Neurocrine (NASDAQ:NBIX) Biosciences, Inc. (NASDAQ:NBIX) reported that its Chief Corporate Affairs Officer, David W. Boyer, sold 3,461 shares of the company's common stock on September 13, 2024. The transaction, part of a prearranged trading plan, amounted to a total sale value of approximately $421,828, with the shares sold at a weighted average price of $121.8804 each.
The sales were executed in multiple transactions at prices ranging from $120.31 to $122.48, according to the details provided by Boyer. Following the sale, Boyer still owns 1,672 shares of Neurocrine Biosciences stock, which includes 238 shares acquired through the company's 2018 Employee Stock Purchase Plan.
Neurocrine Biosciences specializes in neurological and endocrine-related diseases and disorders. The sale by one of its top executives was conducted in accordance with a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for selling stocks at a time when they are not in possession of material non-public information.
This trading plan, adopted by Boyer on June 14, 2024, is designed to prevent any allegations of insider trading and is compliant with the company's policies that restrict modification of such plans once they are established.
Investors and security holders of Neurocrine Biosciences may request additional information about the specific prices at which the shares were sold within the stated range.
In other recent news, Neurocrine Biosciences has halted the development of its drug luvadaxistat for cognitive impairment associated with schizophrenia due to enrollment imbalances at baseline, a move backed by BMO Capital Markets which maintains its Market Perform rating for the company. Neurocrine is now focusing on advancing its other drugs, '568 for schizophrenia and '845 for major depressive disorder. H.C. Wainwright has reaffirmed its Buy rating for Neurocrine based on positive outcomes from a dose-finding study for the drug candidate NBI-1117568. Piper Sandler has upgraded Neurocrine's stock from Neutral to Overweight, showing confidence in NBI-1117568 despite some concerns over recent clinical trial data. However, BMO Capital Markets has reduced its price target for Neurocrine due to uncertainties in trial results. The company has also reported over 30% year-over-year growth in sales of their drug, INGREZZA, leading to an increase in their sales guidance for the year to a range of $2.25 billion to $2.3 billion. Lastly, Neurocrine is awaiting FDA approval for Crinecerfont, a drug for congenital adrenal hyperplasia.
InvestingPro Insights
As Neurocrine Biosciences, Inc. (NASDAQ:NBIX) navigates through the intricacies of insider trading plans, investors are keenly observing the company's financial health and growth prospects. According to InvestingPro data, Neurocrine Biosciences boasts a market capitalization of $12.35 billion, reflecting its substantial presence in the biotechnology sector.
The company's financial performance has shown promise, with a notable revenue growth of 26.69% over the last twelve months as of Q2 2024. This growth is further exemplified by the company's gross profit margin of 68.55% during the same period, indicating a strong ability to translate sales into profit.
InvestingPro Tips for Neurocrine Biosciences highlight several key factors that investors may consider. Analysts have revised their earnings upwards for the upcoming period, suggesting a positive outlook on the company's profitability. Additionally, the company's stock is trading at a low P/E ratio relative to near-term earnings growth, which could signal an undervalued stock to potential investors. For those interested in further insights, InvestingPro provides additional tips on Neurocrine Biosciences, which can be found at https://www.investing.com/pro/NBIX.
Despite a challenging month with the stock faring poorly, with a 1-month price total return of -15.7%, the long-term view remains optimistic. Analysts predict that the company will be profitable this year, and it has been profitable over the last twelve months. Moreover, the company's cash flows can sufficiently cover interest payments, and its liquid assets exceed short-term obligations, indicating a stable financial position.
For investors seeking in-depth analysis, there are 11 more InvestingPro Tips available, offering a comprehensive view of Neurocrine Biosciences' financial landscape and investment potential.
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