Neurocrine price target raised to $175 from $154 at Piper Sandler

Piper Sandler raised the firm’s price target on Neurocrine (NBIX) to $175 from $154 and keeps an Overweight rating on the shares following quarterly results. Management did tighten its 2025 Ingrezza sales guidance to the lower half of its previously stated range, though that wasn’t surprising to the firm given more aggressive payer contracting activity and associated widening in the gross-to-net spread. Piper continues to believe that the fortunes of Crenessity will be a more consequential driver of sentiment surrounding Neurocrine shares, particularly in the context of a rare disease asset that is likely to have far higher operating margins associated with it relative to what we see with promotion-intensive Ingrezza.