Neurocrine Biosciences, Inc. (NASDAQ:NBIX) Short Interest Up 39.6% in August

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 recipient of a large growth in short interest during the month of August. As of August 15th, there was short interest totaling 3,980,000 shares, agrowthof39.6% from the July 31st total of 2,850,000 shares. Based on an average daily trading volume, of 918,400 shares, the short-interest ratio is presently 4.3 days. Based on an average daily trading volume, of 918,400 shares, the short-interest ratio is presently 4.3 days.

Analysts Set New Price Targets

Several research firms have issued reports on NBIX. Morgan Stanley lifted their price target on Neurocrine Biosciences from $158.00 to $163.00 and gave the company an "overweight" rating in a research note on Friday. Wall Street Zen raised Neurocrine Biosciences from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 2nd. JPMorgan Chase & Co. lifted their target price on Neurocrine Biosciences from $140.00 to $145.00 and gave the company a "neutral" rating in a research report on Thursday, July 31st. Piper Sandler lifted their target price on Neurocrine Biosciences from $154.00 to $175.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. Finally, Royal Bank Of Canada lifted their price target on Neurocrine Biosciences from $144.00 to $149.00 and gave the stock an "outperform" rating in a report on Friday. Eighteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $160.00.

Neurocrine Biosciences Price Performance

NASDAQ NBIX traded down $0.30 on Monday, reaching $143.80. The company had a trading volume of 973,435 shares, compared to its average volume of 1,232,867. The business has a 50 day moving average of $132.62 and a two-hundred day moving average of $120.34. Neurocrine Biosciences has a fifty-two week low of $84.23 and a fifty-two week high of $154.61. The firm has a market cap of $14.26 billion, a price-to-earnings ratio of 42.54, a P/E/G ratio of 1.04 and a beta of 0.28.

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

Insider Buying and Selling at Neurocrine Biosciences

In other news, 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 transaction, the insider directly owned 18,289 shares in the company, valued at $2,385,982.94. This trade represents a 76.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Ingrid Delaet sold 457 shares of the firm's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $135.00, for a total value of $61,695.00. Following the completion of the transaction, the insider owned 4,730 shares in the company, valued at $638,550. This represents a 8.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 186,960 shares of company stock worth $23,955,553. Insiders own 4.30% of the company's stock.

Hedge Funds Weigh In On Neurocrine Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the stock. Dodge & Cox grew its stake in shares of Neurocrine Biosciences by 83.5% in the 1st quarter. Dodge & Cox now owns 5,534,624 shares of the company's stock valued at $612,129,000 after buying an additional 2,518,199 shares during the period. JPMorgan Chase & Co. lifted its position in Neurocrine Biosciences by 59.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 4,261,747 shares of the company's stock valued at $535,659,000 after acquiring an additional 1,590,749 shares in the last quarter. Norges Bank bought a new position in Neurocrine Biosciences in the 2nd quarter valued at about $122,278,000. Los Angeles Capital Management LLC lifted its position in Neurocrine Biosciences by 19,454.9% in the 2nd quarter. Los Angeles Capital Management LLC now owns 744,650 shares of the company's stock valued at $93,595,000 after acquiring an additional 740,842 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in Neurocrine Biosciences by 44.0% in the 1st quarter. Wellington Management Group LLP now owns 2,097,981 shares of the company's stock valued at $232,037,000 after acquiring an additional 640,556 shares in the last quarter. Institutional investors own 92.59% of the company's stock.

About Neurocrine Biosciences

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.

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