Merrill downgrades Neurocrine to sell

Neurocrine Bioscience Inc. was downgraded to sell from neutral by Merrill Lynch analyst Eric Ende. While the Food and Drug Administration issued an approvable letter for Neurocrine's indiplon immediate release capsules, it issued a non-approvable for the long-acting capsules that were to compete with Lunesta and Ambien CR in the growing sleep maintenance market. Indiplon will have to compete with generic Ambien. Merrill believes indiplon is likely to be similar to Sonata, a sleep drug with sales of less than $100 million. Shares of the San Diego pharmaceutical company were down $33.87, or 62.00%, at $20.76 on volume of 46,724,120 shares versus the three-month running average of 765,887 shares. (Nasdaq: NBIX)

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