After Barclays and Cantor Fitzgerald gave Neurocrine (NASDAQ: NBIX) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Jay Olson maintained a Buy rating on Neurocrine yesterday and set a price target of $110. The company’s shares closed yesterday at $80.97.
Olson observed:
“NBIX announced positive interim results from a Ph2 study in congenital adrenal hyperplasia (CAH), adding an important new asset to the pipeline. This study establishes proof of concept (POC) for NBI-74788, an oral CRF1 receptor antagonist, for treatment of adult CAH. NBIX plans to meet FDA and design an adult pivotal study for initiation 2H19 and indicates there is sufficient preclinical toxicology work to initiate a Ph2 POC study in pediatric CAH. We believe this positive CAH study should restore investor confidence in NBIX’s R&D capabilities following disappointing TS results for Ingrezza. Separately, management described a topline runway of several growth years for Ingrezza in TD based on a large gap between diagnosis and prevalence rates. We raise our PT to $110 with details inside.”
According to TipRanks.com, Olson ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -4.9% and a 39.9% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Conatus Pharmaceuticals, and Enanta Pharmaceuticals.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Neurocrine with a $105.36 average price target, representing a 30.1% upside. In a report released yesterday, Cantor Fitzgerald also maintained a Buy rating on the stock with a $127 price target.
See today’s analyst top recommended stocks >>
Neurocrine’s market cap is currently $7.35B and has a P/E ratio of 448.34. The company has a Price to Book ratio of 15.29.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.
