Short Interest in Neurocrine Biosciences, Inc. (NASDAQ:NBIX) Declines By 13.9%

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) was the recipient of a significant decrease in short interest during the month of January. As of January 15th, there was short interest totaling 3,501,097 shares, a decrease 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. Approximately 3.7% of the shares of the company are short sold. Approximately 3.7% of the shares of the company are short sold. Based on an average daily trading volume, of 1,280,253 shares, the days-to-cover ratio is presently 2.7 days.

Neurocrine Biosciences Stock Performance

Shares of NASDAQ:NBIX traded up $1.57 during midday trading on Tuesday, hitting $139.20. The company’s stock had a trading volume of 189,702 shares, compared to its average volume of 1,067,808. The company 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 business’s 50 day simple moving average is $143.06 and its 200 day simple moving average is $140.33.

Analyst Ratings Changes

A number of equities analysts recently weighed in on NBIX shares. JPMorgan Chase & Co. reduced their price target on Neurocrine Biosciences from $179.00 to $177.00 and set an “overweight” rating for the company in a report on Monday, January 12th. Piper Sandler upped their target price on Neurocrine Biosciences from $175.00 to $179.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 29th. Zacks Research cut shares of Neurocrine Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. UBS Group cut their price target on shares of Neurocrine Biosciences from $188.00 to $178.00 and set a “buy” rating for the company in a report on Friday, January 23rd. Finally, Citigroup increased their price objective on shares of Neurocrine Biosciences from $175.00 to $203.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Seventeen investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Neurocrine Biosciences currently has a consensus rating of “Moderate Buy” and an average target price of $174.25.

Insider Transactions at Neurocrine Biosciences

In related news, Director Leslie V. Norwalk sold 1,190 shares of the stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $155.09, for a total transaction of $184,557.10. Following the sale, the director directly owned 6,239 shares of the company’s stock, valued at approximately $967,606.51. This represents a 16.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Kyle Gano sold 36,400 shares of Neurocrine Biosciences stock in a transaction on Friday, January 16th. The shares were sold at an average price of $132.70, for a total transaction of $4,830,280.00. Following the completion of the transaction, the chief executive officer directly owned 140,407 shares of the company’s stock, valued at $18,632,008.90. The trade was a 20.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 79,966 shares of company stock valued at $11,357,926. 4.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Neurocrine Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. USA Financial Formulas purchased a new stake in Neurocrine Biosciences in the 4th quarter valued at $25,000. Geneos Wealth Management Inc. boosted its position in shares of Neurocrine Biosciences by 143.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 229 shares of the company’s stock valued at $25,000 after acquiring an additional 135 shares during the last quarter. Golden State Wealth Management LLC grew its holdings in shares of Neurocrine Biosciences by 120.5% in the third quarter. Golden State Wealth Management LLC now owns 183 shares of the company’s stock valued at $26,000 after purchasing an additional 100 shares during the period. Eastern Bank acquired a new stake in Neurocrine Biosciences during the third quarter worth about $27,000. Finally, Quent Capital LLC acquired a new stake in Neurocrine Biosciences during the third quarter worth about $32,000. Institutional investors and hedge funds own 92.59% of the company’s stock.

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.