Morgan Stanley analyst Sean Laaman lowered the firm’s price target on Neurocrine (NBIX) to $173 from $178 and keeps an Overweight rating on the shares after the company reported that its Phase 2 study evaluating the efficacy, safety and tolerability of investigational compound NBI-1070770 in adults with major depressive disorder did not meet the primary endpoint. The firm, which removed NBI-‘770 from its earnings model, says the Phase 2 “disappointment” positions osavampator as the only shot on goal in MDD.
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