Neurocrine Biosciences, Inc. (NASDAQ:NBIX) Sees Large Increase in Short Interest

Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Get Free Report) was the target of a significant increase in short interest in February. As of February 15th, there was short interest totalling 3,040,000 shares, an increase of 26.7% from the January 31st total of 2,400,000 shares. Based on an average trading volume of 1,180,000 shares, the short-interest ratio is presently 2.6 days.

Neurocrine Biosciences Stock Performance

NASDAQ:NBIX traded up $0.38 during mid-day trading on Friday, reaching $113.04. The stock had a trading volume of 1,650,716 shares, compared to its average volume of 1,346,984. The firm has a market capitalization of $11.27 billion, a price-to-earnings ratio of 34.36, a PEG ratio of 0.77 and a beta of 0.35. Neurocrine Biosciences has a twelve month low of $110.25 and a twelve month high of $157.98. The business has a 50 day simple moving average of $132.47 and a 200 day simple moving average of $127.02.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last announced its quarterly earnings data 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 net margin of 14.49% and a return on equity of 13.38%. As a group, sell-side analysts expect that Neurocrine Biosciences will post 4.28 earnings per share for the current year.

Neurocrine Biosciences announced that its board has initiated a share buyback plan on Friday, February 21st that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to repurchase up to 4.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its shares are undervalued.

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Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Piper Sandler restated an "overweight" rating and issued a $160.00 price target on shares of Neurocrine Biosciences in a research note on Monday, December 23rd. Morgan Stanley restated an "overweight" rating and issued a $150.00 price target (down from $185.00) on shares of Neurocrine Biosciences in a research note on Friday. William Blair restated an "outperform" rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. UBS Group raised their price target on Neurocrine Biosciences from $162.00 to $176.00 and gave the company a "buy" rating in a research note on Thursday, January 30th. Finally, Canaccord Genuity Group dropped their price objective on Neurocrine Biosciences from $172.00 to $163.00 and set a "buy" rating on the stock in a report on Friday, February 7th. Five research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Neurocrine Biosciences presently has an average rating of "Moderate Buy" and an average target price of $165.24.

Insider Activity

In other Neurocrine Biosciences news, insider Julie Cooke sold 1,740 shares of the firm's stock in a transaction on Friday, January 31st. The stock was sold at an average price of $152.89, for a total value of $266,028.60. Following the sale, the insider now directly owns 18,202 shares in the company, valued at $2,782,903.78. This trade represents a 8.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ingrid Delaet sold 272 shares of the firm's stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $138.10, for a total value of $37,563.20. Following the completion of the sale, the insider now owns 2,507 shares in the company, valued at approximately $346,216.70. This represents a 9.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 234,269 shares of company stock worth $34,053,879. Corporate insiders own 4.30% of the company's stock.

Institutional Investors Weigh In On Neurocrine Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the stock. Caprock Group LLC acquired a new stake in shares of Neurocrine Biosciences during the 4th quarter valued at approximately $236,000. Plato Investment Management Ltd lifted its position in shares of Neurocrine Biosciences by 2,481.9% during the 3rd quarter. Plato Investment Management Ltd now owns 10,973 shares of the company's stock valued at $1,263,000 after acquiring an additional 10,548 shares during the period. Swiss National Bank lifted its position in shares of Neurocrine Biosciences by 1.4% during the 3rd quarter. Swiss National Bank now owns 298,700 shares of the company's stock valued at $34,416,000 after acquiring an additional 4,100 shares during the period. Tri Ri Asset Management Corp acquired a new stake in shares of Neurocrine Biosciences during the 3rd quarter valued at approximately $3,236,000. Finally, KBC Group NV raised its position in shares of Neurocrine Biosciences by 78.3% during the 3rd quarter. KBC Group NV now owns 18,972 shares of the company's stock worth $2,186,000 after purchasing an additional 8,332 shares during the last quarter. 92.59% of the stock is currently owned by institutional investors and hedge funds.

About Neurocrine Biosciences

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.