Meiji Yasuda Asset Management Co Ltd. Boosts Stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX)

Meiji Yasuda Asset Management Co Ltd. increased its position in shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 15.5% in the 2nd quarter, Holdings Channel.com reports. The firm owned 7,284 shares of the company’s stock after acquiring an additional 976 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Neurocrine Biosciences were worth $1,003,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Neurocrine Biosciences by 2.3% during the first quarter. Vanguard Group Inc. now owns 9,930,926 shares of the company’s stock valued at $1,369,673,000 after acquiring an additional 220,598 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Neurocrine Biosciences by 9.6% in the second quarter. Renaissance Technologies LLC now owns 2,468,146 shares of the company’s stock valued at $339,790,000 after purchasing an additional 216,500 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Neurocrine Biosciences by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 934,404 shares of the company’s stock valued at $128,639,000 after purchasing an additional 13,069 shares during the period. Vestal Point Capital LP purchased a new position in shares of Neurocrine Biosciences in the fourth quarter valued at approximately $105,408,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in Neurocrine Biosciences by 40.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 710,600 shares of the company’s stock worth $97,828,000 after acquiring an additional 203,934 shares during the last quarter. 92.59% of the stock is currently owned by institutional investors and hedge funds.

Neurocrine Biosciences Stock Performance

NBIX opened at $120.46 on Friday. The firm has a 50 day moving average price of $139.07 and a 200 day moving average price of $138.24. The company has a market cap of $12.12 billion, a PE ratio of 33.18 and a beta of 0.37. Neurocrine Biosciences, Inc. has a 1 year low of $103.63 and a 1 year high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.15 by ($0.52). Neurocrine Biosciences had a net margin of 16.00% and a return on equity of 14.86%. The firm had revenue of $590.20 million during the quarter, compared to analyst estimates of $545.98 million. During the same period last year, the business earned $0.95 EPS. The firm’s revenue was up 30.4% compared to the same quarter last year. On average, sell-side analysts predict that Neurocrine Biosciences, Inc. will post 4.19 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on NBIX shares. Royal Bank of Canada decreased their price target on shares of Neurocrine Biosciences from $143.00 to $136.00 and set a “sector perform” rating for the company in a research note on Thursday, August 29th. JPMorgan Chase & Co. boosted their price objective on shares of Neurocrine Biosciences from $173.00 to $181.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Morgan Stanley lifted their target price on shares of Neurocrine Biosciences from $160.00 to $170.00 and gave the company an “overweight” rating in a report on Friday, July 12th. Needham & Company LLC reaffirmed a “hold” rating on shares of Neurocrine Biosciences in a report on Thursday, August 29th. Finally, Citigroup lifted their target price on shares of Neurocrine Biosciences from $150.00 to $158.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $162.20.

Insider Activity

In other news, insider Julie Cooke sold 12,632 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $153.26, for a total transaction of $1,935,980.32. Following the completion of the transaction, the insider now directly owns 18,202 shares in the company, valued at approximately $2,789,638.52. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Gary A. Lyons sold 930 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $150.03, for a total transaction of $139,527.90. Following the transaction, the director now directly owns 119,047 shares in the company, valued at $17,860,621.41. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Julie Cooke sold 12,632 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $153.26, for a total value of $1,935,980.32. Following the transaction, the insider now owns 18,202 shares in the company, valued at $2,789,638.52. The disclosure for this sale can be found here. In the last three months, insiders sold 71,798 shares of company stock worth $10,676,096. 4.30% of the stock is currently owned by insiders.

About Neurocrine Biosciences

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.