Neurocrine competitive data should be kept in perspective, says Evercore

Evercore ISI says the early release of data for Crinetics’ (CRNX) atumelnant, a potential future competitor to Neurocrine’s (NBIX) crinecerfont, “look very good.” However, investors should the data into perspective as Crinetics still has lots of work to do, the analyst tells investors in a research note. The firm points out that crinecerfont has a five-year head start. The odds of Crinetics materially impacting Evercore’s forecasted revenue assumptions for Neurocrine are relatively low, contends the analyst. The firm sees a buying opportunity for Neurocrine and keeps an Outperform rating on the name with a $175 price target.