Needham & Company Starts Neurocrine Bio. (NBIX) at Buy

October 18, 2016 7:01 AM EDT
Get Alerts NBIX Hot Sheet
Price: $41.27 -0.84%

Rating Summary:
    15 Buy, 2 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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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."

For an analyst ratings summary and ratings history on Neurocrine Bio. click here. For more ratings news on Neurocrine Bio. click here.

Shares of Neurocrine Bio. closed at $42.30 yesterday.

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