Needham Previews Neurocrine's Upcoming Mid-Stage Data from Essential Tremor Study - Praxis Precision Medicine (NASDAQ:PRAX), Jazz Pharmaceuticals (NASDAQ:JAZZ), Neurocrine Biosciences (NASDAQ:NBIX)

Needham previews the upcoming Phase 2 data readout for Neurocrine Biosciences Inc's NBIX NBI-827104, a t-type calcium channel blocker in essential tremor (ET), by mid-2022.
The analyst notes that though NBI-827104 lags behind its competitors, the market opportunity will be attractive given the total addressable market estimated at ~$13 billion, with no recently approved drugs in ET.
The following data readout for Jazz Pharmaceuticals PLC JAZZ and Praxis Precision Medicines Inc's PRAX second Phase 2 trials are expected in 1H of 2024 and 2H of 2022, respectively.
Commenting on efficacy, given a similar mechanism of action to Jazz's JZP385 and Praxis' PRAX-944, Needham looks for a change in TETRAS-ADL of 5-6 points and TETRAS-ADL of 4-5 points.
TETRAS is designed for the rapid and valid assessment of ET severity.
On safety, JZP385 and PRAX-944 both had ~20% discontinuations.
The analyst says that if NBI-827104's safety profile can replicate its Phase 1 (~10% discontinuation).
Needham expects a single-digit upside to shares on a successful study.
Price Action: NBIX shares are up 1.77% at $97.26 during the market session on the last check Monday.