Oppenheimer analyst Jay Olson maintained a Buy rating on Neurocrine (NBIX) today and set a price target of $105. The company’s shares opened today at $85.06.
Olson wrote:
“NBIX announced a collaboration with VYGR to co-develop and commercialize gene therapies for Parkinson’s disease (PD), Friedreich’s ataxia (FA) and two other programs to be determined. NBIX pays VYGR $165M in cash including $115M upfront and a $50M equity investment with a maximum of up to $1.7B in total milestones. We are encouraged by this worldwide deal for innovative gene therapies which we view as a signal that NBIX plans to build an integrated global organization including ex-US commercial infrastructure. We believe NBIX maintains a strong cash position (>$800M at 3Q) with positive cash flow that could support future deals but suspect the company has a full plate right now. So we don’t expect any further business development activity in 2019. Maintain Outperform. Details inside.”
According to TipRanks.com, Olson has currently no stars on a ranking scale of 0-5 stars, with an average return of -7.9% and a 35.6% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Conatus Pharmaceuticals, and Enanta Pharmaceuticals.
Neurocrine has an analyst consensus of Strong Buy, with a price target consensus of $106.57, which is a 25.3% upside from current levels. In a report issued on January 15, H.C. Wainwright also maintained a Buy rating on the stock with a $102 price target.
See today’s analyst top recommended stocks >>
Based on Neurocrine’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $50.76 million. In comparison, last year the company had a net profit of $6.89 million.
Based on the recent corporate insider activity of 54 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.
Read More on NBIX:
