Short Interest in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) Drops By 25.0%

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) saw a large decrease in short interest in the month of January. As of January 31st, there was short interest totalling 2,400,000 shares, a decrease of 25.0% from the January 15th total of 3,200,000 shares. Based on an average trading volume of 1,120,000 shares, the days-to-cover ratio is presently 2.1 days.

Insider Activity at Neurocrine Biosciences

In related news, CEO Kyle Gano sold 65,000 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $141.50, for a total value of $9,197,500.00. Following the transaction, the chief executive officer now directly owns 135,392 shares of the company’s stock, valued at approximately $19,157,968. This trade represents a 32.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jude Onyia sold 2,331 shares of Neurocrine Biosciences stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $126.29, for a total value of $294,381.99. Following the completion of the sale, the insider now directly owns 15,449 shares in the company, valued at $1,951,054.21. This trade represents a 13.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 236,600 shares of company stock worth $34,348,261 in the last ninety days. 4.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Neurocrine Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in NBIX. Vanguard Group Inc. raised its holdings in shares of Neurocrine Biosciences by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 10,119,641 shares of the company’s stock valued at $1,381,331,000 after purchasing an additional 122,681 shares during the period. State Street Corp lifted its holdings in shares of Neurocrine Biosciences by 11.7% during the 3rd quarter. State Street Corp now owns 5,148,293 shares of the company’s stock worth $593,186,000 after acquiring an additional 539,936 shares during the period. Dodge & Cox lifted its holdings in shares of Neurocrine Biosciences by 134.2% during the 4th quarter. Dodge & Cox now owns 3,016,425 shares of the company’s stock worth $411,742,000 after acquiring an additional 1,728,605 shares during the period. AQR Capital Management LLC lifted its stake in Neurocrine Biosciences by 2.9% in the 4th quarter. AQR Capital Management LLC now owns 1,896,891 shares of the company’s stock valued at $258,926,000 after purchasing an additional 53,610 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Neurocrine Biosciences by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 1,875,062 shares of the company’s stock valued at $255,523,000 after purchasing an additional 15,830 shares during the last quarter. Institutional investors and hedge funds own 92.59% of the company’s stock.

Neurocrine Biosciences Trading Down 1.6 %

Shares of Neurocrine Biosciences stock traded down $1.85 during midday trading on Friday, reaching $115.02. The company had a trading volume of 1,479,784 shares, compared to its average volume of 952,604. The company has a market capitalization of $11.65 billion, a price-to-earnings ratio of 34.96 and a beta of 0.33. The stock has a fifty day simple moving average of $137.83 and a 200 day simple moving average of $130.54. Neurocrine Biosciences has a 1-year low of $110.95 and a 1-year high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX) last released its earnings results on Thursday, February 6th. The company reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.62). Neurocrine Biosciences had a return on equity of 13.45% and a net margin of 14.49%. Sell-side analysts expect that Neurocrine Biosciences will post 6.53 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on NBIX. Needham & Company LLC reissued a “hold” rating on shares of Neurocrine Biosciences in a report on Friday, February 7th. Piper Sandler restated an “overweight” rating and issued a $160.00 price objective on shares of Neurocrine Biosciences in a research report on Monday, December 23rd. Deutsche Bank Aktiengesellschaft started coverage on Neurocrine Biosciences in a research report on Tuesday, February 11th. They issued a “hold” rating and a $138.00 price objective for the company. Barclays lifted their price target on Neurocrine Biosciences from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Monday, December 23rd. Finally, StockNews.com raised Neurocrine Biosciences from a “buy” rating to a “strong-buy” rating in a research note on Monday, February 10th. Five investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $166.90.

Neurocrine Biosciences Company Profile

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.