NBIX - Neurocrine's revenue miss: Baird expects a rebound in 2021

Neurocrine Biosciences ([[NBIX]] +1.4%) is trading higher today despite the Q4 2020 revenue miss as announced yesterday.However, keeping the outperform rating, the analysts at Baird expect the sales to rebound in the coming year as COVID-driven headwinds subside. The price target is unchanged at ~$117, only ~2.1% upside to the previous close.Noting that Ingrezza sales grew ~32% YoY despite the pandemic impact in 2020, the analysts remain bullish on the prospects of the therapy, citing the Phase 3 topline data expected in Q4 2021 for Chorea in Huntington's Disease.Noting that eight mid-to-late stage clinical programs in Neurocrine’s pipeline, the positive data readouts will ‘transform the company beyond an Ingrezza-only story,’ the analysts argue.About the Neurocrine-Voyager collaboration, the team notes the management’s interest in gene therapy and the indications that remain in the partnership after the recent decision by the company to terminate the Parkinson’s disease portion of the agreement.

For further details see:

Neurocrine’s revenue miss: Baird expects a rebound in 2021