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SAN DIEGO - Neurocrine Biosciences, Inc. (NASDAQ:NBIX), a neuroscience-focused biopharmaceutical company with a market capitalization of $12.4 billion and impressive revenue growth of nearly 22% over the last twelve months, announced today the appointment of Lewis Choi as its new Chief Information Officer. According to InvestingPro data, the company maintains excellent financial health with a "GREAT" overall rating. Choi, who brings a wealth of experience spanning 25 years in information technology and artificial intelligence, steps into the role effective immediately.
Choi’s career includes significant leadership positions at Thermo Fisher Scientific, where he most recently served as the Vice President of AI Automation & Data. His responsibilities there encompassed overseeing digital platforms, engineering, and generative AI, among other roles. Prior to his 13-year tenure at Thermo Fisher Scientific, Choi held various IT positions at companies such as Life Technologies, SysGroup Inc., and Serene Corporation.
In his new position at Neurocrine Biosciences, Choi is expected to lead the company’s technology strategy, focusing on enhancing business operations and supporting the development and delivery of treatments. His appointment coincides with pivotal developments at Neurocrine, including the launch of CRENESSITY, growth of INGREZZA, and progression of the company’s clinical pipeline. InvestingPro analysis reveals strong analyst confidence in the company’s prospects, with 8 analysts recently revising their earnings estimates upward. Discover more insights about NBIX and 1,400+ other stocks through comprehensive Pro Research Reports.
Matt Abernethy, Chief Financial Officer of Neurocrine Biosciences, highlighted Choi’s proven track record and his anticipated contribution to the company’s mission to aid patients through technological advancements. Choi expressed his enthusiasm for joining the company at a critical juncture and his commitment to leveraging IT and digital solutions to support Neurocrine’s objectives.
Neurocrine Biosciences specializes in addressing neurological, neuroendocrine, and neuropsychiatric disorders, with a portfolio that features FDA-approved treatments and several compounds in mid- to late-phase clinical development. The company maintains a strong financial position with liquid assets exceeding short-term obligations and a healthy current ratio of 3.13. InvestingPro subscribers can access detailed financial analysis and 10 additional ProTips about NBIX’s market position and growth potential.
This announcement is based on a press release statement issued by Neurocrine Biosciences.
In other recent news, Neurocrine Biosciences has reported promising results from a Phase 2 clinical trial for its investigational drug, NBI-1117568, aimed at treating schizophrenia. The trial showed significant improvements in symptoms as early as Week 3, with the drug being well tolerated by patients. Neurocrine has already initiated a Phase 3 registrational program to further evaluate the drug’s efficacy and safety. Additionally, Guggenheim analysts reaffirmed their Buy rating on Neurocrine, maintaining a price target of $165.00, following discussions with the company’s management about growth prospects, including the performance of Ingrezza and the launch of Crenessity.
RBC Capital also maintained an Outperform rating for Neurocrine, setting a price target of $145.00, expressing confidence in the company’s growth and stability despite potential challenges from the Inflation Reduction Act on competitor products. Stifel analysts reiterated their Buy rating with a $166.00 price target, based on insights gained from discussions with Neurocrine’s CEO about the company’s trajectory and research pipeline. The management’s optimism about Crenessity’s market uptake and the potential for expansion in the VMAT2 market were noted as positive factors.
In other company news, Matthew Abernethy, Neurocrine’s CFO, has joined the Board of Directors at Fate Therapeutics, bringing his extensive financial expertise to the biopharmaceutical company. These developments reflect a period of active growth and strategic positioning for Neurocrine Biosciences.
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