Neurocrine Biosciences (NBIX): Increasingly Bullish on Valbenazine - BMO
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BMO Capital analyst, Ian Somaiya, reiterated his Outperform rating on shares of Neurocrine Bio. (NASDAQ: NBIX) and raised his price target to $72 from $66 after hosting investor meetings with NBIX management.
The analyst believes valbenazine could achieve peak sales of $1.8B, up from $1.5B, with positive Tourette's data (adult in January and peds in 1Q17) representing an incremental $700 mm opportunity. We continue to believe that NBIX's current valuation could be supported by either elagolix or valbenazine alone. Both are likely to receive regulatory approval and achieve commercial success and he sees significant potential upside to NBIX shares.
Shares of Neurocrine Bio. closed at $44.70 yesterday.
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