Neurocrine price target lowered to $137 from $145 at BofA

BofA lowered the firm’s price target on Neurocrine to $137 from $145 and keeps a Buy rating on the shares after the company reported the phase 2 trial of NBI-921352 in focal onset seizures failed to meet the primary endpoint of seizure frequency reduction and announced it does not plan to continue development of the molecule in focal epilepsy. The firm lowers its pipeline value to $1B from $1.8B given the update and is disappointed by the readouts, but highlights that near-term focus will be on commercial execution of Ingrezza and the further color on the market opportunity for crinecerfont in congenital adrenal hyperplasia, or CAH.