Neurocrine Biosciences, Inc. (NASDAQ:NBIX) Short Interest Up 23.9% in April

Key Points

• Short interest up 23.9% — short interest rose to 5,644,452 shares as of April 15 (about 5.9% of shares sold short), yielding a short-interest ratio of roughly 4.9 days based on average daily volume.
• Heavy institutional ownership — approximately 92.59% of NBIX is held by hedge funds and other institutions, with several firms (e.g., Ruffer, Robeco) adding or increasing stakes in recent quarters.
• Analyst and financial backdrop — MarketBeat's consensus is a "Moderate Buy" with an average target of $180.45; the stock trades near $131.78 (market cap ~$13.25B, PE ~28.3) after a quarter that missed EPS expectations but showed 28.3% year‑over‑year revenue growth.

Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Get Free Report) was the recipient of a significant increase in short interest in the month of April. As of April 15th, there was short interest totaling 5,644,452 shares, an increase of 23.9% from the March 31st total of 4,557,132 shares. Currently, 5.9% of the shares of the company are sold short. Based on an average daily volume of 1,160,869 shares, the short-interest ratio is presently 4.9 days.

Institutional Investors Weigh In On Neurocrine Biosciences

A number of institutional investors have recently bought and sold shares of the stock. Nilsine Partners LLC acquired a new stake in Neurocrine Biosciences in the fourth quarter valued at $1,197,000. Ruffer LLP acquired a new stake in Neurocrine Biosciences in the fourth quarter valued at $2,479,000. Robeco Institutional Asset Management B.V. raised its holdings in shares of Neurocrine Biosciences by 86.7% during the third quarter. Robeco Institutional Asset Management B.V. now owns 28,185 shares of the company's stock worth $3,957,000 after purchasing an additional 13,087 shares during the period. CIBC Private Wealth Group LLC raised its holdings in shares of Neurocrine Biosciences by 17,250.0% during the third quarter. CIBC Private Wealth Group LLC now owns 7,981 shares of the company's stock worth $1,120,000 after purchasing an additional 7,935 shares during the period. Finally, Focus Partners Advisor Solutions LLC raised its holdings in shares of Neurocrine Biosciences by 152.5% during the third quarter. Focus Partners Advisor Solutions LLC now owns 13,263 shares of the company's stock worth $1,945,000 after purchasing an additional 8,011 shares during the period. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on NBIX. Canaccord Genuity Group raised their price objective on shares of Neurocrine Biosciences from $164.00 to $200.00 and gave the company a "buy" rating in a research report on Tuesday, April 7th. Leerink Partners boosted their price objective on shares of Neurocrine Biosciences from $160.00 to $170.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 22nd. Citigroup upped their target price on Neurocrine Biosciences from $204.00 to $242.00 and gave the company a "buy" rating in a research note on Tuesday, April 7th. UBS Group cut their price objective on shares of Neurocrine Biosciences from $188.00 to $178.00 and set a "buy" rating for the company in a research report on Friday, January 23rd. Finally, Truist Financial lowered their target price on shares of Neurocrine Biosciences from $169.00 to $140.00 and set a "buy" rating for the company in a research note on Tuesday, February 17th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Neurocrine Biosciences presently has a consensus rating of "Moderate Buy" and an average target price of $180.45.

Neurocrine Biosciences Price Performance

NBIX stock traded up $0.11 during midday trading on Friday, hitting $131.78. The stock had a trading volume of 680,071 shares, compared to its average volume of 1,145,315. The firm has a market cap of $13.25 billion, a PE ratio of 28.28, a price-to-earnings-growth ratio of 0.69 and a beta of 0.34. Neurocrine Biosciences has a 12-month low of $107.96 and a 12-month high of $160.18. The company's 50-day moving average price is $130.25 and its 200 day moving average price is $137.73.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released its earnings results on Wednesday, February 11th. The company reported $1.88 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.36 by ($0.48). Neurocrine Biosciences had a net margin of 16.73% and a return on equity of 16.48%. The company had revenue of $805.50 million during the quarter, compared to analysts' expectations of $804.21 million. During the same quarter in the previous year, the firm posted $1.69 earnings per share. Neurocrine Biosciences's revenue for the quarter was up 28.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Neurocrine Biosciences will post 6.33 EPS for the current year.

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.

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