Why Neurocrine Biosciences (NBIX) Shares Are Surging Today - Neurocrine Biosciences (NASDAQ:NBIX)

Tucked in its Q2 earning release, Neurocrine Biosciences Inc NBIX said that in August, the Phase 2a study of NBI-827104 in essential tremor did not meet specified endpoints.
Based on the totality of data from the Phase 2a study, at this time, the company will not proceed further with the clinical development of NBI-827104 in essential tremors.
The FDA has signed off Neurocrine's Investigational New Drug (IND) Application for a Phase 2 trial of NBI-1117568 for schizophrenia.
The achievement triggers a $30 million payment to Neurocrine's partner Sosei Heptares.
NBI-1117568 is an oral, selective muscarinic M4 receptor agonist in development for treating schizophrenia and other neuropsychiatric disorders.
Clinical studies completed to date have shown NBI-1117568 to be generally well tolerated.
Q2 sales increased 31% Y/Y to $378.2 million, and Ingrezza product sales were $350 million, with total prescriptions of approximately 64,200.
Net product sales and TRx grew 32% and 31%, respectively, vs. the second quarter of 2021.
The company raised the FY22 Ingrezza sales outlook to $1.35 billion - $1.4 billion, higher than the $1.25 billion - $1.35 billion expected earlier.
Price Action: NBIX shares are up 4.94% at $100.67 during the market session on the last check Friday.

Neurocrine Biosciences Shares Jump After Raising Ingrezza Sales Guidance