Neurocrine Biosciences (NBIX): Buy Ahead Of valbenazine Tourette’s Data - BMO
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BMO Capital analyst, Ian Somaiya, reiterated his Outperform rating on Neurocrine Bio. (NASDAQ: NBIX) seeing the recent price weakness as a buying opportunity. NBIX has come under pressure following Myovant's S-1 filing as investors viewed relugolix as a more convenient competitor to Neurocrine’s elagolix.
The analyst sees two key risks with relugolix: its longer half-life could complicate add-back therapy and endometriosis endpoint wording could delay P3s. Additionally, relugolix endometriosis data suggests a profile similar to lower dose of elagolix and regulatory timelines that provide elagolix a 2-3yr lead-time with peak market share assumptions leaving plenty of room for both players.
The analyst thinks the weakness is a buying opportunity and recommends buying NBIX ahead of P2 valbenazine Tourette’s data in 4Q16.
No change to the price target of $66.
Shares of Neurocrine Bio. closed at $43.07 yesterday.
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