On Monday, Neurocrine Biosciences, Inc. ( NBIX ) said its Phase 2 study of NBI-1070770 in adults with major depressive disorder did not meet the primary endpoint compared to placebo, though it was generally well tolerated.

Neurocrine Biosciences ( NBIX ) acquired the rights to develop and commercialize NBI-1070770 from Takeda Pharmaceutical Company, Ltd ( TAK ).

The Phase 2 study was designed to evaluate the efficacy, safety, and tolerability of three dosage strengths of adjunctive NBI-1070770 compared to placebo on improving symptoms of depression in adults with major depressive disorder who have had an inadequate response to at least one antidepressant.

The primary objective of the study was to assess the change from baseline to Day 5 in depression severity, as measured by the Montgomery-Åsberg Depression Rating Scale.

Also Read: Mind Medicine Analyst Cites Strong Phase 3 Pipeline For Anxiety, Depression

“While we are disappointed that NBI-1070770 did not meet the primary endpoint, there are aspects of the data that warrant further exploration. Our team will continue to analyze these results so we can determine appropriate next steps,” said Sanjay Keswani, Chief Medical Officer, Neurocrine Biosciences ( NBIX ).

Neurocrine reported third-quarter adjusted earnings of $2.17 per share, beating the consensus of $1.58.

The sales of $794.9 million surpassed the Wall Street estimate of $746.05 million.

Price Action: NBIX stock is down 2.64% at $146.07 at the last check on Tuesday.

Read Next:

Rain Enhancement Tech Stock Jumps On Colorado Rain System Debut