Andrew Fein, an analyst from H.C. Wainwright, maintained the Buy rating on Neurocrine (NBIX – Research Report). The associated price target was lowered to $168.00.
Andrew Fein has given his Buy rating due to a combination of factors, primarily focusing on the potential of Neurocrine’s new drug, Crenessity, in addressing unmet needs in patients with congenital adrenal hyperplasia (CAH). Conversations with key opinion leaders (KOLs) indicate that Crenessity is particularly beneficial for patients with uncontrolled CAH who are on high levels of glucocorticoids, with a significant unmet need observed in female patients. The drug’s twice-daily dosing aimed at reducing steroid use is seen as promising for both adult and pediatric patients.
Moreover, the initial response from prescribers and patients has been positive, with some KOLs noting a reduction in androstenedione levels and a smooth preauthorization process. However, Fein also highlights the need for Neurocrine to enhance its educational efforts towards prescribers to facilitate faster adoption of the drug. Despite these challenges, the potential market impact of Crenessity and the strategic adjustments in revenue assumptions for Neurocrine’s other products contribute to Fein’s optimistic outlook on the stock.
In another report released on April 17, Bank of America Securities also reiterated a Buy rating on the stock with a $179.00 price target.
Based on the recent corporate insider activity of 117 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of NBIX in relation to earlier this year.