SAN DIEGO—Ingrid Delaet, Chief Regulatory Officer at Neurocrine (NASDAQ:NBIX) Biosciences Inc. (NASDAQ:NBIX), has reported selling 1,091 shares of the company’s common stock. The transaction, which took place on December 17, 2024, was executed at a price of $135 per share, amounting to a total value of $147,285. This sale was conducted under a Rule 10b5-1 trading plan adopted on November 29, 2023. The company has demonstrated strong performance with 25.7% revenue growth over the last twelve months and maintains low price volatility with a beta of 0.35.
Prior to the sale, Delaet acquired the same number of shares through the exercise of non-qualified stock options at a price of $79.02 per share. Following these transactions, Delaet holds 2,507 shares of Neurocrine Biosciences. According to InvestingPro analysis, the stock currently appears undervalued, with 12 analysts recently revising earnings estimates upward. Discover more insights and detailed financial analysis in the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Neurocrine Biosciences has received FDA approval for CRENESSITY, a new treatment for congenital adrenal hyperplasia (CAH). The medication, which is expected to be commercially available soon, is the first to directly target and reduce excess adrenocorticotropic hormone (ACTH) and adrenal androgen production in patients with this genetic disorder. Analysts, including Evan David Seigerman of BMO (TSX:BMO) Capital and Chris Shibutani of Goldman Sachs (NYSE:GS), anticipate a gradual commercial launch due to challenges such as the drug's black box warning and the expected broad commercial access only by the second half of 2025.
H.C. Wainwright has maintained a Buy rating on Neurocrine Biosciences, projecting initial sales of $16 million in 2025 for the new drug, with growth leading to $423 million by 2034. Goldman Sachs also adjusted its price target for the company, increasing it to $182 from $177, while maintaining a Buy rating. BMO Capital, on the other hand, maintained its Market Perform rating with a steady price target of $121.00, citing several initial hurdles for the drug's uptake.
Piper Sandler confirmed its Overweight rating on Neurocrine Biosciences with a price target of $160.00, based on a survey of pediatric endocrinologists indicating significant demand for the new CAH medication, especially among pediatric and adolescent patients. In addition to these developments, Neurocrine Biosciences reported significant 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.
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