SAN DIEGO, CA – Neurocrine (NASDAQ:NBIX) Biosciences Inc. (NASDAQ:NBIX) reported that Chief Human Resources Officer Julie Cooke has sold company stock valued at approximately $1.4 million, according to a recent filing with the Securities and Exchange Commission. The transaction occurred on July 1st, with the executive offloading 10,000 shares at prices ranging from $140.00 to $140.48, averaging $140.19 per share.
The sale was executed under a Rule 10b5-1 trading plan, which allows company insiders to sell shares at predetermined times to avoid accusations of trading on nonpublic information. Cooke's trading plan was adopted on March 14, 2024.
In addition to the sale, the filing revealed that Cooke also acquired 10,000 shares of Neurocrine Biosciences stock at a price of $61.82 per share the same day, which amounted to a total transaction value of $618,200. These shares were obtained through the exercise of options as part of the company's compensation plan for executives.
Following these transactions, Cooke's direct ownership in the company stands at 18,202 shares of common stock. It's noted that an additional 16,538 shares are held by the Cooke Family Trust, over which Cooke has voting and investment power.
Neurocrine Biosciences, a biopharmaceutical company based in San Diego, specializes in the development of treatments for neurological and endocrine-related diseases and disorders.
Investors and the market often monitor insider transactions as they can provide insights into executives' confidence in the company's future performance. Cooke's recent transactions reflect a significant trading activity by a key executive at Neurocrine Biosciences, with a sizable amount of stock being sold.
In other recent news, Neurocrine Biosciences has had significant developments. The U.S. Food and Drug Administration (FDA) has accepted two New Drug Applications (NDAs) for crinecerfont, a potential new treatment for congenital adrenal hyperplasia (CAH). The FDA has given these applications Priority Review, recognizing the urgent need for new CAH treatments. The company also announced that Kyle Gano, Ph.D., will succeed Kevin Gorman, Ph.D., as CEO in October 2024.
RBC Capital maintained its Sector Perform rating on Neurocrine Biosciences, highlighting the strong performance of the company's product ™845 and the anticipation of phase II data for ™568 muscarinic. Wells Fargo reiterated its Overweight rating on Neurocrine Biosciences shares, following the presentation of updated data on the company's drug candidate, atumelnant. UBS increased the price target for Neurocrine Biosciences shares to $193 from the previous $174, reiterating a Buy rating on the stock.
Furthermore, Neurocrine Biosciences' drug candidate crinecerfont showed promise in both Pediatric and Adult Phase 3 studies for treating CAH, meeting primary and key secondary endpoints. These results supported two New Drug Application submissions to the FDA. These are recent developments and are based on press release statements from Neurocrine Biosciences, Inc.
InvestingPro Insights
Neurocrine Biosciences Inc. (NASDAQ:NBIX) has shown robust financial health and market performance, with some key metrics underscoring the company's standing. As of the last twelve months as of Q1 2024, Neurocrine Biosciences boasts a market capitalization of $13.84 billion, reflecting investor confidence and the company's scale in the biopharmaceutical industry.
The company's revenue growth is particularly impressive, with a 23.99% increase over the last twelve months, indicating strong business momentum. This is further complemented by a Gross Profit Margin of 68.54%, showcasing Neurocrine Biosciences' ability to maintain profitability despite the costs associated with its operations.
Investors should note that Neurocrine Biosciences is trading at a high earnings multiple, with a P/E ratio of 36.74 and an adjusted P/E ratio of 32.75 for the last twelve months as of Q1 2024. This suggests that the market has high expectations for the company's future earnings growth. Additionally, the company's stock has been trading near its 52-week high, at 92.67% of this peak value, which may interest investors looking for companies with strong market trends.
Two "InvestingPro Tips" that are particularly relevant to this context are the expectation of net income growth this year and the company's ability to operate with a moderate level of debt. These aspects could be crucial for investors gauging the financial stability and growth prospects of Neurocrine Biosciences.
For those looking to delve deeper into the financial nuances of Neurocrine Biosciences, InvestingPro offers a wealth of additional tips—12 more to be precise. These tips can provide further insights into the company's valuation, debt management, and profitability. To explore these valuable insights, consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription at InvestingPro.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.