Neurocrine (NASDAQ:NBIX) Biosciences Inc.'s (NASDAQ:NBIX) Chief Commercial Officer, Eric Benevich, has recently engaged in significant stock transactions, according to the latest SEC filings. The executive sold shares totaling over $2.6 million, while also acquiring shares through option exercises.
On April 15, Benevich sold a total of 19,818 shares of common stock at weighted average prices ranging from $131.56 to $136.47, resulting in a total sale value of approximately $2,643,019. These sales were conducted under a Rule 10b5-1 trading plan, which was adopted on November 29, 2023, and restricts the executive from making any amendments or modifications post-adoption.
In addition to the sales, Benevich exercised options to acquire 19,818 shares of Neurocrine Biosciences stock. The options were exercised at prices between $81.05 and $81.49, amounting to a total transaction value of $1,609,430. These options were part of grants made in February 2018 and February 2019, which vested in 48 equal monthly installments and are set to expire in 2028 and 2029, respectively.
Following these transactions, the Chief Commercial Officer's direct ownership in the company stands at 40,778 shares of common stock. Neurocrine Biosciences, based in San Diego, California, is a biopharmaceutical company focused on developing treatments for neurological and endocrine-related diseases and disorders.
Investors often monitor insider trading activity, such as stock sales and option exercises, for insights into executives' perspectives on their company's current valuation and future prospects.
InvestingPro Insights
Neurocrine Biosciences Inc. (NASDAQ:NBIX) has caught the attention of investors not only due to insider trading activity but also because of its financial metrics and market performance. According to InvestingPro, the company's net income is expected to grow this year, aligning with the optimistic outlook suggested by the recent insider transactions. With a P/E ratio of 52.21, Neurocrine Biosciences is trading at a low P/E ratio relative to its near-term earnings growth, which could indicate an attractive valuation for investors considering the company's growth prospects.
InvestingPro Data further reveals that Neurocrine Biosciences has a strong revenue growth rate, with an increase of 26.76% in the last twelve months as of Q1 2023, and a significant EBITDA growth of 57.26% in the same period. The company's gross profit margin stands at a healthy 67.96%, suggesting efficient operations and cost management.
For investors seeking additional insights, there are more InvestingPro Tips available, including analysis on the company's liquidity position and debt management. Currently, Neurocrine Biosciences’ liquid assets exceed short-term obligations, and the company operates with a moderate level of debt, which may provide some reassurance regarding its financial stability. To explore these insights further, investors can visit InvestingPro's dedicated page for Neurocrine Biosciences at https://www.investing.com/pro/NBIX and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are a total of 14 additional InvestingPro Tips available for Neurocrine Biosciences, offering a comprehensive analysis for those looking to delve deeper into the company's financial health and market position.
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