S&P Equity Research Downgrades Neurocrine Biosciences (NBIX) to Sell
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S&P Equity Research downgrades Neurocrine Biosciences (Nasdaq: NBIX) from Hold to Sell.
S&P analyst, S. Silver, says, "Our downgrade is based on our view that current market conditions may further delay the securing of a strategic partnership for Aligorix, currently in mid-stage development. Further, we are increasingly skeptical about NBIX's plan to seek new clinical assets rather than to conserve cash. As a result, we see few near-term catalysts and no marketed products until '11. We expect NBIX to end '08 with around $3 a share in cash, after ending '07 with $180M, based on a recent '08 cash-burn outlook of up to $80M. We are cutting our NPV-based 12-month target price by $3 to $4."
Neurocrine Biosciences, Inc. is a product-based biopharmaceutical company focused on neurological and endocrine diseases and disorders.
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