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Neurocrine Biosciences, Inc. (NBIX) Surges After FDA Gives Green Light to Ingrezza

Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) have popped 22% in extended market trading after the FDA approved INGREZZA for the treatment of adults with tardive dyskinesia. Given the approval, INGREZZA, will be the first and only FDA-approved product (at the moment) indicated for the treatment of adults with tardive dyskinesia. In terms of commercialization, promotion of the drug to healthcare professionals will begin May 1, and INGREZZA will be in the distribution channel next week.

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) CEO Kevin C. Gorman said, ‘The often debilitating effects of tardive dyskinesia have left people feeling isolated and forgotten. The approval of INGREZZA represents a turning point for these patients and their care partners, offering a meaningful treatment where before there was little hope. For the past 20 years, Neurocrine has been devoted to developing treatments for difficult to manage conditions in underserved patient populations. We are committed to ensuring that those impacted by the disruptive effects of TD have access to INGREZZA’.

Wall Street is pretty bullish following the news. Biren Amin of Jefferies upped his target to $65 from $58, noting that the approval doesn’t include a black box warning for depression/suicidal tendencies and that the drug is approved for all adult patients with tardive dyskinesia.

What Does The Smart Money Sentiment Say?

At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 39.7% gains over the past 12 months and outperformed the 24.1% gain enjoyed by the S&P 500 ETFs. Our enhanced small-cap hedge fund strategy returned more than 45% over the last 12 months and outperformed SPY by more than 30 percentage points over the last 4.5 years (see details here).

33 top funds owned shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX) at the end of the fourth quarter, down 6 funds from the previous quarter. Those numbers are out of the 742 elite funds that we track. Among the noteworthy individual top fund activity, Joseph Edelman‘s Perceptive Advisors raised its stake by 34% to 3.3 million shares at the end of December.

The Bottom Line

Neurocrine Biosciences, Inc. (NASDAQ:NBIX) shares have surged due to the FDA approval for INGREZZA capsules. For more reading, check out ‘10 Countries With The Toughest Drug Laws In the World‘.


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