Neurocrine upgraded to Market Perform from Underperform at BMO Capital

BMO Capital analyst Evan Seigerman upgraded Neurocrine Biosciences to Market Perform from Underperform with a price target of $96, up from $91. The upgrade is primarily supported by improved confidence in Ingrezza durability following a survey of psychiatrists, the analyst tells investors in a research note. The firm also sees upside in Neurocrine’s key data readouts in Q4, but notes the company’s pipeline “still lacks depth.” The Inflation Reduction Act is unlikely to impact Ingrezza, given the small biotech exemption, says BMO, which also does not expect a takeout premium for Neurocrine since the same IRA protection for Ingrezza does not extend to acquirers.