Tazeen Ahmad, an analyst from Bank of America Securities, maintained the Buy rating on Neurocrine (NBIX – Research Report). The associated price target remains the same with $179.00.
Tazeen Ahmad’s rating is based on a combination of factors, including the expected market dynamics for Neurocrine’s Ingrezza in the VMAT2 inhibitor market. The survey of key opinion leaders (KOLs) suggests that Ingrezza is likely to capture approximately 50% of the growing VMAT2i market, indicating strong market positioning. Despite some anticipated short-term sales headwinds, such as increased payer utilization management and reauthorization dynamics, the company expects a recovery and growth reacceleration in the latter half of the year.
Furthermore, the overall VMAT2i market is expected to grow as antipsychotic use increases in the US, with only a small percentage of diagnosed tardive dyskinesia patients currently managed with VMAT2i therapies. This suggests potential for further market expansion. Additionally, the payor landscape has remained stable, with approval timelines consistent, which supports the continued adoption of Ingrezza. These factors contribute to the Buy rating with a price objective of $179.
In another report released on April 24, Evercore ISI also maintained a Buy rating on the stock with a $185.00 price target.
Based on the recent corporate insider activity of 117 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of NBIX in relation to earlier this year.