Oppenheimer analyst Jay Olson reiterated a Buy rating on Neurocrine (NBIX) yesterday and set a price target of $105. The company’s shares closed yesterday at $87.78.
“With 4Q Ingrezza performance previously announced, NBIX provided a business update showcasing an expanding and advancing pipeline. We are encouraged by progress in several areas, including: 1) CAH POC data for NBI-74788 expected in 1Q, 2) NDA submission of opicapone for PD in 2Q, 3) mid-2019 sNDA submission for elagolix in uterine fibroids, and 4) potential 2H19 initiation of a pivotal study for NBI-74788 in CAH. There are additional events related to the partnership with VYGR that could occur in 2019 but NBIX will understandably not comment on those until that deal is finalized. We update our model and reiterate our Outperform rating with $105 PT. Details inside.”
According to TipRanks.com, Olson has 0 stars on 0-5 star ranking scale with an average return of -5.3% and a 40.5% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Conatus Pharmaceuticals, and Enanta Pharmaceuticals.
Currently, the analyst consensus on Neurocrine is a Strong Buy with an average price target of $106.57, representing a 21.4% upside. In a report issued on January 29, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $121 price target.
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Neurocrine’s market cap is currently $7.96B and has a P/E ratio of 1422.69. The company has a Price to Book ratio of 17.79.
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.
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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.
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