In a recent transaction, Neurocrine (NASDAQ:NBIX) Biosciences Inc. (NASDAQ:NBIX) director Sharp (OTC:SHCAY) Shalini sold a total of 1,106 shares of the company's stock, netting over $156,000. The sales took place at weighted average prices ranging from $140.81 to $142.33 per share, according to a new SEC filing.
The transactions were executed under a pre-arranged 10b5-1 trading plan, which allows company insiders to set up a trading schedule in advance to sell stocks at a predetermined time. This plan was adopted on November 27, 2023, and as per company policy, the director is not allowed to amend or modify the plan after its adoption.
The sales were part of a broader move that included the exercise of options to acquire the same number of shares at no cost. These options were granted to Shalini on May 17, 2023, and had fully vested at the time of the transaction.
The SEC filing also noted that every Restricted Stock Unit (RSU) represents a contingent right to receive one share of Neurocrine Biosciences common stock. These RSUs were granted and vested on the same day, indicating a strategic exercise and sale of shares by the director.
Investors and shareholders of Neurocrine Biosciences may request additional details from the company regarding the specific number of shares sold at each price point within the range.
Following these transactions, the director's ownership in the company has been adjusted to reflect the recent sales and exercised options. The document was signed by Darin Lippoldt, Attorney-in-Fact, on May 21, 2024.
InvestingPro Insights
Neurocrine Biosciences Inc. (NASDAQ:NBIX) has been the subject of investor attention following the recent insider trading activity. As shareholders evaluate the implications of the director's stock sale, it's important to consider the company's financial metrics and market performance. Neurocrine Biosciences currently holds a market capitalization of $14.14 billion and has demonstrated a solid revenue growth of 23.99% over the last twelve months as of Q1 2024. This growth is reflected in the company's gross profit margin, which stands at a healthy 68.54%.
While the recent insider transactions may draw scrutiny, the InvestingPro Tips suggest a broader context for the company's performance and outlook. Notably, analysts predict that Neurocrine Biosciences will be profitable this year, with net income expected to grow. This aligns with the company's robust revenue growth and strong gross profit margins. Additionally, the company's stock has seen a high return over the last year, with a 50.6% price total return, indicating significant investor confidence.
It's also worth noting that the company's shares are trading near their 52-week high, at 94.73% of the peak, and the last recorded price was $141.65. For those considering an investment in Neurocrine Biosciences, InvestingPro offers a comprehensive set of additional tips, with 15 more insights available to help inform your decision-making process. By using the coupon code PRONEWS24, prospective users can receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing access to valuable investment analysis and data.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.