Short Interest in Neurocrine Biosciences, Inc. (NBIX) Grows By 20.8%
Neurocrine Biosciences, Inc. (NASDAQ:NBIX) was the target of a large growth in short interest during the month of May. As of May 15th, there was short interest totalling 6,493,491 shares, a growth of 20.8% from the April 28th total of 5,373,898 shares. Based on an average daily volume of 1,012,440 shares, the short-interest ratio is currently 6.4 days.
Shares of Neurocrine Biosciences (NASDAQ:NBIX) traded down 4.99% during trading on Friday, hitting $46.22. 1,626,169 shares of the stock were exchanged. The stock’s 50 day moving average price is $51.55 and its 200-day moving average price is $45.71. Neurocrine Biosciences has a one year low of $37.35 and a one year high of $55.38. The company’s market cap is $4.07 billion.
Neurocrine Biosciences (NASDAQ:NBIX) last issued its quarterly earnings data on Tuesday, May 9th. The company reported ($0.90) EPS for the quarter, missing the consensus estimate of ($0.67) by $0.23. During the same period in the previous year, the business posted ($0.22) EPS. On average, analysts predict that Neurocrine Biosciences will post ($2.46) EPS for the current year.
NBIX has been the subject of a number of analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $80.00 price target on shares of Neurocrine Biosciences in a report on Tuesday, March 7th. Piper Jaffray Companies reaffirmed an “overweight” rating and issued a $96.00 price target on shares of Neurocrine Biosciences in a report on Friday, February 10th. Oppenheimer Holdings Inc. set a $60.00 price target on shares of Neurocrine Biosciences and gave the company a “buy” rating in a report on Saturday, April 8th. Bank of America Corp initiated coverage on shares of Neurocrine Biosciences in a report on Friday, May 5th. They issued a “buy” rating and a $70.00 price target for the company. Finally, Jefferies Group LLC increased their price target on shares of Neurocrine Biosciences from $59.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, April 12th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and sixteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $67.75.
In related news, insider Haig P. Bozigian sold 13,065 shares of the stock in a transaction dated Wednesday, April 12th. The shares were sold at an average price of $50.42, for a total value of $658,737.30. Following the completion of the transaction, the insider now owns 129,805 shares of the company’s stock, valued at approximately $6,544,768.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Kevin Charles Gorman sold 19,596 shares of the stock in a transaction dated Wednesday, April 12th. The shares were sold at an average price of $50.42, for a total transaction of $988,030.32. Following the completion of the transaction, the chief executive officer now directly owns 332,913 shares of the company’s stock, valued at approximately $16,785,473.46. The disclosure for this sale can be found here. Insiders have sold a total of 104,360 shares of company stock valued at $5,501,889 in the last three months. Insiders own 4.80% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Essex Investment Management Co. LLC raised its position in shares of Neurocrine Biosciences by 169.4% in the third quarter. Essex Investment Management Co. LLC now owns 35,361 shares of the company’s stock valued at $1,791,000 after buying an additional 22,234 shares in the last quarter. Asymmetry Capital Management L.P. raised its position in shares of Neurocrine Biosciences by 22.7% in the third quarter. Asymmetry Capital Management L.P. now owns 37,644 shares of the company’s stock valued at $1,906,000 after buying an additional 6,973 shares in the last quarter. NF Trinity Capital Hong Kong Ltd bought a new position in shares of Neurocrine Biosciences during the third quarter valued at approximately $3,190,000. KCG Holdings Inc. bought a new position in shares of Neurocrine Biosciences during the third quarter valued at approximately $1,003,000. Finally, Jana Partners LLC bought a new position in shares of Neurocrine Biosciences during the third quarter valued at approximately $4,872,000. Hedge funds and other institutional investors own 97.60% of the company’s stock.
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About Neurocrine Biosciences
Neurocrine Biosciences, Inc is engaged in discovering and developing pharmaceuticals, in diseases with unmet medical needs, through its research and development (R&D) platform, focused on neurological and endocrine based diseases and disorders. Its three lead late-stage clinical programs are elagolix, which is a gonadotropin-releasing hormone (GnRH) antagonist for endometriosis and uterine fibroids; INGREZZA (valbenazine), which is a vesicular monoamine transporter 2 (VMAT2) inhibitor, for the treatment of movement disorders, and opicapone, which is a selective catechol-O-methyltransferase inhibitor that is an adjunct therapy to preparations of levodopa/Dihydroxyphenylalanine (DOPA) decarboxylase inhibitors for adult patients with Parkinson’s disease.
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