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Neurocrine Biosciences Inc. (NASDAQ:NBIX), a $15.4 billion biopharmaceutical company, has reported a recent insider transaction. According to a filing with the Securities and Exchange Commission, Director Kevin Charles Gorman sold 2,707 shares at a weighted average price of approximately $152.92 per share, amounting to a total transaction value of $413,966. According to InvestingPro analysis, the stock is currently trading near its 52-week high of $157.98, with analysts setting price targets between $140 and $192.
The sale was conducted under a Rule 10b5-1 trading plan, which allows insiders to set up a predetermined plan to sell stocks. These shares were sold in multiple transactions at prices ranging from $151.85 to $154.03. Following this transaction, Gorman holds 517,030 shares directly, while 514,596 shares are held by the Gorman and Blais Family Trust, over which he has voting and investment power. InvestingPro data reveals the company maintains strong financial health with a "GREAT" overall score, suggesting robust operational performance.
Additionally, on the same day, Gorman acquired 5,141 shares through the exercise of restricted stock units, which did not involve a cash transaction. This acquisition increased his direct ownership to a total of 519,737 shares. With earnings scheduled for February 6, investors can access comprehensive analysis and 14 additional key insights through InvestingPro’s detailed research report.
In other recent news, Neurocrine Biosciences has been making significant strides in its operations. Stifel analysts maintained a positive outlook on the company, keeping the price target steady at $166.00 following the alteration of Neurocrine’s partnership with Takeda on the AMPA program. This deal grants Neurocrine more autonomy over a significant asset, the drug osavampator/NBI-845, with Phase 3 trials expected to commence in the first half of 2025.
On another front, Neurocrine sponsored a supplement in The Journal of Clinical Endocrinology & Metabolism focusing on classic congenital adrenal hyperplasia (CAH), a rare genetic condition. The supplement features eight review articles that delve into the multifaceted challenges faced by individuals with classic CAH and discusses advances in treatment, including CRENESSITY™ (crinecerfont), an oral medication developed by Neurocrine Biosciences.
Furthermore, Oppenheimer reiterated its Outperform rating on Neurocrine Biosciences, highlighting the recent FDA approval of Crenessity for the treatment of CAH as a pivotal event for the company. Neurocrine has developed a strong launch plan for Crenessity and is also expanding its salesforce for Ingrezza, a treatment for tardive dyskinesia.
In addition, Piper Sandler expressed continued confidence in Neurocrine Biosciences, reiterating an Overweight stock rating with a price target of $160.00. The firm’s analyst highlighted the promising feedback from a leading endocrinologist regarding Neurocrine’s newly launched drug Crenessity, suggesting a broad application for the drug among adult patients with classic CAH.
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