Piper Sandler raised the firm’s price target on Neurocrine (NBIX) to $207 from $190 and keeps an Overweight rating on the shares following quarterly results. Taking a step back, the firm believes that the risk/reward profile of Neurocrine shares is highly attractive, particularly when layering in contribution from Vykat XR per the pending acquisition of Soleno (SLNO). More to the point, Neurocrine is trading at a multiple of nine times Piper’s 2027 pro forma EBITDA estimate, in the context of a company that will soon have three assets with lengthy exclusivity runways, two of which are quite early in their commercial lives.
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