Analyst Jeffrey Hung from Morgan Stanley maintained a Buy rating on Neurocrine (NBIX – Research Report) and keeping the price target at $185.00.
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
Jeffrey Hung has given his Buy rating due to a combination of factors surrounding Neurocrine’s current market situation and future potential. Despite the recent decline in Neurocrine’s share price following the 4Q earnings report, where net product sales guidance fell short of expectations, Hung sees this as an opportunity for investors. The significant drop in share price is considered by many to be an overreaction, and at the current levels, there is potential upside, especially with prospective successes in the company’s CNS pipeline.
Furthermore, Jeffrey Hung points out that investor sentiment suggests the shares have been oversold, implying that the current price offers free optionality on the company’s pipeline developments. Neurocrine’s historical pattern of raising guidance over the year and the upcoming launch of Crenessity, along with additional data readouts, indicate meaningful growth potential. Although there are anticipated challenges in the first quarter, such as a sequential sales decline and competition from Austedo, the long-term outlook remains positive, justifying the Buy rating.
In another report released yesterday, UBS also maintained a Buy rating on the stock with a $154.00 price target.