Leerink Partners Resumes Neurocrine Bio. (NBIX) at Outperform
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Leerink Partners resumes coverage on Neurocrine Bio. (NASDAQ: NBIX) with a Outperform rating and a price target of $70.00.
Analyst Paul Matteis commented, "NBIX is approaching multiple catalysts in the next 12 months, including valbenazine NDA acceptance in Tardive Dyskinesia (TD; expect in Oct), ph2 data for valbenazine in Tourette's syndrome (by YE16 or early 1Q17), and potential FDA approval of valbenazine in TD in 2Q17. We continue to believe that both success in Tourette's - supported by our prior deep dive (LINK) - and approval in TD - are likely, with 70% and 90% probabilities, respectively. The next 12 months are quieter for Elagolix as ABBV generates off-drug safety data to support an NDA filing and desired label in Endometriosis, however, the advancement of earlier NBIX product candidates in essential tremor and congenital adrenal hyperplasia could offer additional upside to our model and the stock."
Shares of Neurocrine Bio. closed at $50.17 yesterday.
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