Seeking Alpha

Despite positive results, questions remain for Neurocrine Biosciences

  • Neurocrine Biosciences (NBIX) reported positive results from its Phase IIb KINECT2 trial assessing NBI-98854 (VMAT2 inhibitor) in tardive dyskinesia Monday. Shares rose 1.1%.
  • The announcement was a surprise, Oppenheimer notes, after management tempered investors’ expectations given potentially insufficient ‘854 dosing (25-75mg QD). Management attributed KINECT2’s success to its modified AIMS instrument to score disease severity.
  • "While KINECT2’s success is encouraging, we remain skeptical about whether NBIX’s AIMS troubles are truly resolved, and whether the FDA will accept what we believe is an inconsistent, apples-to-oranges Ph.II dataset for advancement to Ph.III. We maintain our view that elagolix, not '854, is the key reason to own NBIX," firm says.
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