Neurocrine tumbles 19% on schizophrenia data

US biopharma Neurocrine Biosciences closed Wednesday’s trading 19% lower, at $123.76.

The Californian company earlier reported positive top-line data for its Phase II clinical study of the oral, muscarinic M4 selective agonist NBI-1117568 (NBI-'568) in adults with schizophrenia. But investors clearly felt that, compared to rival therapies being developed by a pair of big pharma rivals, the data was not as impressive as billed.

The NBI-'568-SCZ2028 dose-finding study met its primary endpoint for the once-daily 20mg dose. It demonstrated a clinically-meaningful and statistically-significant reduction from baseline in the positive and negative syndrome scale (PANSS) total score at week six with a placebo-adjusted mean reduction of 7.5 points and an 18.2-point reduction from baseline.