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

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) saw a significant growth in short interest in February. As of February 15th, there was short interest totalling 3,040,000 shares, a growth 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.

Insider Buying and Selling

In related news, insider Ingrid Delaet sold 1,091 shares of the stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $135.00, for a total transaction of $147,285.00. Following the transaction, the insider now owns 2,507 shares of the company’s stock, valued at approximately $338,445. This trade represents a 30.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kevin Charles Gorman sold 5,844 shares of the business’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $116.69, for a total transaction of $681,936.36. Following the completion of the sale, the director now directly owns 521,618 shares of the company’s stock, valued at $60,867,604.42. This represents a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 234,269 shares of company stock worth $34,053,879. Corporate insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Neurocrine Biosciences

A number of hedge funds have recently bought and sold shares of NBIX. Golden State Wealth Management LLC purchased a new stake in shares of Neurocrine Biosciences during the fourth quarter valued at approximately $25,000. Huntington National Bank boosted its stake in Neurocrine Biosciences by 73.5% during the 4th quarter. Huntington National Bank now owns 229 shares of the company’s stock valued at $31,000 after purchasing an additional 97 shares during the last quarter. Brooklyn Investment Group boosted its stake in Neurocrine Biosciences by 99.1% during the 4th quarter. Brooklyn Investment Group now owns 231 shares of the company’s stock valued at $32,000 after purchasing an additional 115 shares during the last quarter. GeoWealth Management LLC increased its holdings in shares of Neurocrine Biosciences by 65.4% in the 4th quarter. GeoWealth Management LLC now owns 258 shares of the company’s stock worth $35,000 after purchasing an additional 102 shares in the last quarter. Finally, Lindbrook Capital LLC raised its stake in shares of Neurocrine Biosciences by 53.5% in the fourth quarter. Lindbrook Capital LLC now owns 373 shares of the company’s stock worth $51,000 after purchasing an additional 130 shares during the last quarter. Institutional investors own 92.59% of the company’s stock.

Neurocrine Biosciences Stock Down 1.1 %

Shares of NASDAQ NBIX traded down $1.24 on Thursday, reaching $112.61. 755,591 shares of the company’s stock traded hands, compared to its average volume of 1,329,525. The business’s 50 day simple moving average is $133.53 and its two-hundred day simple moving average is $127.70. Neurocrine Biosciences has a 12 month low of $110.25 and a 12 month high of $157.98. The company has a market cap of $11.23 billion, a price-to-earnings ratio of 34.23, a price-to-earnings-growth ratio of 0.77 and a beta of 0.33.

Neurocrine Biosciences (NASDAQ:NBIX) last posted its quarterly earnings data 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 13.38%. Analysts forecast that Neurocrine Biosciences will post 4.28 earnings per share for the current fiscal year.

Neurocrine Biosciences declared that its board has initiated a stock repurchase program on Friday, February 21st that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy up to 4.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Morgan Stanley raised their price target on Neurocrine Biosciences from $170.00 to $185.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 4th. Royal Bank of Canada decreased 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 research note on Friday, February 7th. Needham & Company LLC reiterated a “hold” rating on shares of Neurocrine Biosciences in a report on Friday, February 7th. Bank of America cut their price target on shares of Neurocrine Biosciences from $184.00 to $179.00 and set a “buy” rating on the stock in a report on Friday, February 7th. Finally, StockNews.com downgraded shares of Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, February 18th. Five investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Neurocrine Biosciences currently has an average rating of “Moderate Buy” and a consensus price target 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.