Canaccord analyst Sumant Kulkarni maintained a Buy rating on Neurocrine but lowered his price target to $100 from $111 after the company announced that valbenazine did not meet its primary endpoint in a Phase 2b trial for pediatric Tourette syndrome. Though the analyst says he is disappointed by the outcome, he notes that Tourette remains a difficult challenge for drug developers and he had been "guardedly optimistic" going into this event based on the company's confidence around optimizing conditions such as dosing. The onus is now on Neurocrine to drive continued growth for valbenazine in its approved indication, tardive dyskinesia, he contends.