S&P MAINTAINS BUY OPINION ON SHARES OF NEUROCRINE BIOSCIENCES (Standard & Poor's) We continue to expect NBIX's partnered elagolix to start Phase III study for endometriosis by late '11. We also see its VMAT2 program for tardive dyskinesia advancing to Phase IIb study in '12. While we view NBIX as poised to limit cash burn with elagolix milestones, we expect the shares to remain volatile, given recent pressure on small cap biotechs. Looking ahead, the Capital IQ earnings consensus is $0.63 for 2011 and $0.09 for 2012, vs. our prior estimate of $0.67 and $0.17, respectively. On revised risk profile, we trim our NPV-based target price by $1 to $10.