Asset Management One Co. Ltd. Increases Investment in Neurocrine Biosciences, Inc. (NASDAQ: NBIX)

Asset Management One Co. Ltd. has increased its investment in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 1.7% during the fourth quarter of last year. This information comes from the most recent filing with the Securities and Exchange Commission (SEC). After acquiring an additional 1,201 shares, the institutional investor now owns a total of 70,431 shares of the company’s stock, which were valued at approximately $9,821,000 at the end of the quarter.

In recent months, various other institutional investors have also adjusted their holdings in Neurocrine Biosciences. For instance, State Street Corp increased its stake by 11.7% during the third quarter, acquiring an additional 539,936 shares. This brought their total to 5,148,293 shares, valued at approximately $593,186,000.

Similarly, Geode Capital Management LLC raised its holdings by 2.2%, now owning 1,859,232 shares worth around $213,773,000 after purchasing another 39,610 shares. Additionally, Braidwell LP expanded its stake by 20.9%, now owning 917,674 shares valued at $105,734,000 after acquiring another 158,665 shares.

Jennison Associates LLC significantly increased its position in the fourth quarter, acquiring an additional 485,894 shares to own 820,694 shares total, valued at $112,025,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. also increased its holdings by 4.7%, now owning 819,968 shares worth approximately $94,478,000. Overall, institutional investors and hedge funds control about 92.59% of Neurocrine Biosciences’ stock.

Neurocrine Biosciences Stock Performance

The shares of Neurocrine Biosciences opened at $115.02 recently, and the company boasts a market capitalization of $11.65 billion. The price-to-earnings ratio is currently 34.96, with a beta value of 0.33. The stock hit a twelve-month low of $110.95 and a high of $157.98 within the same period. Its current 50-day moving average stands at $137.55, while the 200-day moving average is $130.19.

On February 6, Neurocrine Biosciences announced its quarterly earnings, reporting an earnings per share (EPS) of $1.00, which was below analysts' expectations of $1.62. The company also reported a return on equity of 13.45% and a net margin of 14.49%. Analysts predict that Neurocrine will achieve an EPS of 6.53 in the current fiscal year.

Analyst Ratings Update

Neurocrine Biosciences has been the focus of several research reports. UBS Group raised their price target on the stock from $162.00 to $176.00, maintaining a “buy” rating. Wedbush decreased their price target from $157.00 to $147.00 while also giving it an “outperform” rating. Needham & Company LLC reaffirmed a “hold” rating, and Deutsche Bank began coverage with a “hold” rating and a target price of $138.00. Guggenheim also lowered their price target from $165.00 to $163.00 and maintained a “buy” rating. Currently, the company has an average rating of “Moderate Buy” based on analysis from multiple sources, with an average price target of $166.90.

Insider Transactions

In related news, CFO Matt Abernethy sold 1,283 shares of Neurocrine’s stock on January 31, receiving about $196,132 from the sale at an average price of $152.87. Following this, he still owns 32,681 shares, valued at around $4,995,944. Additionally, Director Kevin Charles Gorman sold 5,844 shares on February 13 for a total of $681,936 at an average price of $116.69. After this transaction, he owns 521,618 shares valued at about $60,867,604. Corporate insiders have sold 236,600 shares worth approximately $34,348,261 over the last quarter, with insiders holding around 4.30% of the company's stock.

About Neurocrine Biosciences

Neurocrine Biosciences, Inc. is engaged in discovering, developing, and marketing pharmaceuticals aimed at treating neurological, neuroendocrine, and neuropsychiatric disorders, both in the United States and internationally. Some of its key products include INGREZZA for tardive dyskinesia, ALKINDI for adrenal insufficiency, Efmody capsules for classic congenital adrenal hyperplasia, Orilissa tablets for endometriosis, and Oriahnn capsules for uterine fibroids.

Conclusion

The steady increase in investment by institutions like Asset Management One Co. Ltd. in Neurocrine Biosciences signifies confidence in the company's prospects. The research and analytical upgrades, coupled with solid product offerings, provide a promising outlook for the company in the competitive biopharmaceutical market.

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