Closing NBIX (Neurocrine Biosciences) underperform
So Indiplon flopped again and the stock took a haircut. How many lives do they have? They've bought themselves enough time to get other products into phase II, so hope springs eternal. I still think the stock is overvalued but the selling seems to have leveled off, and in the interest of simplicity I'm ending the pick. I may short again with more irrational exuberance. The underperforms definitely seem to constitute most of the big winners in biotech. Too bad I trade from my 401K and can't short in real life, because that seems to lead to the most predictable wins.