Neurocrine Biosciences Inc (NASDAQ:NBIX)
Neurocrine Biosciences, Inc. (NBIX), a global pharmaceuticals company yesterday announced results from their phase 2 study of their VMAT2 inhibitor INGREZZA used for the treatment of Tourette syndrome. The study did not reach its primary endpoint as the results were comparable to the placebo.
Neurocrine Biosciences, Inc. Company’s Comments
“This study showed that we underestimated the INGREZZA dose needed for the pediatric population but also provided us with a clear-cut view into the level of dosing required for future studies,” said Christopher F. O’Brien, Chief Medical Officer of Neurocrine. “We have developed a complete exposure-response model from this study that we believe accurately defines the appropriate dose-range to be tested in the next clinical study that will be started later this year. We were very pleased with the conduct of the T-Force GREEN study in that we were able to identify the appropriate pediatric subjects for the clinical trial, and the investigators demonstrated consistent and appropriate application of the Yale Global Tic Severity Scale.” PR Newswire
NBIX Technical Analysis
Neurocrine Biosciences Chart
NBIX opened trading yesterday at $53.71 which was up from the previous day’s trading close of $53.64. NBIX closed trading yesterday at $53.53 and crashed down after market to $49.20, equivalent to a 8% decrease from the closing price. Taking a look at the daily chart we can see the last time NBIX traded below these levels we have to go back to April 11th when it traded at $41.48.
Taking a closer look at the daily chart we can see that before the spike down NBIX had been in trading in a range in between $38 and $55 with wild swings up and down dating back to the end of September. NBIX has a float of 86.75 million shares and traded below the normal daily trading volume on Tuesday.
For day trading purposes, I would like to see NBIX open trading on Tuesday below $50.60 and if it does I would be looking to take a short position at the bell. My stop loss would be $0.25 from my entry position fearing anything more than that and the stock would start to fill in the gap down.
Company Profile
Neurocrine Biosciences, Inc. discovers and develops pharmaceuticals for the treatment of neurological and endocrine-related diseases and disorders in the United States and internationally.
The company’s lead products include INGREZZA (valbenazine), a vesicular monoamine transporter 2 inhibitor (VMAT2) used for the treatment of movement disorders; elagolix, a gonadotropin-releasing hormone (GnRH) antagonist that is in Phase III clinical trials used for women’s health; and opicapone, a catechol-O-methyltransferase inhibitor, which is in Phase III clinical trials used for in adjunct therapy and preparations of levodopa/DOPA decarboxylase inhibitors for adult patients with Parkinson’s disease.
It is also developing NBI-640756 that is in Phase I clinical trials used for the treatment of essential tremor; and NBI-74788, which is in Phase I clinical trials used for the treatment of classic congenital adrenal hyperplasia. In addition, the company’s research programs comprise VMAT2 Inhibitors for movement disorders, bipolar disorders, and schizophrenia; and G Protein-Coupled Receptors and Ion Channels for epilepsy, essential tremor, pain, and other Indications.
It has collaborations with AbbVie Inc (NYSE:ABBV). to develop and commercialize elagolix and GnRH antagonists for women’s and men’s health; Mitsubishi Tanabe Pharma Corporation to develop and commercialize INGREZZA for movement disorders; and BIAL – Portela & Ca, S.A. to develop and commercialize opicapone for the treatment of human diseases and conditions, including Parkinson’s disease. Neurocrine Biosciences, Inc. was founded in 1992 and is headquartered in San Diego, California.