Strong Ingrezza Sales Should Restore Some Confidence In Neurocrine

In the wake of the disappointing pivotal clinical failure of Ingrezza in Tourette’s and the sharply negative market reaction (likely exacerbated by a weak biotech market overall), Neurocrine Biosciences (NBIX) needed a boost. Investors got that boost with the company’s early announcement of strong fourth-quarter Ingrezza sales and management’s presentation at the J.P. Morgan Healthcare Conference.

I continue to believe that today’s price doesn’t even fairly reflect the value of Neurocrine’s two approved drugs (Orlissa and Ingrezza), let alone the value of the commercial and clinical pipeline (opicapone, NBI-74788, et al). Although the company’s clinical pipeline isn’t as robust as I’d like, strong data from NBI-74788 could add meaningful value to the shares, and Neurocrine has always prioritized pipeline quality over quantity.

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Strong Ingrezza Sales Should Restore Some Confidence In Neurocrine