Neurocrine Biosciences (NBIX): Full Steam Ahead For INGREZZA - Piper Jaffray
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Piper Jaffray analyst, Charles Duncan, reiterated his Overweight rating on shares of Neurocrine Bio. (NASDAQ: NBIX) after the company reported 3Q16 financial performance, ending the period with $353M in cash.
The balance sheet should fund operations through the INGREZZA approval and launch in Tardive Dyskinesia, as well as a potential pivotal program in Tourette’s and elagolix regulatory review in endometriosis. Following these updates, the analyst suggests buying shares of NBIX into a transformative 6 months of pipeline progress, including Phase II Tourette’s data in early 1Q17 and an INGREZZA PDUFA in 2Q17.
The upcoming INGREZZA review is not without its points of debate, and will likely involve an AdComm, the analyst believes the exhaustive clinical package and recent Priority Review designation reduces risk for its approval. He also views this VMAT2 mechanism as likely to show activity in Tourette’s and believes the over-enrollment in its ongoing adult trial points to a second high unmet need for INGREZZA.
No change to the price target of $96.
Shares of Neurocrine Bio. closed at $42.56 yesterday.
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Related EntitiesPiper Jaffray, Charles Duncan, PDUFA
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