Cowen analyst Phil Nadeau reiterated an Outperform rating and $55 price target on Neurocrine Bio. (NASDAQ: NBIX) after the company announced strongly positive Phase III data for '854 in Tardive Dyskinesia (TD). '854 (80 mg QD) reduced the AIMS score by 3.1 points vs. placebo (p<0.0001) in the ITT population.

Nadeau notes, "For comparison, competitor Teva's SD-809 produced a 1.4 point improvement in its Ph. III."

"We continue to think that NBIX is undervalued for '854 and Elagolix, and consider it a top small cap pick," he added.

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 $38.93 yesterday.