Needham & Company Starts Neurocrine Bio. (NBIX) at Buy
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Needham & Company initiates coverage on Neurocrine Bio. (NASDAQ: NBIX) with a Buy rating and a price target of $62.00.
Analyst Alan Carr commented, "We are initiating coverage of Neurocrine with a BUY rating. Neurocrine announced positive results from a Phase 3 trial of Ingrezza in Tardive Dyskinesia (TD) in 2015. We expect approval by 4/11/17 PDUFA date, followed by launch with a specialty sales force. We have a bias toward positive Phase 2 outcome in Tourette Syndrome (TS) based on prior clinical data, and we assume label expansion 2020. We estimate US peak sales $1.6B. Collaborator Abbvie announced postive Phase 3 results in Endometriosis and guided for NDA submission 2H17. Phase 3 trials in Uterine Fibroids are underway and we are optimistic based on encouraging Phase 2 data. We estimate WW peak sales $3B. Our $62 PT is 25x $4.46 2021E EPS, discounted 15% annually. We believe there is near-term room for upside around Ingrezza Phase 2 TS data and 2Q17 TD approval."
Shares of Neurocrine Bio. closed at $42.30 yesterday.
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Related EntitiesNeedham & Company, PDUFA, Alan Carr
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