Oppenheimer Believes Neurocrine (NASDAQ: NBIX) Still Has Room to Grow

Oppenheimer analyst Jay Olson reiterated a Buy rating on Neurocrine (NASDAQ: NBIX) today and set a price target of $85. The company’s shares opened today at $74.19, close to its 52-week high of $75.98.

Olson noted:

“New Ingrezza data from studies in Tardive Dyskinesia (TD) were presented at the Neuroscience Education Institute Congress (NEIC) shedding incremental light on the product profile. We view these data as supportive of the many benefits provided by Ingrezza which should further educate and increase awareness for utilization in patients with TD. We also believe the data strengthens certain competitive advantages for Ingrezza. Despite the recent launch of Austedo for TD, we expect the new data to enable Ingrezza to maintain a dominat share of patients and also drive favorable reimbursement status. We believe these data support our optimistic outlook for Ingrezza and NBIX. We reiterate our Outperform rating and $85 price target. Highlights are described below with details inside.”

According to TipRanks.com, Olson is ranked 0 out of 5 stars with an average return of -4.3% and a 42.1% success rate. Olson covers the Healthcare sector, focusing on stocks such as Eiger Biopharmaceuticals, CymaBay Therapeutics, and Acorda Therapeutics.

Currently, the analyst consensus on Neurocrine is Strong Buy and the average price target is $88.36, representing a 19.1% upside.

In a report issued on November 2, Cowen & Co. also maintained a Buy rating on the stock with a $65 price target.

Based on Neurocrine’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $60.77 million and GAAP net loss of $11.13 million. In comparison, last year the company earned revenue of $0 and had a GAAP net loss of $36.89 million.

Based on the recent corporate insider activity of 64 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of NBIX in relation to earlier this year.

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Neurocrine Biosciences, Inc. operates as a product based biopharmaceutical company. It discovers, develops and intends to commercialize drugs for the treatment of neurological and endocrine related diseases and disorders. The company was founded by Kevin C. Gorman and Wylie W. Vale on January, 1992 and is headquartered in San Diego, CA.

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