In a report released today, Jay Olson from Oppenheimer maintained a Buy rating on Neurocrine (NASDAQ: NBIX), with a price target of $140. The company’s shares closed on Friday at $122.95, close to its 52-week high of $123.32.
Olson wrote:
“We update our model based on a series of recent events including clinical data for Ingrezza and opicapone, top-line Ph3 results for elagolix and setback for a competitor in uterine fibroids. We view all of these as de-risking events for NBIX and lower our discount rate to 9% (vs. 10% prior) driving our PT to $140 (vs. $128 prior). We are especially encouraged by recent long-term data for Ingrezza showing sustained clinical response, high levels of patient satisfaction and a treatment withdrawal study suggesting chronic therapy benefits patients on Ingrezza. We are also impressed by data for opicapone which we believe should support reimbursement and access, thus partially de-risking commercialization. Please see highlights below and details inside.”
According to TipRanks.com, Olson is a 3-star analyst with an average return of 1.6% and a 48.3% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Eiger Biopharmaceuticals, and Conatus Pharmaceuticals.
Currently, the analyst consensus on Neurocrine is a Strong Buy with an average price target of $133.22, an 8.4% upside from current levels. In a report issued on August 22, Cantor Fitzgerald also initiated coverage with a Buy rating on the stock with a $150 price target.
.
See today’s analyst top recommended stocks >>
Based on Neurocrine’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $5.91 million. In comparison, last year the company had a GAAP net loss of $59.99 million.
Based on the recent corporate insider activity of 65 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. Most recently, in June 2018, Kevin Charles Gorman, the CEO of NBIX bought 57,924 shares for a total of $533,416.
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.
