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Lehman Sets 'Strong Buy' on Neurocrine Bioscience

Lehman Brothers initiated coverage of Neurocrine Bioscience (NBIX)

with strong buy and a $60 target.

Analyst Michael Wood says he thinks the main driver will be NBI 34060, the new insomnia drug that is presently in the Phase II study, and will accelerate to Phase III by the second half of the year. He says the drug would take a big portion of the insomnia market with a competitive advantage over existing agents. He notes the company has a strong pipeline for a company of its stature, and says the company also has promising

drugs in the works for the treatment of brain cancer and for anxiety/depression. Also, the company will add two new corporate partners in the second half of next year.

Wood sees a $1.92 2001 loss, a $1.24 2002 loss and a $1.78 2003 loss. He sees profitability by 2005.

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