Jefferies Maintains Buy on Neurocrine Biosciences

Jefferies is out with its report today on Neurocrine Biosciences NBIX, maintaining Buy. In a note to clients, Jefferies writes, "NBIX announced it had a pre-IND meeting and is on track to file an IND in mid-July. Separately, the PTO granted the composition-of-matter patent covering its VMAT2 inhibitor NBI-98854 with an initial exclusivity date of 2029. We are encouraged by the progress for the VMAT2 program, which represents upside to our valuation. We continue to believe elagolix could become the standard of care for second-line treatment of endometriosis." Jefferies maintains a $12 PT on NBIX. Shares of NBIX closed Thursday at $7.61, up 5.40% from Wednesday's close.