SAN DIEGO, CA – Neurocrine (NASDAQ:NBIX) Biosciences Inc. (NASDAQ:NBIX) Director Gary A. Lyons has recently sold shares of the company's common stock, as per the latest filings with the Securities and Exchange Commission. The transactions, which took place on July 16, 2024, involved the sale of 930 shares at prices ranging from $150.00 to $150.18, averaging at $150.0325 per share. The total value of the shares sold by Lyons amounted to approximately $139,530.
In a related transaction on the same day, Lyons also acquired 930 shares of Neurocrine Biosciences Inc. common stock at a price of $42.76 per share, totaling $39,766. These shares were acquired through the exercise of options as part of the company's compensation plan for executives and directors.
Following these transactions, Lyons' direct ownership in the company stands at 119,047 shares. It's worth noting that a significant portion of these shares, specifically 113,064, are held by the Gary A. Lyons Revocable Living Trust, over which Lyons has voting and investment power. This information was disclosed in a footnote accompanying the SEC filing.
The sale conducted by Lyons was executed in accordance with a Rule 10b5-1 trading plan, which was adopted on February 13, 2024. Such plans allow company insiders to establish pre-arranged plans to buy or sell company stock at a predetermined time, providing a defense against potential claims of insider trading.
Investors and followers of Neurocrine Biosciences Inc. can request more detailed information about the transactions from the company or the SEC upon request, as indicated in the footnotes of the filing. The options exercised by Lyons were originally granted on May 28, 2015, and are set to expire on May 28, 2025.
Neurocrine Biosciences Inc. specializes in the development of treatments for neurological and endocrine-related diseases and disorders. The company's stock performance and insider transactions are closely watched by investors, as they can provide insights into the company's financial health and executive confidence in the firm's prospects.
In other recent news, Neurocrine Biosciences has introduced INGREZZA SPRINKLE, a new formulation designed to aid adults with tardive dyskinesia and Huntington's disease-associated chorea who have difficulty swallowing. The U.S. Food and Drug Administration approved this new product, which maintains the same dosing options as the original INGREZZA capsules. In addition, Neurocrine Biosciences' New Drug Applications for crinecerfont, a potential treatment for congenital adrenal hyperplasia (CAH), have been accepted for Priority Review by the FDA.
The company's CAHtalyst Pediatric and Adult Phase 3 studies have reported promising results, with crinecerfont meeting primary and key secondary endpoints. RBC Capital maintained its Sector Perform rating on Neurocrine Biosciences, citing factors like the strong performance of the company's product and anticipation of phase II data for a particular compound. Wells Fargo also reiterated its Overweight rating on the company's shares, following the presentation of updated data on Neurocrine Biosciences' drug candidate, atumelnant.
In leadership developments, Neurocrine Biosciences announced the appointment of Kyle Gano, Ph.D., as the CEO-elect, set to take over in October 2024. Dr. Gano will succeed Kevin Gorman, Ph.D., the company's long-standing CEO who will retire but continue to serve on the Neurocrine Board of Directors. These are among the recent developments at Neurocrine Biosciences.
InvestingPro Insights
Neurocrine Biosciences Inc. (NASDAQ:NBIX) has been a subject of interest for investors, not just for its insider transactions but also for its financial performance and market valuation. According to the latest data from InvestingPro, the company boasts a robust market capitalization of $14.51 billion. This financial stature is supported by a notable revenue growth of 23.99% in the last twelve months as of Q1 2024, indicating a strong upward trajectory in the company's earnings.
With a P/E ratio of 38.37, Neurocrine Biosciences is trading at a high earnings multiple, which may suggest investor optimism about future growth prospects. This is further corroborated by an InvestingPro Tip indicating that net income is expected to grow this year. Additionally, the company's stock has been characterized by low price volatility, which could appeal to investors looking for stable investments in the biotechnology sector.
From a financial health perspective, Neurocrine Biosciences maintains a solid balance sheet. An InvestingPro Tip highlights that the company's liquid assets exceed its short-term obligations, and its cash flows can sufficiently cover interest payments. Such metrics imply that the company is well-positioned to manage its debt and fund ongoing operations.
For those interested in deeper insights, InvestingPro offers a suite of additional tips that can provide a more comprehensive analysis of Neurocrine Biosciences. Currently, there are 12 additional InvestingPro Tips available, which range from valuation multiples to profitability predictions. These tips can be accessed through InvestingPro's platform at https://www.investing.com/pro/NBIX. Moreover, readers can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, enriching their investment decision-making process with valuable information.
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