Pictet Asset Management Holding SA Reduces Stake in Neurocrine Biosciences, Inc. $NBIX

Pictet Asset Management Holding SA lowered its stake in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) by 22.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 602,643 shares of the company’s stock after selling 174,291 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.60% of Neurocrine Biosciences worth $78,945,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. USA Financial Formulas bought a new position in shares of Neurocrine Biosciences in the fourth quarter valued at approximately $25,000. Geneos Wealth Management Inc. increased its holdings in Neurocrine Biosciences by 143.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock worth $25,000 after acquiring an additional 135 shares during the period. DJE Kapital AG purchased a new stake in Neurocrine Biosciences in the 4th quarter worth approximately $28,000. Meeder Asset Management Inc. lifted its stake in Neurocrine Biosciences by 651.6% in the 4th quarter. Meeder Asset Management Inc. now owns 233 shares of the company’s stock worth $33,000 after purchasing an additional 202 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new position in Neurocrine Biosciences in the 4th quarter valued at $39,000. 92.59% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Truist Financial boosted their price target on shares of Neurocrine Biosciences from $140.00 to $155.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. HC Wainwright lifted their price objective on Neurocrine Biosciences from $192.00 to $215.00 and gave the company a “buy” rating in a research note on Tuesday, April 7th. Leerink Partners boosted their target price on Neurocrine Biosciences from $160.00 to $170.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 22nd. Zacks Research upgraded Neurocrine Biosciences from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, June 23rd. Finally, Morgan Stanley raised their price target on Neurocrine Biosciences from $185.00 to $191.00 and gave the company an “equal weight” rating in a report on Wednesday, May 6th. Two investment 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’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $187.52.

Insider Activity

In other Neurocrine Biosciences news, insider Jude Onyia sold 11,000 shares of the company’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 completion of the sale, the insider owned 25,846 shares of the company’s stock, valued at $4,141,821.50. This represents a 29.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Julie Cooke sold 36,937 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $156.22, for a total transaction of $5,770,298.14. Following the transaction, the insider owned 22,374 shares in the company, valued at $3,495,266.28. The trade was a 62.28% 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. In the last three months, insiders sold 355,234 shares of company stock worth $55,330,060. 4.60% of the stock is currently owned by insiders.

Neurocrine Biosciences Stock Performance

Shares of NASDAQ:NBIX opened at $170.00 on Tuesday. Neurocrine Biosciences, Inc. has a 52-week low of $122.14 and a 52-week high of $171.43. The firm has a fifty day moving average of $152.82 and a 200 day moving average of $141.25. The firm has a market capitalization of $17.09 billion, a PE ratio of 26.19, a price-to-earnings-growth ratio of 0.67 and a beta of 0.39.

About Neurocrine Biosciences

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.