Thursday, February 16, 2017

Neurocrine Biosciences Building Toward Bigger Things

Quarterly reports aren't often major events for pre-commercial biotechs, though management often uses these opportunities to give updates on clinical programs. There wasn't much from Neurocrine Biosciences' (NASDAQ:NBIX) fourth-quarter report and conference call that moves the needle on valuation, but management did at least lay out some more details about its clinical programs and timelines, as well as information about the expected launch of Ingrezza later this year for tardive dyskinesia.

The biggest change in my view of Neurocrine from my last, fairly recent, update is the addition of BIAL's opicapone to the pipeline. This asset adds about a dollar to my fair value and appears to me to be the sort of lower-risk "quarters among the couch cushions" type of deal that I wish more companies would do. I continue to believe that Neurocrine's shares are undervalued and that investors can look forward to multiple events in 2017 that will lend greater clarity to the real value of the company's clinical assets.

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Neurocrine Biosciences Building Toward Bigger Things

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