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

Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Get Free Report) was the recipient of a large drop in short interest in January. As of January 31st, there was short interest totalling 2,400,000 shares, a drop of 25.0% from the January 15th total of 3,200,000 shares. Based on an average daily volume of 1,120,000 shares, the short-interest ratio is currently 2.1 days.

Neurocrine Biosciences Stock Performance

NASDAQ NBIX traded down $1.05 during trading hours on Tuesday, reaching $113.97. 975,262 shares of the company's stock were exchanged, compared to its average volume of 1,336,941. The company has a market capitalization of $11.36 billion, a price-to-earnings ratio of 34.64 and a beta of 0.33. The company's 50-day moving average is $137.55 and its two-hundred day moving average is $130.19. Neurocrine Biosciences has a one year low of $110.95 and a one year high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The company reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.62 by ($0.62). Neurocrine Biosciences had a net margin of 14.49% and a return on equity of 13.45%. Research analysts predict that Neurocrine Biosciences will post 6.53 earnings per share for the current fiscal year.

Insider Activity at Neurocrine Biosciences

In related news, CFO Matt Abernethy sold 1,283 shares of Neurocrine Biosciences stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $152.87, for a total value of $196,132.21. Following the completion of the transaction, the chief financial officer now directly owns 32,681 shares of the company's stock, valued at $4,995,944.47. The trade was a 3.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Ingrid Delaet sold 1,091 shares of the stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $135.00, for a total transaction of $147,285.00. Following the sale, the insider now directly owns 2,507 shares in the company, valued at approximately $338,445. This represents a 30.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 236,600 shares of company stock valued at $34,348,261 in the last three months. Corporate insiders own 4.30% of the company's stock.

Hedge Funds Weigh In On Neurocrine Biosciences

Large investors have recently added to or reduced their stakes in the company. Cetera Investment Advisers boosted its position in shares of Neurocrine Biosciences by 7.9% during the second quarter. Cetera Investment Advisers now owns 7,112 shares of the company's stock worth $979,000 after buying an additional 519 shares during the period. CWM LLC lifted its stake in Neurocrine Biosciences by 15.1% in the 3rd quarter. CWM LLC now owns 7,884 shares of the company's stock valued at $908,000 after acquiring an additional 1,035 shares in the last quarter. Exchange Traded Concepts LLC boosted its position in Neurocrine Biosciences by 29.3% during the 3rd quarter. Exchange Traded Concepts LLC now owns 7,964 shares of the company's stock worth $918,000 after acquiring an additional 1,803 shares during the last quarter. Creative Planning grew its stake in shares of Neurocrine Biosciences by 12.3% during the 3rd quarter. Creative Planning now owns 12,999 shares of the company's stock worth $1,498,000 after acquiring an additional 1,426 shares in the last quarter. Finally, Vontobel Holding Ltd. raised its holdings in shares of Neurocrine Biosciences by 12.7% in the third quarter. Vontobel Holding Ltd. now owns 14,590 shares of the company's stock valued at $1,681,000 after purchasing an additional 1,639 shares during the last quarter. Institutional investors own 92.59% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. 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 on the stock. Royal Bank of Canada lowered their price objective on Neurocrine Biosciences from $154.00 to $148.00 and set a "sector perform" rating for the company in a research report on Friday, February 7th. HC Wainwright cut their target price on shares of Neurocrine Biosciences from $190.00 to $185.00 and set a "buy" rating on the stock in a research report on Friday, February 7th. Guggenheim lowered their price target on shares of Neurocrine Biosciences from $165.00 to $163.00 and set a "buy" rating for the company in a research report on Monday, February 10th. Finally, Piper Sandler restated an "overweight" rating and issued a $160.00 price objective on shares of Neurocrine Biosciences in a report on Monday, December 23rd. Five research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $166.90.

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.