Neurocrine Biosciences CFO sells $115,908 in stock

Matt Abernethy, the Chief Financial Officer of Neurocrine Biosciences Inc. (NASDAQ:NBIX), recently executed a stock sale, according to a Form 4 filing with the Securities and Exchange Commission. The transaction comes as the company’s stock has experienced a significant 22.5% decline over the past week, trading near its 52-week low, according to InvestingPro data. On February 10, Abernethy sold 980 shares of the company’s common stock at a weighted average price of $118.274, totaling approximately $115,908. This transaction was conducted under a pre-established Rule 10b5-1 trading plan. Despite recent market pressure, InvestingPro analysis indicates the stock is currently undervalued, with the company maintaining strong financials, including a healthy current ratio of 3.4x and moderate debt levels.

In conjunction with the sale, Abernethy also reported the acquisition of 1,860 shares on February 8, through the vesting of restricted stock units. These transactions leave him with 33,561 shares of Neurocrine Biosciences’ common stock. The sales were executed at prices ranging from $116.06 to $123.57 per share. Get access to 12 additional InvestingPro Tips and comprehensive financial analysis in our detailed Pro Research Report, helping you make more informed investment decisions.

In other recent news, Neurocrine Biosciences has seen a flurry of activity from various analysts. Deutsche Bank (ETR:DBKGn) initiated coverage on the company’s stock with a Hold rating and a $138 price target. The bank’s analyst suggested that significant appreciation in Neurocrine’s stock price would likely require investor confidence in another asset with a market opportunity comparable to Ingrezza, Neurocrine’s TD/HD chorea treatment.

UBS analyst Ashwani Verma adjusted the price target for Neurocrine Biosciences to $154 from the previous $176, maintaining a Buy rating. This revision follows a significant 20% decline in the company’s shares, prompted by lower-than-anticipated guidance for Ingrezza and lack of substantial updates on Crenessity, another Neurocrine product.

Guggenheim also maintained a Buy rating on Neurocrine Biosciences but lowered the price target to $163 from $165. This adjustment was made following the company’s fourth-quarter sales report, which showed Ingrezza sales slightly below consensus estimates. Despite these challenges, management expressed confidence in the long-term potential of their product Crenessity.

H.C. Wainwright analyst Andrew Fein adjusted the price target for Neurocrine Biosciences to $185 from the previous $190 while maintaining a Buy rating on the stock. This revision follows the company’s announcement that Ingrezza generated revenue of $615 million, a 23% year-over-year increase, although slightly missing the consensus forecast.

These are some of the recent developments concerning Neurocrine Biosciences.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.