Piper Jaffray Upgrades Neurocrine Biosciences (NBIX) to Neutral
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Piper Jaffray & Co. upgrades Neurocrine Biosciences (Nasdaq: NBIX) from Sell to Neutral. Price target $4.
Piper analyst says, "Given the number of potential near-term elagolix catalysts we are changing our rating from Sell to Neutral...NBIX provided on its 3Q08 earnings call an update on its lead candidate, elagolix, an oral GnRH antagonist in Phase II trials for endometriosis. As a reminder, NBIX announced positive top-line results from the six-month treatment phase of the first Phase II study, PETAL, in September. The study met its primary endpoint, showing no significant change from baseline in bone mineral density at month six at the 150mg once-daily dose of elagolix, as well as meeting the secondary efficacy endpoints...In addition to elagolix, NBIX currently has two additional Phase II programs underway. Urocortin, a CRF2 peptide agonist, is in Phase II development for heart failure. We learned the toxicology studies have been completed and NBIX expects to receive the histopathology report in December at which point the toxicology package will be complete."
Neurocrine Biosciences, Inc. is a product-based biopharmaceutical company focused on neurological and endocrine diseases and disorders.
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