• In late January 2026, Neurocrine Biosciences began a Phase 2 randomized, double-blind, placebo-controlled trial of its investigational VMAT2 inhibitor NBI-1065890 in about 100 adults with tardive dyskinesia, measuring changes in Abnormal Involuntary Movement Scale scores over eight weeks.
• This move extends Neurocrine’s two decades of VMAT2 research and existing FDA-approved valbenazine franchise, aiming to explore potentially longer-acting treatment options for movement disorders.
• We’ll now examine how this push into a potentially longer-acting tardive dyskinesia therapy shapes Neurocrine Biosciences’ broader investment narrative.

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What Is Neurocrine Biosciences' Investment Narrative?

To own Neurocrine Biosciences, you have to be comfortable with a story driven by a profitable VMAT2 franchise, a growing late-stage pipeline, and a valuation that already bakes in meaningful success. Recent results show revenue and earnings growth, high-quality profits, no debt, and a seasoned leadership team, yet the stock has lagged both the biotech sector and the wider US market while trading at a higher earnings multiple than peers. The new Phase 2 trial for NBI-1065890 fits neatly into the existing VMAT2 focus and, on its own, is unlikely to shift near-term catalysts, which still hinge more on execution with valbenazine and advancing late-stage programs like CAH and schizophrenia. It does, however, slightly sharpen the risk that incremental R&D spend fails to translate into future products.

However, one key execution risk around Neurocrine’s rich pipeline deserves closer attention. Neurocrine Biosciences' shares have been on the rise but are still potentially undervalued. Find out how large the opportunity might be.

Exploring Other Perspectives

Four Simply Wall St Community fair value estimates cluster between about US$179,663.33 and US$311,592.70, showing how far opinions can stretch. Set against current trials and pipeline risks, that spread underlines why it helps to weigh several viewpoints before deciding how Neurocrine’s execution might influence its longer term performance.

Explore 4 other fair value estimates on Neurocrine Biosciences - why the stock might be worth over 2x more than the current price!

Build Your Own Neurocrine Biosciences Narrative

Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Neurocrine Biosciences research is our analysis highlighting 4 key rewards that could impact your investment decision.
• Our free Neurocrine Biosciences research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Neurocrine Biosciences' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.