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Closing NBIX (Neurocrine Biosciences) underperform

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December 26, 2007 – Comments (0) | RELATED TICKERS: NBIX

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.

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