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

Key Points

• The short interest in Neurocrine Biosciences increased by 39.6% in August, reaching a total of 3,980,000 shares as of August 15th, compared to 2,850,000 shares at the end of July.
• Investment analysts have raised price targets for Neurocrine Biosciences, with Morgan Stanley increasing theirs from $158.00 to $163.00 and a consensus target price now at $160.00.
• Neurocrine Biosciences reported quarterly earnings of $1.06 per share, exceeding estimates and showing a 16.5% increase in revenue year-over-year.

Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Get Free Report) was the target of a large increase in short interest in August. As of August 15th, there was short interest totaling 3,980,000 shares, an increase of 39.6% from the July 31st total of 2,850,000 shares. Based on an average daily volume of 918,400 shares, the short-interest ratio is presently 4.3 days. Based on an average daily volume of 918,400 shares, the short-interest ratio is presently 4.3 days.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Morgan Stanley raised their price target on Neurocrine Biosciences from $158.00 to $163.00 and gave the stock an "overweight" rating in a research note on Friday, September 5th. UBS Group raised their price target on Neurocrine Biosciences from $152.00 to $174.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Wedbush raised their price target on Neurocrine Biosciences from $137.00 to $141.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. JPMorgan Chase & Co. raised their price target on Neurocrine Biosciences from $140.00 to $145.00 and gave the stock a "neutral" rating in a research note on Thursday, July 31st. Finally, The Goldman Sachs Group initiated coverage on Neurocrine Biosciences in a research note on Thursday, July 10th. They issued a "buy" rating and a $182.00 price target on the stock. Eighteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Neurocrine Biosciences presently has a consensus rating of "Moderate Buy" and a consensus target price of $160.00.

Insiders Place Their Bets

In other news, Director Kevin Charles Gorman sold 106,322 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $126.41, for a total value of $13,440,164.02. Following the transaction, the director directly owned 514,596 shares in the company, valued at $65,050,080.36. This trade represents a 17.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Jude Onyia sold 59,819 shares of the firm's stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $130.46, for a total value of $7,803,986.74. Following the completion of the transaction, the insider owned 18,289 shares in the company, valued at approximately $2,385,982.94. This trade represents a 76.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 186,960 shares of company stock valued at $23,955,553. Corporate insiders own 4.80% of the company's stock.

Hedge Funds Weigh In On Neurocrine Biosciences

Several large investors have recently made changes to their positions in the business. Diametric Capital LP lifted its position in shares of Neurocrine Biosciences by 2.6% in the second quarter. Diametric Capital LP now owns 3,244 shares of the company's stock valued at $408,000 after acquiring an additional 81 shares in the last quarter. IFP Advisors Inc lifted its position in shares of Neurocrine Biosciences by 4.2% in the second quarter. IFP Advisors Inc now owns 2,172 shares of the company's stock valued at $273,000 after acquiring an additional 88 shares in the last quarter. Linden Thomas Advisory Services LLC lifted its position in shares of Neurocrine Biosciences by 1.5% in the second quarter. Linden Thomas Advisory Services LLC now owns 6,699 shares of the company's stock valued at $842,000 after acquiring an additional 96 shares in the last quarter. DE Burlo Group Inc. lifted its position in shares of Neurocrine Biosciences by 2.2% in the first quarter. DE Burlo Group Inc. now owns 4,717 shares of the company's stock valued at $522,000 after acquiring an additional 100 shares in the last quarter. Finally, Central Pacific Bank Trust Division lifted its position in shares of Neurocrine Biosciences by 6.2% in the second quarter. Central Pacific Bank Trust Division now owns 1,725 shares of the company's stock valued at $217,000 after acquiring an additional 100 shares in the last quarter. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Neurocrine Biosciences Trading Down 1.2%

NASDAQ NBIX traded down $1.73 on Friday, hitting $141.87. 485,690 shares of the company traded hands, compared to its average volume of 702,053. The company has a market capitalization of $14.07 billion, a price-to-earnings ratio of 41.97, a P/E/G ratio of 1.03 and a beta of 0.28. The business's 50 day moving average price is $134.13 and its 200-day moving average price is $121.18. Neurocrine Biosciences has a 52-week low of $84.23 and a 52-week high of $154.61.

Neurocrine Biosciences (NASDAQ:NBIX - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.08. The company had revenue of $687.50 million for the quarter, compared to the consensus estimate of $653.09 million. Neurocrine Biosciences had a return on equity of 13.22% and a net margin of 13.88%.Neurocrine Biosciences's quarterly revenue was up 16.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.63 earnings per share. As a group, sell-side analysts predict that Neurocrine Biosciences will post 4.28 earnings per share for the current year.

Neurocrine Biosciences Company Profile

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.