I have been pretty consistently bullish on Neurocrine (NBIX) for a while, but one of my more frequent criticisms has been a relatively spartan pipeline. Where some biotechs will throw numerous compounds into trials in the hopes that something “sticks”, Neurocrine has been far more selective in what it brings into human studies. While that almost certainly saves the company some money, it also leads to a thin pipeline and that weakness was brought back into focus recently with the failure of Ingrezza in a pivotal study of pediatric Tourette’s.
Neurocrine has taken