UPDATE: Morgan Stanley Initiates Neurocrine Biosciences at Overweight on Asset Quality

Morgan Stanley initiated its coverage on Neurocrine Biosciences NBIX with an Overweight rating and a $12 price target. Morgan Stanley said, "Neurocrine has a differentiated lead asset, elagolix, targeting large markets with segments of unmet need. We believe the Street undervalues this asset. We expect elagolix success in endometriosis and uterine fibroids (UF) and model combined WW sales of ~$720mn in 2020." Neurocrine Biosciences closed at $8.30 on Wednesday.