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

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) was the target of a significant decrease in short interest in April. As of April 15th, there was short interest totalling 2,020,000 shares, a decrease of 16.9% from the March 31st total of 2,430,000 shares. Based on an average trading volume of 875,200 shares, the days-to-cover ratio is currently 2.3 days.

Analysts Set New Price Targets

A number of research firms have recently issued reports on NBIX. Wedbush reissued an “outperform” rating and issued a $147.00 target price on shares of Neurocrine Biosciences in a report on Wednesday, April 17th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $155.00 price target on shares of Neurocrine Biosciences in a report on Wednesday, April 10th. JPMorgan Chase & Co. lifted their target price on Neurocrine Biosciences from $148.00 to $158.00 and gave the stock an “overweight” rating in a report on Wednesday, March 20th. Oppenheimer reissued an “outperform” rating and issued a $200.00 target price on shares of Neurocrine Biosciences in a research report on Wednesday, April 24th. Finally, Wells Fargo & Company upgraded Neurocrine Biosciences from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $140.00 to $170.00 in a research report on Wednesday, April 24th. Six analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $142.38.

Insider Buying and Selling

In other Neurocrine Biosciences news, Director Richard F. Pops sold 15,000 shares of the business’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $132.47, for a total value of $1,987,050.00. Following the sale, the director now directly owns 29,512 shares in the company, valued at $3,909,454.64. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Kevin Charles Gorman sold 2,707 shares of Neurocrine Biosciences stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $140.69, for a total value of $380,847.83. Following the completion of the transaction, the chief executive officer now owns 502,188 shares in the company, valued at $70,652,829.72. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Richard F. Pops sold 15,000 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $132.47, for a total transaction of $1,987,050.00. Following the transaction, the director now owns 29,512 shares in the company, valued at $3,909,454.64. The disclosure for this sale can be found here. Insiders have sold a total of 186,994 shares of company stock valued at $25,806,409 over the last ninety days. 4.30% of the stock is owned by corporate insiders.

Institutional Trading of Neurocrine Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Neurocrine Biosciences by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 9,710,328 shares of the company’s stock worth $1,279,433,000 after purchasing an additional 150,485 shares during the last quarter. DSM Capital Partners LLC raised its stake in shares of Neurocrine Biosciences by 15.4% during the third quarter. DSM Capital Partners LLC now owns 1,224,017 shares of the company’s stock valued at $137,702,000 after acquiring an additional 163,747 shares during the last quarter. Brown Advisory Inc. raised its holdings in shares of Neurocrine Biosciences by 2.2% during the fourth quarter. Brown Advisory Inc. now owns 1,113,413 shares of the company’s stock valued at $146,703,000 after acquiring an additional 23,831 shares in the last quarter. Braidwell LP boosted its position in Neurocrine Biosciences by 3.7% during the 3rd quarter. Braidwell LP now owns 968,024 shares of the company’s stock valued at $108,903,000 after acquiring an additional 34,662 shares in the last quarter. Finally, Los Angeles Capital Management LLC grew its position in shares of Neurocrine Biosciences by 66.0% in the 4th quarter. Los Angeles Capital Management LLC now owns 918,391 shares of the company’s stock worth $121,007,000 after buying an additional 364,986 shares during the period. Institutional investors and hedge funds own 92.59% of the company’s stock.

Neurocrine Biosciences Price Performance

Shares of NBIX traded down $1.35 on Tuesday, hitting $137.54. The company’s stock had a trading volume of 966,529 shares, compared to its average volume of 847,323. The company has a market capitalization of $13.69 billion, a PE ratio of 56.83 and a beta of 0.25. Neurocrine Biosciences has a fifty-two week low of $89.04 and a fifty-two week high of $148.37. The company has a 50 day moving average price of $136.86 and a 200 day moving average price of $128.41.

Neurocrine Biosciences (NASDAQ:NBIX) last issued its quarterly earnings data on Wednesday, February 7th. The company reported $1.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.31. Neurocrine Biosciences had a return on equity of 12.85% and a net margin of 13.23%. The company had revenue of $515.20 million during the quarter, compared to analysts’ expectations of $518.52 million. During the same quarter in the previous year, the company posted $0.88 earnings per share. The business’s revenue was up 25.0% on a year-over-year basis. On average, equities analysts forecast that Neurocrine Biosciences will post 4.8 EPS for the current year.

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.