SG Americas Securities LLC Reduces Stake in Neurocrine Biosciences

SG Americas Securities LLC has significantly decreased its investment in Neurocrine Biosciences, Inc. (NASDAQ: NBIX) by 81.0% during the third quarter. This information was disclosed in the firm’s latest filing with the U.S. Securities and Exchange Commission (SEC). After selling 34,394 shares, SG Americas now holds 8,084 shares of the company’s stock, which amounts to a valuation of $931,000 as per the recent filing.

In addition to SG Americas, various other hedge funds and institutional investors have also adjusted their stakes in Neurocrine Biosciences. Notably, Mather Group LLC established a new position in the company during the first quarter, investing $26,000. RFP Financial Group LLC expanded its holdings by an impressive 346.5% in the same period and now owns 192 shares worth $26,000 after purchasing an additional 149 shares. Similarly, Ashton Thomas Private Wealth LLC and Innealta Capital LLC made their entries in the second quarter with investments valued at approximately $28,000 and $30,000, respectively. New Covenant Trust Company N.A. also acquired a new stake during the first quarter, amounting to about $32,000. Currently, institutional investors and hedge funds own 92.59% of Neurocrine Biosciences' stock.

Recent Insider Transactions

In a separate development, insider Ingrid Delaet recently sold 273 shares of Neurocrine Biosciences on August 6. This transaction was executed at an average price of $147.70 per share, resulting in a total of $40,322.10 from the sale. Following this transaction, Delaet holds 6,607 shares valued at approximately $975,853.90, representing no significant change in ownership. The sale was properly recorded in a filing with the SEC. Furthermore, on August 15, Director William H. Rastetter sold 14,250 shares at an average price of $146.69, totaling $2,090,332.50. After this sale, Rastetter owns 37,491 shares with a value of about $5,499,554.79, also indicating no material change in ownership. Over the past three months, insiders have sold a cumulative total of 61,798 shares worth $9,274,196. Insiders currently own 4.30% of the company’s stock.

Analyst Ratings Overview

Several equity research analysts have shared their insights regarding Neurocrine Biosciences' stock. Raymond James maintained an “outperform” rating and set a price target of $155.00 for the stock. Citigroup raised its target price from $150.00 to $158.00, designating the company with a “neutral” rating in an August 2 research note. Piper Sandler upgraded Neurocrine Biosciences from “neutral” to “overweight” rating, increasing its price target from $131.00 to $159.00 on August 29. HC Wainwright also reiterated a “buy” rating with a price objective set at $190.00. Additionally, JPMorgan Chase & Co. revised their target price upward from $173.00 to $181.00 and offered an “overweight” rating in a report dated August 7. A total of five analysts have issued a hold rating, while eighteen analysts recommend buying shares and two have classified it as a strong buy. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $164.52.

Current Market Performance

On the recent trading day, Neurocrine Biosciences (NBIX) shares opened at $115.49. The company has a 50-day moving average of $129.62 and a two-hundred-day moving average of $135.74. Neurocrine boasts a market capitalization of $11.62 billion and has a price-to-earnings (PE) ratio of 31.82 alongside a beta of 0.36. Over the past year, the stock hit a low of $103.63 and a high of $157.98.

In its latest earnings report released on August 1, Neurocrine Biosciences reported earnings per share (EPS) of $0.63 for the quarter, falling short of the consensus estimate of $1.15 by $0.52. The company’s revenue for the quarter was $590.20 million, surpassing analyst predictions of $545.98 million. Neurocrine's return on equity stood at 14.86%, and the net margin was at 16.00%. Compared to the same quarter the previous year, the quarterly revenue was up 30.4%. Analysts predict that Neurocrine Biosciences, Inc. will post an EPS of 4.19 for the current fiscal year.

Company Overview

Neurocrine Biosciences, Inc. is involved in the discovery, development, and marketing of pharmaceuticals aimed at treating neurological, neuroendocrine, and neuropsychiatric disorders both in the U.S. and internationally. The company’s product range includes INGREZZA for treating tardive dyskinesia, ALKINDI for adrenal insufficiency, Efmody capsules for classic congenital adrenal hyperplasia, Orilissa tablets for endometriosis, and Oriahnn capsules for uterine fibroids.

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