Neurocrine (NBIX) towards the end of last week saw 820 December $120 puts sell to open in the $6.85 to $7.10 range, a willing buyer of 82,000 shares at around a $113 cost-basis. NBIX shares recently sold off sharply following Phase II data for NBI-1117568, the company’s selective muscarinic M4 agonist, in adults with schizophrenia. NBIX now sits right at AVWAP off the May 2023 lows as an optimal spot to bounce. NBIX is dedicated to discovering, developing and delivering life-changing treatments for people with serious, challenging and under-addressed neurological, endocrine and psychiatric disorders. Its portfolio includes FDA, approved treatments for tardive dyskinesia, Parkinson’s disease, endometriosis, uterine fibroids and clinical programs in multiple therapeutic areas. The opportunity for INGREZZA remains large with low penetration of patients currently treated. Piper upgraded NBIX to Overweight with a $159 target on 8-29 still seeing value in NBI-1117568. NBIX now has a market cap of $12.1B and trades 17.5X Earnings, 5.75X Sales and 24.55X FCF with revenues seen rising 15-20% annually with 25%+ EPS growth, a compelling value down at these levels and likely the most attractive large cap Biotech acquisition target.