Deutsche Bank Starts Neurocrine Bio. (NBIX) at Buy
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Deutsche Bank initiates coverage on Neurocrine Bio. (NASDAQ: NBIX) with a Buy rating and a price target of $65.
Analyst Andrew Peters said, "With two pre-commercial assets (including the wholly-owned Ingrezza in CNS disease), we view NBIX as one of the most encouraging fundamental stories in biotech. Indeed, we believe recent weakness driven by perceived commerical and competitive risks provide an entry point for investors ahead of a 1H17 product launch, a near-term clinical catalyst (Ingrezza in Tourette), and an underappreciated market opportunity in TD. Further, given the leverageability of a large-market CNS therapy, we would expect strategic interest to be very high although given recent FDA actions, we would expect interest to accelerate post-approval."
Shares of Neurocrine Bio. closed at $42.56 yesterday.
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