UPDATE: Oppenheimer Initiates Coverage on Neurocrine Biosciences on Potential Elagolix Success

In a report published on Tuesday, Oppenheimer analyst David Ferreiro initiated coverage on

with a rating of Outperform and a price target of $16. In the report, Oppenheimer stated, "in the ph.III endometriosis results (1H14) and the ph.IIb fibroids results (2H14). Given these blockbuster opportunities, we envisage significant upside on positive outcomes. We view secondary asset, NBI-98854, for tardive dyskinesia (TD), as risky, but believe only modest value is baked in." Neurocrine Biosciences closed on Monday at $12.72.