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In a report released today, Jay Olson from Oppenheimer maintained a Buy rating on Neurocrine (NASDAQ: NBIX), with a price target of $120. The company’s shares closed on Friday at $90.40, close to its 52-week high of $92.98.
Olson wrote:
“NBIX shares are up 11% (vs. 1% for the NBI and 2% for the 30, when we anticipated they would reach $90 on a 1Q beat that Ingrezza subsequently delivered. We reviewed NBIX-sponsored presentations at the American Psychiatric Association (APA) annual meeting and discussed key APA takeaways with NBIX management at an educational event. We were impressed by management’s intense focus on educating psychiatrists who have not historically diagnosed or treated tardive dyskinesia (TD). We believe the extensive work required to educate psychiatrists provides yet another competitive advantage to Ingrezza in an untapped TD market that is large enough for multiple competitors. Separately, we raise our PT to $120 ($110 prior) based on greater confidence in TS.”
According to TipRanks.com, Olson ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -6.4% and a 37.8% 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 Strong Buy and the average price target is $109.11, representing a 20.7% upside.
In a report issued on May 1, Robert W. Baird also maintained a Buy rating on the stock with a $100 price target.
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The company has a one-year high of $92.98 and a one-year low of $41.76. Currently, Neurocrine has an average volume of 795.3K.
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.
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.
