NBIX - BMO initiates Neurocrine Biosciences at underperform on weak Ingrezza sales

BMO has initiated shares of Neurocrine Biosciences (NASDAQ:NBIX) with an underperform rating, saying that sales of the company's tardive dyskinesia drug Ingrezza (valbenazine) are unlikely to exceed $2B. Analyst Evan Seigerman writes that pricing pressure on the drug is likely to increase due to "aggressive" payer contracting. He adds that the company's pipeline is "thin with few near-term catalysts of consequence." After Neurocrine reported disappointing Q3 2021 earnings earlier this months, analysts from H.C. Wainwright and Mizuho defended the stock.

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BMO initiates Neurocrine Biosciences at underperform on weak Ingrezza sales