SAN DIEGO—Onyia Jude, the Chief Scientific Officer at Neurocrine (NASDAQ:NBIX) Biosciences Inc. (NASDAQ:NBIX), a $12.7 billion market cap biopharmaceutical company with impressive 25.7% year-over-year revenue growth, reported a significant sale of company stock. According to a recent SEC filing, Jude sold 2,331 shares of Neurocrine Biosciences common stock on November 29, 2024. The shares were sold at a weighted average price of $126.286, resulting in a total transaction value of approximately $294,372.
The sale was executed as part of a pre-established Rule 10b5-1 trading plan, which Jude adopted on September 1, 2022. This type of trading plan allows insiders to sell a predetermined number of shares at a predetermined time, providing an opportunity to avoid potential accusations of insider trading.
Following this transaction, Jude holds 15,449 shares of the company's stock. This figure includes shares acquired through the company's 2018 Employee Stock Purchase Plan earlier in the year. According to InvestingPro analysis, Neurocrine Biosciences maintains excellent financial health with a "GREAT" overall score, supported by strong profitability metrics and efficient cash flow management.
Neurocrine Biosciences, headquartered in San Diego, specializes in developing treatments for neurological and endocrine-related disorders. The company's stock shows remarkably low price volatility, making it an interesting consideration for risk-conscious investors. For detailed analysis and additional insights, check out the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Neurocrine Biosciences reported strong third-quarter earnings, with sales of its drug Ingrezza reaching $613 million, leading to an updated annual revenue guidance of $2.3 to $2.32 billion. The company also announced a $300 million share repurchase plan, demonstrating its commitment to revenue growth and innovation. These developments have led to BMO Capital Markets upgrading its price target for Neurocrine Biosciences to $121 from $114, while maintaining a Market Perform rating.
Piper Sandler also confirmed its Overweight rating on Neurocrine Biosciences with a price target of $160.00, based on anticipated demand for the company's crinecerfont, a treatment for congenital adrenal hyperplasia (CAH). The firm's analysis suggests a significant demand for the medication, particularly among pediatric and adolescent patients, due to the known issues associated with long-term high-dose corticosteroid treatments, currently used for CAH.
Neurocrine Biosciences revealed that nearly 60% of participants achieved remission of tardive dyskinesia after 48 weeks of treatment with INGREZZA capsules in the KINECT-4 Phase 3 study. The company is also preparing for the launch of Crinecerfont for CAH, targeting pediatric and community endocrinology practices, and advancing its pipeline with Phase III studies for NBI-845 and NBI-568 slated for 2025. These recent developments highlight Neurocrine Biosciences' consistent progress and potential for significant revenue growth.
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