Neurocrine Biosciences, Inc. (NASDAQ:NBIX) Short Interest Down 13.9% in January

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) was the target of a significant decline in short interest in January. As of January 15th, there was short interest totaling 3,501,097 shares, a decline of 13.9% from the December 31st total of 4,067,222 shares. Based on an average daily trading volume, of 1,280,253 shares, the days-to-cover ratio is presently 2.7 days. Currently, 3.7% of the company’s stock are sold short. Currently, 3.7% of the company’s stock are sold short. Based on an average daily trading volume, of 1,280,253 shares, the days-to-cover ratio is presently 2.7 days.

Insiders Place Their Bets

In other news, Director Leslie V. Norwalk sold 1,190 shares of the stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $155.09, for a total value of $184,557.10. Following the completion of the sale, the director directly owned 6,239 shares of the company’s stock, valued at $967,606.51. This represents a 16.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Darin Lippoldt sold 4,376 shares of the firm’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $159.65, for a total transaction of $698,628.40. Following the sale, the insider owned 43,405 shares of the company’s stock, valued at approximately $6,929,608.25. This represents a 9.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 61,966 shares of company stock valued at $8,625,166 in the last 90 days. Insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Neurocrine Biosciences

Several large investors have recently bought and sold shares of NBIX. Pier 88 Investment Partners LLC increased its holdings in shares of Neurocrine Biosciences by 15.4% during the 4th quarter. Pier 88 Investment Partners LLC now owns 7,560 shares of the company’s stock worth $1,072,000 after purchasing an additional 1,010 shares during the period. Swiss Life Asset Management Ltd increased its stake in Neurocrine Biosciences by 5.5% during the fourth quarter. Swiss Life Asset Management Ltd now owns 18,749 shares of the company’s stock valued at $2,659,000 after acquiring an additional 982 shares during the period. Aubrey Capital Management Ltd lifted its position in shares of Neurocrine Biosciences by 42.9% in the 4th quarter. Aubrey Capital Management Ltd now owns 5,313 shares of the company’s stock worth $749,000 after acquiring an additional 1,594 shares during the period. Plato Investment Management Ltd grew its holdings in shares of Neurocrine Biosciences by 72.4% during the 4th quarter. Plato Investment Management Ltd now owns 3,981 shares of the company’s stock worth $567,000 after purchasing an additional 1,672 shares in the last quarter. Finally, Crossmark Global Holdings Inc. increased its position in shares of Neurocrine Biosciences by 6.5% during the fourth quarter. Crossmark Global Holdings Inc. now owns 8,367 shares of the company’s stock valued at $1,187,000 after purchasing an additional 509 shares during the period. 92.59% of the stock is currently owned by institutional investors and hedge funds.

Neurocrine Biosciences Price Performance

Shares of NASDAQ NBIX traded down $0.98 during trading hours on Wednesday, hitting $138.00. 275,620 shares of the company’s stock were exchanged, compared to its average volume of 1,066,446. The company’s 50-day moving average price is $142.97 and its 200-day moving average price is $140.38. Neurocrine Biosciences has a 1-year low of $84.23 and a 1-year high of $160.18. The stock has a market capitalization of $13.76 billion, a price-to-earnings ratio of 33.01, a PEG ratio of 0.64 and a beta of 0.31.

Analysts Set New Price Targets

Several analysts recently issued reports on NBIX shares. Morgan Stanley reiterated an “equal weight” rating and set a $175.00 price objective (up from $173.00) on shares of Neurocrine Biosciences in a report on Thursday, January 8th. Zacks Research downgraded Neurocrine Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Stifel Nicolaus increased their price objective on Neurocrine Biosciences from $183.00 to $188.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. HC Wainwright increased their price target on shares of Neurocrine Biosciences from $168.00 to $198.00 and gave the stock a “buy” rating in a research note on Wednesday, December 17th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Neurocrine Biosciences in a report on Thursday, January 22nd. Seventeen analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Neurocrine Biosciences presently has an average rating of “Moderate Buy” and an average target price of $174.25.

Neurocrine Biosciences Company Profile

Neurocrine Biosciences (NASDAQ: NBIX) is a biopharmaceutical company based in San Diego, California, focused on developing treatments for neurological, endocrine and neuropsychiatric disorders. Since its founding in 1992, the company has pursued a research‐driven strategy aimed at addressing unmet medical needs in movement disorders, reproductive health and central nervous system conditions. Neurocrine’s operations encompass drug discovery, clinical development and commercialization activities.

The company’s lead marketed product, Ingrezza™ (valbenazine), is indicated for the treatment of tardive dyskinesia, a movement disorder associated with long-term antipsychotic use.