Reaffirming Buy: Solid Core Franchise Execution and Underappreciated Pipeline Upside Support Mid-$150s Valuation

J.P. Morgan analyst Anupam Rama has maintained their bullish stance on NBIX stock, giving a Buy rating today.

Anupam Rama has given his Buy rating due to a combination of factors, including solid execution in the current portfolio and attractive embedded value. Ingrezza sales for the quarter essentially matched Street expectations, and the company’s 2026 revenue outlook for the franchise aligns with consensus, supporting confidence in the durability of this core asset.

At the same time, Crenessity materially exceeded revenue forecasts in 4Q25, and management commentary suggests that the earlier pressure on patient start forms is beginning to stabilize, which bodes well for the launch trajectory. Rama also emphasizes that his valuation already supports a share value in the mid-$150s range on Ingrezza, Crenessity, and cash alone, while late‑ and early‑stage pipeline assets such as osavampator, direclidine, and NBIP programs provide additional, underappreciated upside optionality.

In another report released today, TipRanks – Google also reiterated a Buy rating on the stock with a $158.00 price target.