Neurocrine Making The Most Of A Strong Ingrezza Launch

My expectations for Neurocrine Biosciences (NBIX) have been somewhat restrained for 2019, as this biotech didn’t have a lot of clinical updates on the docket and I thought the Street had largely adjusted to the stronger-than-expected Ingrezza launch trajectory. The shares have perked up recently, though, climbing more than 15% since my last update and more than 30% from a near-term low on a wider recovery in biotech stocks.

At this point Neurocrine shares don’t look exceptionally undervalued relatively to my elevated rate of return requirements for biotechs. Then again, I’m still looking for a double-digit annualized return from here, so that’s not exactly paltry. Neurocrine’s pipeline is an “is what it is” situation today, with not much thesis-changing data likely on the way, but the FDA could grant earlier than expected approval to opicapone and management has made it clear that they’re looking for other in-licensing, partnering, and acquisition opportunities.

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Neurocrine Making The Most Of A Strong Ingrezza Launch