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

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) was the target of a significant decline in short interest in the month of January. As of January 31st, there was short interest totalling 2,400,000 shares, a decline 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.

Neurocrine Biosciences Price Performance

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

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

Insider Buying and Selling

In related news, Director Kevin Charles Gorman sold 5,844 shares of the business’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $116.69, for a total transaction of $681,936.36. Following the transaction, the director now owns 521,618 shares of the company’s stock, valued at approximately $60,867,604.42. The trade was a 1.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Julie Cooke sold 1,551 shares of the business’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $116.78, for a total transaction of $181,125.78. Following the transaction, the insider now directly owns 19,544 shares in the company, valued at $2,282,348.32. This trade represents a 7.35 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 236,600 shares of company stock valued at $34,348,261. 4.30% of the stock is owned by company insiders.

Institutional Trading of Neurocrine Biosciences

A number of hedge funds have recently modified their holdings of NBIX. Golden State Wealth Management LLC acquired a new stake in shares of Neurocrine Biosciences in the 4th quarter valued at approximately $25,000. Huntington National Bank raised its holdings in Neurocrine Biosciences by 73.5% during the 4th quarter. Huntington National Bank now owns 229 shares of the company’s stock worth $31,000 after buying an additional 97 shares during the period. Brooklyn Investment Group raised its holdings in Neurocrine Biosciences by 99.1% during the 4th quarter. Brooklyn Investment Group now owns 231 shares of the company’s stock worth $32,000 after buying an additional 115 shares during the period. GeoWealth Management LLC raised its holdings in Neurocrine Biosciences by 65.4% during the 4th quarter. GeoWealth Management LLC now owns 258 shares of the company’s stock worth $35,000 after buying an additional 102 shares during the period. Finally, Blue Trust Inc. raised its holdings in Neurocrine Biosciences by 171.9% during the 3rd quarter. Blue Trust Inc. now owns 348 shares of the company’s stock worth $40,000 after buying an additional 220 shares during the period. 92.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on NBIX shares. Deutsche Bank Aktiengesellschaft began coverage on shares of Neurocrine Biosciences in a research note on Tuesday, February 11th. They issued a “hold” rating and a $138.00 price objective for the company. Canaccord Genuity Group lowered their target price on shares of Neurocrine Biosciences from $172.00 to $163.00 and set a “buy” rating on the stock in a report on Friday, February 7th. Royal Bank of Canada lowered their target price on shares of Neurocrine Biosciences from $154.00 to $148.00 and set a “sector perform” rating on the stock in a report on Friday, February 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Neurocrine Biosciences in a report on Friday, February 7th. Finally, Morgan Stanley increased their price objective on shares of Neurocrine Biosciences from $170.00 to $185.00 and gave the stock an “overweight” rating in a report on Tuesday, February 4th. Five equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price 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.