares of Neurocrine Biosciences in a report on Friday, May 22nd. They set an “outperform” rating and a $221.00 target price on the stock. Finally, Canaccord Genuity Group raised their price target on shares of Neurocrine Biosciences from $164.00 to $200.00 and gave the company a “buy” rating in a research report on Tuesday, April 7th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $194.05.

Neurocrine Biosciences Price Performance

Shares of NASDAQ NBIX opened at $179.05 on Wednesday. The company has a market capitalization of $18.00 billion, a price-to-earnings ratio of 27.59, a price-to-earnings-growth ratio of 0.69 and a beta of 0.39. The business has a 50-day moving average of $164.65 and a two-hundred day moving average of $144.28. Neurocrine Biosciences, Inc. has a 1 year low of $122.14 and a 1 year high of $181.18.

Insiders Place Their Bets

In other news, Director Kevin Charles Gorman sold 245,088 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $154.33, for a total transaction of $37,824,431.04. Following the sale, the director owned 511,293 shares of the company’s stock, valued at approximately $78,907,848.69. This trade represents a 32.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $160.25, for a total value of $1,762,750.00. Following the sale, the insider owned 25,846 shares of the company’s stock, valued at approximately $4,141,821.50. The trade was a 29.85% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 394,172 shares of company stock worth $62,221,181. 4.60% of the stock is currently owned by company insiders.

Neurocrine Biosciences 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.