Neurocrine Bio. (NBIX) PT Lowered to $136 at Stifel, Ingrezza's Growth and Sales, and Pipeline Prospects Remain Key Focus for Investors,

Stifel analyst Paul Matteis lowered the price target on Neurocrine Bio. (NASDAQ: NBIX) to $136.00 (from $138.00) while maintaining a Buy rating.

The analyst quotes: "We are reiterating our Buy rating on NBIX. Ingrezza guidance this morning brackets 2022 consensus at the mid-point, but ultimately we view this as better than expectations--investors had feared an overly conservative forecast, and this projection reflects confidence in Ingrezza growth as the behavioral impact of COVID (hopefully durably) wanes and NBIX adopts to greater utilization of telemedecine. The expense guide was above consensus too which, for our model, decreases our non-GAAP EPS projection for this year. That said, the investment debate here centers around the peak potential and pace of growth for Ingrezza, and whether one of Neurocrine's pipeline assets surprises to the upside. On the latter, we view the next wave of targets--t-type calcium channels (tremor, epilepsy), sodium channels (epilepsy), M4 (schizophrenia)--as all benefiting from some level of scientific/clinical validation, which makes us cautiously optimistic as investors have mostly written off pipeline credit after the Voyager/Takeda asset setbacks."

Written by Vlad Schepkov | [email protected]

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