Mizuho Reiterates Neutral Rating on Neurocrine Bio. (NBIX)

Mizuho analyst Vamil Divan reiterated a Neutral rating and $140.00 price target on Neurocrine Bio. (NASDAQ: NBIX).

The analyst commented: "After the close, as expected, the FDA approved the first muscarinic agonist in schizophrenia, BMY's Cobenfy (formerly KarXT). Contrary to all antipsychotics currently in use, Cobenfy carries no Black Box warning, which was a key concern heading into the FDA decision. We expect Cobenfy and potentially the class to transform the treatment landscape, given the robust efficacy and more benign safety/tolerability profile relative to atypical drugs, which currently dominate the market. However, we're surprised by the many warnings/precautions in Cobenfy's label, which were not seen in Cobenfy's schizophrenia clinical studies; so these items appear to be a carryover from the label of the trospium component in Cobenfy. Thus, we think muscarinic agents in development that are single-molecule (w/o trospium), including ABBV's emraclidine and NBIX's NBI-568, will likely have cleaner labels. That said, Cobenfy has a significant first-mover advantage, a few years ahead of other muscarinic drugs."

For an analyst ratings summary and ratings history on Neurocrine Bio. click here. For more ratings news on Neurocrine Bio. click here.

Shares of Neurocrine Bio. closed at $115.93 yesterday.

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