On August 1, Neurocrine Biosciences fell 9.92% in regular trading, trading at $167.10 per share, with turnover of $376 million.

On the news front, the company reported Q2 results after market close on July 30 that significantly exceeded expectations. Adjusted earnings per share came in at $2.85, representing a 72.73% year-over-year increase and beating the analyst consensus estimate of $1.34 by 112.69%. Revenue reached $959 million, up 39.4% year-over-year, surpassing the consensus estimate of $883 million. The company simultaneously raised its full-year net sales guidance for core product Ingrezza to $2.825 billion to $2.875 billion, up from a prior range of $2.7 billion to $2.8 billion.

Despite the comprehensive earnings beat and raised guidance, the stock experienced substantial selling pressure. Morgan Stanley had previously identified Ingrezza as the company's core value driver supporting long-term growth, noting durable demand with double-digit volume growth. Deutsche Bank raised its price target to $190 from $170 following the results.

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