- Neurocrine Biosciences (NBIX) is diversifying from its blockbuster drug Ingrezza, with several promising developments this year.
- The biotech stock has climbed roughly 7% this year, more than double the 3% eked out, collectively, by IBD’s Medical-Biomed/Biotech industry group.
- Neurocrine is testing various approaches to help difficult-to-treat patients, including multiple drugs for schizophrenia and depression.
Neurocrine Biosciences is making strides in diversifying its portfolio, with promising developments in treatments for schizophrenia, depression, and congenital adrenal hyperplasia. The biotech stock has seen a significant rise this year, outperforming its industry group.
Neurocrine Biosciences’ Winning First Quarter
The first quarter proved to be a strong one for Neurocrine. The company reported adjusted income of $1.20 per share, beating forecasts by a dime and reversing from a year-earlier loss. Sales surged 23% to $506 million, topping analysts’ $502.1 million projection, according to FactSet.
Biotech Stock Jumps On Crinecerfont Filings
Neurocrine Biosciences asked the FDA to approve its drug, crinecerfont, in children and adults. The dual requests came a quarter ahead of expectations. Crinecerfont aims to treat congenital adrenal hyperplasia, a genetic condition in which the body doesn’t make cortisol.
How Neurocrine Biosciences Aims To Make A Difference
Crinecerfont blocks the CRF-1 receptor, which is tied to how the body releases androgens. If approved, patients would take hydrocortisone to help replace their lost cortisol and crinecerfont to tamp down on excess androgen production.
Biotech Stock Rises On Depression Drug Results
Beyond Ingrezza and crinecerfont, Wall Street is watching Neurocrine Biosciences’ efforts in depression and schizophrenia treatment. Neurocrine stock jumped nearly 5% on April 24, the day after the company unveiled the midstage test results for its drug, NBI-1065845, in patients with major depressive disorder.
Schizophrenia Drugs Gain Speed
The final piece of the Neurocrine Biosciences puzzle is its midstage pipeline. In the third quarter, the company expects to have the initial results of studies of luvadaxistat and NBI-1117568. Neurocrine is testing luvadaxistat in cognitive impairment associated with schizophrenia. NBI-1117568 is being tested for treatment of schizophrenia alone.
Highly Rated Biotech Stock
Today, Neurocrine stock has a strong Composite Rating of 97 out of a best-possible 99, according to IBD Digital. This means the biotech stock ranks in the leading 3% of all stocks when it comes to fundamental and technical measures.
Conclusion
Neurocrine Biosciences continues to make strides in diversifying its portfolio, with promising developments in treatments for schizophrenia, depression, and congenital adrenal hyperplasia. The biotech stock has seen a significant rise this year, outperforming its industry group. With upcoming clinical data readouts, the future looks promising for Neurocrine.
