Piper Jaffray Reiterates Bullish Stance on Neurocrine Bio (NBIX) Following Valbenazine Priority Review

October 11, 2016 11:08 AM EDT
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Piper Jaffray analyst Charles Duncan reiterated an Overweight rating and $96 price target on Neurocrine Bio. (NASDAQ: NBIX) after the company announced the FDA has accepted its NDA for valbenazine (INGREZZA) in Tardive Dyskinesia for Priority Review and set a PDUFA date of 4/11/17.

Duncan commented, "We’re encouraged by the shortened and increasingly visible regulatory timeline for valbenazine, which we believe may bring approval timing close or ahead of Teva’s SD-809 in TD. We also see today’s Priority Review announcement as recognition by regulators of the unmet need in TD and potential best-in-class profile of valbenazine in terms of effective symptom control from a fixed dose, tolerable formulation. We now expect the focus to shift to contents of the valbenazine label (breadth, safety warnings) as well as drivers of uptake in this new commercial market. In advance of precommercial progress in TD, as well as Phase II Tourette’s results from valbenazine by YE16 for adults and early ’17 for pediatric patients, we reiterate OW."

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 $46.58 yesterday.

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