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Why Is Neurocrine Biosciences Stock Trading Lower Today?

Vandana Singh
November 10, 2023

Thursday, Neurocrine Biosciences Inc (NASDAQ:NBIXreleased Phase 2 study results from two signal-seeking pipeline programs in focal onset seizures and anhedonia.

The investigational selective NaV 1.6 inhibitor, NBI-921352, licensed from Xenon Pharmaceuticals Inc (NASDAQ:XENE), failed to demonstrate meaningful seizure frequency reduction in the Phase 2 dose-finding study as adjunctive therapy in adults with focal onset seizures. 

No further development with NBI-921352 in Focal Onset Seizure (FOS) is currently planned. 

Neurocrine is reviewing the data from the FOS study to understand any potential implication for its ongoing study in SCN8A-developmental epileptic encephalopathy and will provide an update once this review is complete. 

The investigational NBI-1065846, as part of the collaboration with Takeda Pharmaceutical Company Limited (NYSE:TAK), did not meet its primary endpoint in the Phase 2 TERPSIS study evaluating its efficacy compared to placebo in patients with anhedonia in major depressive disorder. 

No further development with NBI-1065846 is planned at this time. 

Neurocrine and Takeda continue to collaborate on several programs in clinical development, including NBI-1065845 for inadequate response to treatment in major depressive disorder (Phase 2), luvadaxistat for cognitive impairment associated with schizophrenia (Phase 2), and NBI-1070770 for major depressive disorder (Phase 1).

Mizuho lowered the price target from $116 to $144 and maintains the Neutral rating.

The analyst removed risk-adjusted revenues for NBI-921352 in FOS and NBI-1065846 in Anhedonia.

The analyst says the targeted sodium channel inhibition with NBI-921352 could have a better chance of showing a clear signal in SCN8A-DEE when the trial reads out in 2024, as SCN8A-DEE is caused by a gain-of-function mutation of the NaV1.6 sodium channel, which is NBI-92135's target. 

Price Action: NBIX shares are down 5.50% at $105.98 on the last check Friday.

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