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?
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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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