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Neurocrine Biosciences (NBIX)

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With a strong financial position, we believe Neurocrine Biosciences (NBIX) is in an outstanding position to build shareholder value over the next several years. The company exited the third quarter 2011 with over $140 million in cash and investments, with the potential to earn several hundred million more as clinical development progresses.

The company's dramatically improved financial position affords management the opportunity to push forward the development of internal pipeline candidates, including VMAT-2, as well as in-license new pre-phase 2 molecules within the company's core CNS focus.

We are particularly excited about the VMAT-2 program at Neurocrine. It represents significant upside and diversification from elagolix. We recommend accumulating the stock at today's price, up to our $12 target.

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