Cantor Fitzgerald analyst Charles Duncan reiterated a Buy rating on Neurocrine (NBIX) today and set a price target of $121. The company’s shares opened today at $67.61, close to its 52-week low of $64.72.
“. We reiterate our Overweight rating despite reducing our PT to $121 from $150 on shares of NBIX. Today, Neurocrine announced disappointing topline results from the T-Force GOLD study of valbenazine in Tourette’s syndrome. The study failed to meet its primary endpoint of change on the Scale (YGTSS). Although this outcome may not “prove” a lack of potential for valbe’ in TS, we need to suspend disbelief for ~12mo until the readout of T-Force PLATINUM, a randomized withdrawal designed to gain incremental visibility.”
According to TipRanks.com, Duncan is a 1-star analyst with an average return of -1.2% and a 42.0% success rate. Duncan covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, KalVista Pharmaceuticals Inc, and ACADIA Pharmaceuticals Inc.
Currently, the analyst consensus on Neurocrine is a Strong Buy with an average price target of $126.50, an 87.1% upside from current levels. In a report issued on December 6, Cowen & Co. also maintained a Buy rating on the stock with a $115 price target.
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The company has a one-year high of $126.98 and a one-year low of $64.72. Currently, Neurocrine has an average volume of 855.5K.
Based on the recent corporate insider activity of 63 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of NBIX in relation to earlier this year.
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Neurocrine Biosciences, Inc. operates as a product based bio-pharmaceutical company. It discovers, develops and intends to commercialize drugs for the treatment of neurological and endocrine related diseases and disorders.