Neurocrine Bio. (NBIX) PT Raised to $125 at Needham & Company

Needham & Company raised its price target on Neurocrine Bio. (NASDAQ: NBIX) to $125.00 (from $110.00) while maintaining a Buy rating.

Analyst Alan Carr commented, "Neurocrine reported $96.9M in 2Q18 Ingrezza sales, above our $85.0M and consensus $84M ests. Mgmt still not providing sales guidance, but highlighted expectations for continued growth in total prescriptions (TRX) and in depth and breadth of prescriber base. We have increased our Ingrezza sales ests and are raising our price target to $125 (was $110) as a result. Reiterate BUY. Results from NBI-74788 Phase 2 trial in Congenital Adrenal Hyperplasia are expected later in 3Q18. We have not included the program in our model, but believe the hurdle for success is low. As a reminder, Orilissa was approved by the FDA for Endometriosis last wk, triggering a $40M milestone payment, followed by a royalty stream from collaborator Abbvie once the drug is launched later this month."

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