In a report released yesterday, Alan Carr from Needham maintained a Hold rating on Neurocrine (NBIX). The company’s shares closed yesterday at $72.24, close to its 52-week low of $64.72.
Carr wrote:
“Neurocrine reported $136.4M in 1Q19 Ingrezza sales, compared to our $135.0M and consensus $133.4M ests. Mgmt remains enthusiastic w/ long-term trajectory, but cited seasonality challenges tied to Medicare Part D reset and payer reauthorizations in 1Q19. No sales guidance yet and OpEx guidance is unch. Abbvie reported 1Q19 results last wk. No details on Orilissa sales, but Abbvie mgmt noted launch progressing as expected and reiterated $200M 2019 guidance. Opicapone NDA submission on track for 2Q19. Neurocrine reported in Mar 2019 that NBI-74788 CAH Phase 1/2 trial in adults had met key biomarker efficacy hurdles. Discussions w/ FDA around Phase 3 trial design in adults are planned. A separate Phase 2 trial in pediatric pts is planned in parallel. HOLD. We believe Ingrezza and Orilissa success are built into the stock.”
According to TipRanks.com, Carr is a 4-star analyst with an average return of 5.3% and a 45.2% success rate. Carr covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, ACADIA Pharmaceuticals Inc, and Rhythm Pharmaceuticals Inc.
Neurocrine has an analyst consensus of Strong Buy, with a price target consensus of $107.73.
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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 904.9K.
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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.
