In a report released yesterday, Sumant Kulkarni from Canaccord Genuity maintained a Buy rating on Neurocrine (NBIX – Research Report), with a price target of $163.00.
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Sumant Kulkarni has given his Buy rating due to a combination of factors related to Neurocrine Biosciences’ potential and strategic positioning. Despite slightly lower than expected sales for Ingrezza and a conservative growth outlook, the strategic investments in commercial and research sectors suggest that Neurocrine is setting the stage for future growth. The company’s history of potentially under-promising and over-delivering provides optimism for surpassing current expectations.
Moreover, Ingrezza’s patent protection until 2038 offers a significant time frame for the company to refine and implement its strategies before facing generic competition. Additionally, the high-risk/high-reward nature of Neurocrine’s neuro-focused pipeline presents untapped potential that is not yet reflected in the current stock valuation. These considerations underpin Kulkarni’s reaffirmation of a Buy rating, despite adjustments to the price target due to higher spending and moderated growth projections.
In another report released today, Bank of America Securities also reiterated a Buy rating on the stock with a $179.00 price target.
NBIX’s price has also changed slightly for the past six months – from $145.630 to $150.510, which is a 3.35% increase.