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Today's Research Reports on Trending Tickers: Neurocrine Biosciences and Synergy Pharmaceuticals

NEW YORK, NY / ACCESSWIRE / December 13, 2018 / Shares of both Neurocrine Biosciences and Synergy Pharmaceuticals were in the red on Wednesday after announcing discouraging developments. Synergy is selling its business assets while Neurocrine Biosciences failed to meet a primary goal in a mid-stage trial.

The Market Edge Initiates Coverage on:

Neurocrine Biosciences, Inc.

Synergy Pharmaceuticals Inc.

Neurocrine Biosciences, Inc. shares were down almost 14% on about 13 million shares traded yesterday. The stock hit a new low of $64.72 after the company announced that a midstage trial of a treatment for Tourette syndrome in children and adolescents failed to meet its primary goal. The company said that the Phase IIb study found valbenazine did not meet the primary endpoint of reducing tic severity in young people with moderate to severe versions of the disease. Chief Executive Kevin Gorman stated, "We are very disappointed with the topline data from the T-Force GOLD study given that children and adolescents with Tourette syndrome need better treatment options. This study was well-conducted with a placebo response as expected, but the treatment effect of valbenazine was lower than we had anticipated." Neurocrine will further review the data to decide on its next steps, said the CEO.

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Synergy Pharmaceuticals Inc. shares were down 52.8% and saw almost 8% more in losses in after-hours trading. Trading volume at around 95 million shares was colossal compared to the stock's average trading volume of about 4.4 million shares. The stock hit a new 52-week low of $0.0904 after the company filed for Chapter 11 bankruptcy in a voluntary petition with Bausch Health absorbing most of the company’s assets once the move goes through. Bausch Health would acquire substantially all of Synergy's assets, including all rights to TRULANCE® ( plecanatide ), dolcanatide and related intellectual property, for approximately $200 million. "We have worked diligently to serve our patients, health care professionals and other stakeholders by bringing TRULANCE® to market and developing other GI therapies to address previously unmet needs. Unfortunately, we have now reached a point where our financial challenges are preventing us from taking this important work to the next level," said Troy Hamilton, Chief Executive Officer of Synergy Pharmaceuticals Inc. He added, "We are pleased to reach this agreement with Bausch Health and to move forward with the court-supervised auction process. We are confident that this process will result in a strong new owner that has the necessary funding and commercialization capabilities to continue providing TRULANCE to the patients and providers who have come to rely on this treatment and will allow us to maximize value for all stakeholders. We thank our employees for their continued hard work, dedication and commitment to serving our health care professionals and their patients."

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Our Actionable Research on Neurocrine Biosciences, Inc. (NASDAQ: NBIX) and Synergy Pharmaceuticals Inc. (NASDAQ: SGYP) can be downloaded free of charge at The Market Edge.

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SOURCE: The Market Edge