Neurocrine reiterated at sell by Merrill

Neurocrine Biosciences Inc. was reiterated by Merrill Lynch analyst Eric Ende at sell after the company's uneventful earnings. The company's updated cash burn and expense guidance for 2006 was worse than the analyst expected, however. Cash burn is expected to be about $80 million per year, leaving the company with less than two years worth of cash. Shares of the San Diego-based pharmaceutical company were down 27 cents, or 2.87%, at $9.15 on volume of 2,977,430 shares versus the three-month running average of 787,380 shares. (Nasdaq: NBIX)

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