Neurocrine CAH data appears pushed back, says RBC Capital

The timeline for primary completion for Neurocrine Biosciences’ Phase III congenital adrenal hyperplasia studies with crinecerfont appears to have been pushed back by six months on clinicaltrials.gov this morning, RBC Capital analyst Brian Abrahams tells investors in a research note. The postings revealed that the primary completion for both pediatric and adult studies have been pushed back to August 2023, versus previous expectation of April 2023 for the pediatric study and February 2023 for the adult study, says Abrahams. The analyst thinks this will likely push the topline Phase III data to Q4 of 2023. He continues to view crinecerfont as one of the more de-risked assets within Neurocrine’s pipeline and with a "meaningful" $500M in out-year sales potential. With the CAH data now likely close to a year away, the need for near-term pipeline success for continued stock upside is further emphasized, Abrahams contends. He keeps a Sector Perform rating on Neurocrine "pending greater pipeline visibility or business development."