On Wednesday, Wells Fargo (NYSE:WFC) reiterated its Overweight rating on shares of Neurocrine (NASDAQ:NBIX) Biosciences (NASDAQ:NBIX), with a price target of $170.00. The firm's endorsement follows the presentation of updated data on Neurocrine's drug candidate atumelnant, which showed sustained biomarker reduction over time in patients.
The recent data, presented at the ENDO conference, expanded upon previous findings, demonstrating that the drug's effect persisted across various time frames and dosages. Specifically, the updated results included data from patients receiving an 80mg dose of atumelnant for up to 12 weeks, patients on the same dosage for up to 6 weeks, and patients on a 40mg dose for 2 weeks.
The findings highlighted that biomarker reductions remained robust, with a mean reduction of 91% at 2 weeks, increasing to 96% at 12 weeks in one of the assessments. Another key biomarker, 17-OHP, showed similarly high reductions, starting from 97% at 2 weeks and slightly decreasing to 94% at 12 weeks.
Neurocrine Biosciences is focused on developing treatments for neurological and endocrine-related diseases and disorders. The sustained biomarker reduction observed with atumelnant suggests potential for the drug in treating conditions associated with these reductions.
The Overweight rating by Wells Fargo indicates the firm's confidence in Neurocrine Biosciences' stock performance potential relative to the broader market. The maintained price target of $170.00 reflects the firm's assessment of the stock's value based on the promising clinical data and the drug's prospects in the therapeutic market.
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