I had previously expressed my concern that Neurocrine (NBIX) shares could remain weak given a lack of thesis-changing data catalysts on the horizon, and the shares have fallen another 17% since my last update. I see nothing wrong with the business, but the quality of the Ingrezza business is a known factor now and most of the company’s more exciting pipeline developments are still some distance away.

To that end, the recent presentations at the MDS Virtual Congress on the company’s NBIb-1817 Parkinson’s gene therapy program (licensed/partnered from Voyager (VYGR) and Ongentys (opicapone) are “nice to have” updates. I do believe that the lack of more robust positive data on the gene therapy program is a modest negative, though I also believe that the revenue potential of Ongentys remains somewhat underappreciated by investors.

I do continue to believe that Neurocrine is undervalued, but I also an ongoing risk that investors

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