After Neurocrine announced that the phase 2b T-Force GOLD study of Ingrezza for pediatric Tourette syndrome failed its primary endpoint, JPMorgan analyst Anupam Rama called the update “a clear disappointment” and removed the Tourette opportunity out of his model given this and other previous trial setbacks. Given the removal of the indication, he cut his price target on Neurocrine shares to $97 from $127. However, he keeps an Overweight rating on the shares, stating that he expects investor focus to return to Ingrezza launch progress in tardive dyskinesia, the CAH data for NBI-74788 expected in the first quarter and the opicapone NDA filing in Parkinson’s Disease in Q2.
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