Neurocrine Biosciences (NBIX) 'Buy' Rating Intact at Jefferies Despite Setback
Jefferies Thomas Wei defended Neurocrine Biosciences (NASDAQ: NBIX) after the company's VMAT2 inhibitor NBI-98854 failed to show a significant improvement at 50 mg over placebo in its primary endpoint of AIMS assessment at week 6 in its Phase 2b Kinect Trial in tardive dyskinesia, a form of movement disorder.
"The data suggest that higher doses of '854 of 100mg or higher could safely improve efficacy, although the Kinect failure raises the risk profile around the drug. ‘854 remains upside to our valuation," Wei said.
The firm maintained a Buy rating and price target of $16.00.
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Shares of Neurocrine Bio. closed at $16.70 yesterday, with a 52 week range of $6.72-$16.74.