Is Now a Good Time To Buy Neurocrine Biosciences?
Neurocrine Biosciences (NASDAQ: NBIX) had a big day Tuesday, the latest in a string of good days. Since the stock bottomed out at $75.11 almost two months ago, it climbed as high as $119.65 on Tuesday, a jump of 44.5%, though it closed at $112.60. This is a run that may continue, despite any short-term coronavirus headwinds. Here's why.
On May 6, the San Diego-based biopharmaceutical posted its first-quarter earnings, and investors salivated at revenue of $237.1 million compared with $138.4 million in the same quarter last year. Net income hit $37.4 million, and the company's cash grew to more than $1 billion. Neurocrine also doubled its number of patients over the same quarter a year ago.
Ingrezza, the company's drug for Tardive dyskinesia (TD), brought in $231 million in revenue for 69% year-over-year growth in the first quarter. TD, characterized by involuntary jerky movements of the face and body, is a byproduct of many anti-psychotic drugs, and it affects affects 500,000 people in the U.S., according to company estimates. Ingrezza, launched in 2017, is the only daily single-dose TD drug on the market.
Source Fool.com
