NBIX - Neurocrine Biosciences Upping Marketing Spend To Support Its Platform

• Neurocrine had already informed investors about weak fourth quarter Ingrezza sales, but AbbVie sales of Orilissa and Oriahnn were weak again, and Ongentys missed expectations as well.
• Management is upping its marketing spend, likely focusing on getting docs more comfortable with prescribing Ingrezza and Ongentys through telemedicine.
• Top-line Phase II data on '844 in negative symptoms of schizophrenia should be available before the end of the quarter; the market opportunity is large, but success is unlikely.
• Neurocrine shares look undervalued largely on the basis of Ingrezza, crinecerfont, and Ongentys.

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