Shares for San Diego-based Neurocrine Biosciences Corp. plummeted nearly a third in value following results that its movement disorder drug didn’t meet expected goals in low dosages in a clinical trial.
Stock for Neurocrine Biosciences (Nasdaq: NBIX), a $787 million market cap company, dropped $4.96 — nearly 30 percent — closing day trading at $11.74 per share.
The company has no drugs on the market, but is developing a variety of drugs – including one that treats tardive dyskinesia, a disorder that causes involuntary facial spasms. The clinical trial found that a lower dose of the tardive dyskinesia drug didn’t help patients improve symptoms, but that a higher dose was effective.
— Meghana Keshavan