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SAN DIEGO—Gano Kyle, Chief Executive Officer of Neurocrine (NASDAQ:NBIX) Biosciences Inc. (NASDAQ:NBIX), a biopharmaceutical company with robust financials and an "GREAT" health score according to InvestingPro, reported significant stock transactions, according to a recent SEC filing. On January 15, Kyle sold a total of 65,000 shares of the company's common stock, valued at approximately $9.2 million. The shares were sold at prices ranging from $139.53 to $142.62, with a weighted average price of about $141.50. According to InvestingPro analysis, the stock currently appears slightly undervalued based on its Fair Value metrics.
These sales were executed under a Rule 10b5-1 trading plan adopted on March 15, 2024, which allows company insiders to set up a predetermined plan to sell shares at a later date. This strategy helps avoid potential accusations of insider trading.
In addition to the sales, Kyle exercised stock options to acquire 65,000 shares at a price of $32.99 per share, amounting to a total value of approximately $2.1 million. These options were originally granted on February 3, 2015, and were set to expire on February 3, 2025.
Following these transactions, Kyle retains direct ownership of 135,392 shares in Neurocrine Biosciences. For deeper insights into insider trading patterns and comprehensive analysis, including 12+ additional ProTips and detailed valuation metrics, visit InvestingPro, where you'll find the complete Pro Research Report for NBIX.
In other recent news, Neurocrine Biosciences has seen a series of positive developments. The company's new drug, Crenessity, received FDA approval for treating congenital adrenal hyperplasia (CAH), a significant step forward. Piper Sandler, an investment firm, reiterated an Overweight stock rating for Neurocrine Biosciences, reflecting its confidence in the company's financial outlook and the market potential of Crenessity. The firm's analysis predicts that Crenessity's peak U.S. sales could reach between $800 million and $1 billion.
Moreover, Goldman Sachs and H.C. Wainwright have maintained their Buy ratings on Neurocrine Biosciences, further endorsing the company's growth trajectory in the biopharmaceutical market. BofA Securities, reiterating its Buy rating, projected fiscal year 2025 sales of $39.4 million for Crenessity.
Neurocrine Biosciences also plans to initiate Phase 3 trials for NBI-568, an M4 agonist, and osavampator, an AMPA PAM, in the first half of 2025. These developments underscore Neurocrine Biosciences' commitment to developing effective treatments for neurological and endocrine-related diseases and disorders.
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