Long Position on NBIX @ $114.00 on 9/27/2023 (Momentum)

Neurocrine Biosciences, Inc. (NBIX) discovers, develops, and markets pharmaceuticals for neurological, endocrine, and psychiatric disorders. 

The company's portfolio includes treatments for tardive dyskinesia, Parkinson's disease, endometriosis, and uterine fibroids, as well as clinical programs in various therapeutic areas. Its products include INGREZZA and DYSVAL, for the treatment of tardive dyskinesia.

The company's commercial products include ONGENTYS, used as an adjunctive therapy to levodopa/DOPA decarboxylase inhibitors for patients with Parkinson's disease; ORILISSA for the management of moderate to severe endometriosis pain in women; and ORIAHNN, a non-surgical oral medication option for the management of heavy menstrual bleeding associated with uterine fibroids in pre-menopausal women, as well as ALKINDI SPRINKLE, for the treatment of pediatric adrenal insufficiency.

Its product candidates in clinical development include NBI-921352 for treating pediatric patients, as well as adult focal epilepsy indications; and NBI-827104 to treat rare pediatric epilepsy and essential tremor.

The company's products in clinical development also comprise NBI-1065845 for the treatment of major depressive disorder; NBI-1065846 for treating anhedonia in major depressive disorder; and NBI-1117568 for the treatment of schizophrenia. Shares have formed a bullish "cup and handle" following the company's latest report.

On August 1st, NBIX reported earnings of $0.95 per share on revenue of $452.70 million for the second quarter ended June 2023. The consensus earnings estimate was $0.77 per share on revenue of $445.12 million. The company beat consensus estimates by 23.38% while revenue grew 19.70% on a year-over-year basis.

Entry Point: $114.00

Stop Loss: $110.00

Trading Range: $89.04 to $129.29

Target Price: $125.00

Position closed on 10/25/2023 at price of $110.00 with a -3.51% loss in 27 days.

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