Neurocrine Biosciences (NBIX): Buy Ahead Of valbenazine Tourette’s Data - BMO

October 13, 2016 7:12 AM EDT
Get Alerts NBIX Hot Sheet
Price: $42.25 --0%

Rating Summary:
    15 Buy, 2 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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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.

For an analyst ratings summary and ratings history on Neurocrine Bio. click here. For more ratings news on Neurocrine Bio. click here.

Shares of Neurocrine Bio. closed at $43.07 yesterday.

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