Neurocrine Biosciences: Up 15% After Q3, And The Research Engine Is Still Almost Free

Neurocrine Biosciences is reiterated as a buy with a new fair value of $195.80, 19% above the recent price. The investment thesis centers on NBIX's underappreciated early research engine, now valued using an industry productivity rate, materially lifting fair value. Q3 results exceeded expectations: INGREZZA and CRENESSITY both outperformed, but VYKAT XR faces ongoing safety and patent risks.