Yahoo Finance Setting The Stage For Neurocrine's Pending PDUFA Date, Barclays Remains Positive
Neurocrine Biosciences, Inc. (NASDAQ: NBIX) is on the verge of becoming a commercial biotech company, as its PDUFA date for Ingrezza in tardive dyskynesia (TD) approaches.
The FDA is expected to announce a decision in early April. Consequently, Neurocrine’s management team has shifted its focus to the drug’s commercialization and sales potential, Barclays analysts Geoff Meacham, Ph.D., and Paul Choi revealed in a report issued Friday.
Given the relevance of Ingrezza in Barclays’ thesis on the company, the analysts decided to reach out to specialist physicians, seeking to arrive at a better assessment of the opportunity the drug has in TD and its potential to treat pediatric Tourette's syndrome.
Ingrezza’s Potential
Meacham and Choi’s analysis reinforced their hypothesis that Ingrezza could represent a market opportunity of more than $1 billion in TD alone. Moreover, they noted, the pediatric Tourette indication could “conservatively add another >$1 billion in peak potential.” However, the latter indication has not been included in Barclays’ forecast and valuation, because de-risking phase 2 data is still to come out — probably in the next few months.
“Overall, we continue to remain positive on NBIX shares, given what we view as a high-likelihood of Ingrezza approval in TD, elagolix approval in endometriosis, and other key data readouts over the next 12 months," the research note concluded.
Barclays has an Overweight rating and $60.00 price target on Neurocrine’s stock.
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Latest Ratings for NBIX
Jan 2017 | Oppenheimer | Upgrades | Perform | Outperform |
Nov 2016 | Oppenheimer | Initiates Coverage On | Perform | |
Nov 2016 | Deutsche Bank | Initiates Coverage On | Buy |
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