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In a recent transaction, Matt Abernethy, Chief Financial Officer of Neurocrine Biosciences Inc. (NASDAQ:NBIX), a biopharmaceutical company with a market capitalization of $11.7 billion, sold shares valued at approximately $115,908. The sale, which took place on February 10, involved 980 shares of common stock at a weighted average price of $118.274 per share. The shares were sold in multiple transactions at prices ranging from $116.06 to $123.57. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value calculations.
This transaction was executed under a Rule 10b5-1 trading plan that Abernethy adopted on June 10, 2021. Following the sale, Abernethy retains ownership of 33,561 shares of Neurocrine Biosciences. The stock has experienced significant pressure recently, declining 22.5% in the past week, with InvestingPro data showing it’s trading near its 52-week low of $110.95.
Additionally, on February 8, Abernethy acquired 1,860 shares of common stock through the vesting of Restricted Stock Units (RSUs) at no cost. These RSUs were part of an award granted on February 8, 2021, which vested in increments over four years. The company maintains strong financial health with a current ratio of 3.4x and operates with moderate debt levels. Get access to 10+ additional valuable insights about NBIX with an InvestingPro subscription.
In other recent news, Neurocrine Biosciences has been in the spotlight with several financial firms adjusting their stock targets. Deutsche Bank (ETR:DBKGn) initiated coverage on Neurocrine’s stock with a Hold rating and a price target of $138, while UBS, Guggenheim, and H.C. Wainwright maintained Buy ratings, albeit with revised price targets of $154, $163, and $185 respectively.
These adjustments follow Neurocrine’s announcement of its fourth-quarter sales and earnings, which fell slightly short of expectations. The company reported approximately $615 million in Ingrezza sales for the fourth quarter of 2024 and non-GAAP EPS at $1.69, both below consensus estimates. Neurocrine also provided a fiscal year 2025 forecast for Ingrezza sales between $2.5 billion and $2.6 billion, which was lower than the consensus estimate of $2.67 billion.
The recent developments in Neurocrine’s pipeline were also addressed, with analysts showing a cautious stance towards the mid-stage studies of NBI-568 for schizophrenia and osavampator (NBI-845) for major depressive disorder. However, the analysts expressed confidence in the long-term potential of Crenessity, a new product in the company’s lineup, despite the anticipation of a gradual initial growth.
The analysts from Deutsche Bank, UBS, Guggenheim, and H.C. Wainwright all agree that the future of Neurocrine Biosciences heavily relies on the success of Ingrezza and Crenessity, as well as the development of other potential treatments in the pipeline. While the recent financial performance of Neurocrine Biosciences has led to revised expectations, the analysts maintain a generally positive outlook for the company’s future.
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