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No. of Recommendations: 4
NBIX has a binary event on their latest phase II with elagolix coming up no later then May 2010. If the trial results demonstrate non-menstrual pain relief is significant (validating management's claim that the prior patient population was simply not sick enough to show any statistically significant improvement on this one measure - and there is a good chance they are correct) then from this current marketcap a triple or quadruple are quite possible.

It is a flyer, because if elagolix goes down, NBIX is worth not very much. Sure, they have a pipeline and a long history of raising money, but the only thing they have to really fall back on at this time is urocortin which is a promising phase II drug, but still quite early in its development. They can probably survive long enough however to partner it in some reasonable fashion if elagolix falls.

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