NBIX - Neurocrine upgraded to buy at Canaccord Genuity on Ingrezza catalysts
2023-03-30 10:49:34 ET
- Canaccord Genuity has upgraded Neurocrine Biosciences ( NASDAQ: NBIX ) to buy from hold saying that while the stock is down considerable year to date, the firm believes it can beat 2023 outlook on Ingrezza sales.
- The firm raised its price target to $132 from $124 (~36% upside based on Thursday's close).
- Analyst Suman Kulkarni said Canaccord sees $1.75B in Ingrezza (valbenazine) this year.
- He also sees promise for crinecerfont in classic congenital adrenal hyperplasia. Phase 3 data is expected in 2H 2023.
- Also in the second half of the year, Neurocrine ( NBIX ) is expected to report phase 2 data on NBI-921352 for focal onset seizure and NBI-1065846 for anhedonia in major depressive disorder.
- Read why Seeking Alpha contributor Stephen Ayers considers Neurocrine ( NBIX ) a hold.
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Neurocrine upgraded to buy at Canaccord Genuity on Ingrezza, catalysts