Shares of Neurocrine Biosciences Inc. (NASDAQ: NBIX) jumped more than 40% in after-hours trading. At last check, the small cap stock was up 46.52% to $4, with volume at 220,000, in after-hours trading. Earlier, in regular trading, the small cap stock closed 0.37% higher, reaching a high of $2.88. San Diego, California-based Neurocrine Biosciences is involved in the development, discovery and commercialization of drugs for treating neurological and endocrine-related diseases and disorders.
The company today announced top-line efficacy results from its phase 2 Daisy PETAL study. The results are both, statistically and clinically, meaningful. Chris O' Brien, M.D., chief medical officer at the company, said that the Daisy PETAL study was successful as it met all primary and secondary efficacy endpoints and also gave the company the information needed to take the program ahead. Following the announcement of positive results, the small-cap stock jumped in after hours.
The company's most recent quarterly results show that it had total revenue of $753,000 in the three-month period ended March 31, 2010. This is slightly above $747,000 it reported in the same period last year. In is most recent quarter, the company reported a loss of $8,636, compared with a loss of $19,665 reported last year. Till date, the company has not generated any revenue from sale of products. In its latest 10Q filing, the company says that it relies and will continue to rely very heavily on corporate collaborators. As a result, the company's development and commercialization programs could be delayed substantially, if in case the company is not able to enter into additional collaborations.
The small cap stock is subject to price fluctuations driven mainly by results of the company's clinical trials and development related to FDA approval process. The stock has a 52-week range of $1.94-$3.67.? At the moment, the stock is above its 50-day and 200-day moving averages. The stock has one Bu! y rating and Five Hold ratings, currently.
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