Corinne Johnson, an analyst from Goldman Sachs, has initiated a new Buy rating on Neurocrine (NBIX).
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Corinne Johnson’s rating is based on the attractive growth prospects of Neurocrine Biosciences Inc., particularly due to the launch of their new product, Crenessity. The company’s growth profile is considered favorable compared to its mid-cap peers, with the Crenessity launch expected to drive significant revenue growth. Despite some commercial challenges for their existing product, Ingrezza, the overall revenue growth projections for Neurocrine are strong, with an estimated compound annual growth rate that surpasses the median of its peers.
Additionally, Neurocrine’s stock is currently trading at a discount compared to its peers, which presents an opportunity for investors. The potential for Crenessity to boost investor confidence in the company’s growth outlook is a key factor in the Buy rating. Furthermore, the company’s pipeline, which includes muscarinic assets, is seen as high-risk but with significant upside potential if clinical developments are positive. These factors combined contribute to the Buy rating with a price target of $182.
In another report released yesterday, UBS also maintained a Buy rating on the stock with a $174.00 price target.