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

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) was the recipient of a significant growth in short interest in the month of 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 days-to-cover ratio is currently 2.6 days.

Wall Street Analysts Forecast Growth

A number of analysts have commented on NBIX shares. Royal Bank of Canada decreased their price target on shares of Neurocrine Biosciences from $154.00 to $148.00 and set a “sector perform” rating on the stock in a research report on Friday, February 7th. William Blair restated an “outperform” rating on shares of Neurocrine Biosciences in a research note on Friday, February 7th. Guggenheim lowered their target price on Neurocrine Biosciences from $165.00 to $163.00 and set a “buy” rating on the stock in a research report on Monday, February 10th. Wedbush cut their price target on Neurocrine Biosciences from $157.00 to $147.00 and set an “outperform” rating for the company in a report on Friday, February 7th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $185.00 price objective on shares of Neurocrine Biosciences in a research note on Friday, February 21st. Five analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $166.90.

Neurocrine Biosciences Stock Performance

Shares of NBIX traded down $1.24 during midday trading on Thursday, hitting $112.61. 755,591 shares of the company traded hands, compared to its average volume of 1,329,525. The stock has a market cap of $11.23 billion, a price-to-earnings ratio of 34.23, a PEG ratio of 0.77 and a beta of 0.33. The firm has a 50 day moving average of $133.53 and a 200-day moving average of $127.70. Neurocrine Biosciences has a 52 week low of $110.25 and a 52 week high of $157.98.

Neurocrine Biosciences (NASDAQ:NBIX) last announced its quarterly 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 net margin of 14.49% and a return on equity of 13.38%. Sell-side analysts predict that Neurocrine Biosciences will post 4.28 earnings per share for the current fiscal year.

Neurocrine Biosciences declared that its board has authorized a share repurchase plan on Friday, February 21st that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to purchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Neurocrine Biosciences

In other news, insider Ingrid Delaet sold 272 shares of the firm’s stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $138.10, for a total value of $37,563.20. Following the transaction, the insider now directly owns 2,507 shares in the company, valued at $346,216.70. This trade represents a 9.79 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Kevin Charles Gorman sold 5,844 shares of the stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $116.69, for a total value of $681,936.36. Following the completion of the transaction, the director now directly owns 521,618 shares in the company, valued at approximately $60,867,604.42. This represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 234,269 shares of company stock worth $34,053,879 over the last three months. 4.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Neurocrine Biosciences

Several large investors have recently bought and sold shares of NBIX. Caprock Group LLC bought a new position in Neurocrine Biosciences during the fourth quarter valued at $236,000. Plato Investment Management Ltd lifted its holdings in shares of Neurocrine Biosciences by 2,481.9% in 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 last quarter. Swiss National Bank grew its position in Neurocrine Biosciences by 1.4% in the third quarter. Swiss National Bank now owns 298,700 shares of the company’s stock worth $34,416,000 after acquiring an additional 4,100 shares in the last quarter. Tri Ri Asset Management Corp purchased a new position in Neurocrine Biosciences in the third quarter worth about $3,236,000. Finally, KBC Group NV increased its stake in Neurocrine Biosciences by 78.3% during the third quarter. KBC Group NV now owns 18,972 shares of the company’s stock worth $2,186,000 after acquiring an additional 8,332 shares during the last quarter. Institutional investors own 92.59% of the company’s stock.

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.