NBIX - Neurocrine rises as Morgan Stanley upgrades citing label expansion for lead asset

• Neurocrine Biosciences ( NASDAQ: NBIX ) added ~4% pre-market Friday after Morgan Stanley upgraded the commercial-stage drug developer to Overweight from Equal Weight, citing FDA approval for its lead asset Ingrezza for Huntington's disease chorea.
• Ingrezza is already approved in the U.S. for movement disorder tardive dyskinesia and as an add-on therapy for patients with Parkinson's disease experiencing motor fluctuations.
• The company's Supplemental New Drug Application (sNDA) for Ingrezza seeking its label expansion for Huntington's disease chorea is under the FDA review with an action date on August 20.
• "Although we think investors largely expect approval of Ingrezza for Huntington's disease chorea, we see incremental upside to NBIX shares with potential approval by the August 20 PDUFA date," the analyst Jeffrey Hung wrote, raising NBIX price target to $130 from $120.
• Morgan Stanley expects further upside for NBIX stock from the multiple data readouts this year, including mid-stage data for NBI-921352 in focal onset seizure and topline registrational data for Crinecerfont, a candidate for congenital adrenal hyperplasia.
• Seeking Alpha contributor, Sean Daly expects Neurocrine ( NBIX ) to report results for both candidates in February.

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