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

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

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on NBIX. Zacks Research lowered shares of Neurocrine Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, December 29th. JPMorgan Chase & Co. dropped their price target on shares of Neurocrine Biosciences from $179.00 to $177.00 and set an “overweight” rating for the company in a research report on Monday, January 12th. Citigroup boosted their price target on shares of Neurocrine Biosciences from $175.00 to $203.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Wall Street Zen cut shares of Neurocrine Biosciences from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Finally, Piper Sandler lifted their target price on shares of Neurocrine Biosciences from $175.00 to $179.00 and gave the company an “overweight” rating in a report on Wednesday, October 29th. Seventeen research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $174.25.

Neurocrine Biosciences Trading Up 1.1%

NBIX traded up $1.57 during trading hours on Tuesday, hitting $139.20. 189,702 shares of the company’s stock were exchanged, compared to its average volume of 1,067,808. The firm has a market cap of $13.88 billion, a P/E ratio of 33.34, a price-to-earnings-growth ratio of 0.72 and a beta of 0.31. Neurocrine Biosciences has a 12-month low of $84.23 and a 12-month high of $160.18. The firm has a 50 day moving average of $143.06 and a 200 day moving average of $140.33.

Insider Activity

In other news, Director William H. Rastetter sold 18,000 shares of Neurocrine Biosciences stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $151.82, for a total transaction of $2,732,760.00. Following the sale, the director owned 40,360 shares of the company’s stock, valued at approximately $6,127,455.20. The trade was a 30.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Leslie V. Norwalk sold 1,190 shares of the company’s 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 transaction, the director owned 6,239 shares in the company, valued at $967,606.51. This represents a 16.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 79,966 shares of company stock worth $11,357,926. 4.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Dodge & Cox increased its holdings in Neurocrine Biosciences by 0.6% during the 2nd quarter. Dodge & Cox now owns 5,566,814 shares of the company’s stock worth $699,693,000 after purchasing an additional 32,190 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Neurocrine Biosciences by 11.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,730,152 shares of the company’s stock valued at $664,019,000 after buying an additional 468,405 shares during the period. AQR Capital Management LLC increased its stake in shares of Neurocrine Biosciences by 83.7% during the third quarter. AQR Capital Management LLC now owns 2,773,648 shares of the company’s stock worth $388,435,000 after buying an additional 1,263,633 shares during the period. Deerfield Management Company L.P. increased its stake in shares of Neurocrine Biosciences by 1.4% during the third quarter. Deerfield Management Company L.P. now owns 1,184,345 shares of the company’s stock worth $166,258,000 after buying an additional 16,543 shares during the period. Finally, UBS Group AG raised its holdings in Neurocrine Biosciences by 169.8% in the fourth quarter. UBS Group AG now owns 983,528 shares of the company’s stock valued at $139,494,000 after acquiring an additional 618,956 shares in the last quarter. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

About Neurocrine Biosciences

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.