Better Ingrezza Sales And A Clinical Trial Read-Out Could Reignite Neurocrine Shares

I lamented back in February that Neurocrine Biosciences (NASDAQ:NBIX) was looking at a year in 2022 that was going to see a lot of behind-the-scenes work, but not a lot in the way of flashy announcements that could move the share price. Still, the shares have done okay since then, beating the biotech space at large and the S&P 500, and there are a couple of drivers that could accelerate the momentum in the share price.

With marketing efforts now less restrained by pandemic restrictions, I believe Neurocrine could rebuild some momentum in Ingrezza sales and build on the better-than-expected first quarter results. I also believe that the upcoming Phase II read-out of NBI-827104 in essential tremor could get some positive attention if the data are good enough. A good result with ‘104 could add $5/share or more to the fair value, while improving momentum in Ingrezza should quell some of the concerns about market size/saturation. With a current fair value of $110 and a line of sight to $120, I think these shares are still worth consideration, particularly ahead of what could be a very significant year of clinical data in 2023.

 

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Better Ingrezza Sales And A Clinical Trial Read-Out Could Reignite Neurocrine Shares