Neurocrine falls as investors question schizophrenia drug's trial data

Neurocrine Biosciences

28/08/2024 19:09

(Updates)
    ** Shares of drugmaker Neurocrine Biosciences  NBIX.O  fall
19.6% to $122.61, lowest in over seven months
        ** Stock set for biggest one-day pct. loss since 2013 if
losses hold  
    ** Company says, during a mid-stage trial, the lowest 20mg
dose of its schizophrenia drug NBI-1117568 achieved a 7.5 points
reduction in a scale used to measure the severity of symptoms,
compared with a placebo
    ** The lowest dose outperformed higher doses of the drug -
prompting investors to question whether the results could be
reproduced in larger trials
    ** Several analysts also compared the trial results to
Bristol Myers Squibb's  BMY.N  experimental schizophrenia drug
KarXT
    ** "Results underperform previous 11.6 point reduction seen
by KarXT" - BMO Capital Markets
    ** BMY shares up 2% at $49.09
        ** FDA is expected to make a decision on BMY's KarXT by
Sept. 26
  
    ** NBIX stock down 6.6% YTD

 (Reporting by Christy Santhosh and Sneha S K in Bengaluru)
 ((Christy.Santhosh@thomsonreuters.com))