After a solid multi year run, Neurocrine Biosciences stock now screens as roughly fairly valued on market multiples, and the broader valuation checks point to a more balanced picture than a clear bargain or an obvious stretch.

• Neurocrine Biosciences has returned 73.4% over the past 5 years, which puts recent gains at the center of any valuation discussion today.
• Expectations around the durability of its cash generation from existing treatments can support the current price. Any setback in execution or pressure on profitability, however, may weigh on what investors are willing to pay.
• The stock earns a mixed value profile, with 3 out of 6 valuation checks suggesting it is on the expensive side and the rest looking more reasonable.

The…