Canaccord Genuity Reiterates Buy Rating on Neurocrine Bio. (NBIX)

Canaccord Genuity analyst Sumant Kulkarni reiterated a Buy rating and $164.00 price target on Neurocrine Bio. (NASDAQ: NBIX).

The analyst commented: "Last night, Medicare announced the prices for drugs covered under Part D that are subject to negotiated prices for 2027 under the Inflation Reduction Act (IRA). Recall NBIX's Ingrezza (valbenazine for tardive dyskinesia/TD and chorea in Huntington's disease/HD) competes with Teva's Austedo (deuterated tetrabenazine) and Austedo XR (extended release version), which is included in this list. Heading into this price reveal, as we had noted, NBIX shares had seen some strength after Teva, on its 3Q25 call, had said that negotiations on IRA pricing were in line with what it had been expecting. At the time, Teva had also maintained its long-term peak sales outlook of $3bn for its Austedo franchise. We now have a price (see here), which comes in at a 38% "Discount of Negotiated price from 2024 List Price", which also happens to be the lowest discount % of list prices for all the drugs in the 2027 list. We had also noted that NBIX had been positioning well for this development in terms of salesforce alignment/streamlining (see here). So, we are encouraged by this development. NBIX shares are reacting nicely to the news and are up ~6% today (SPX: +0.9%, XBI: +1.1%). We continue to view NBIX as undervalued largely on approved products alone, i.e., Ingrezza, and Crenessity (crinecerfont for classic congenital adrenal hyperplasia/cCAH), and continued commercial execution is important for the stock. At the same time, we also still believe that investors are ascribing very little value, if any, to NBIX's relatively large pipeline, on which we could learn more on an upcoming R&D Day on 12/16/25. As such, the key tenets of our thesis are very much in place, and we are reiterating our BUY rating."

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 $151.58 yesterday.

You May Also Be Interested In

• Trump approval at 33%, lowest of his presidency - Reuters/Ipsos
• argenx SE (ARGX) PT Raised to $1,353 at TD Cowen
• Trump: U.S. not seeking extension of Iran MOU