Neurocrine Bio. (NBIX) PT Raised to $158 at Citi

Citi analyst David Hoang raised the price target on Neurocrine Bio. (NASDAQ: NBIX) to $158.00 (from $150.00) while maintaining a Neutral rating.

The analyst comments "NBIX reported 2Q24 results and corporate updates. Ingrezza surprised with a healthy beat ~$40M above consensus and ~$50M above our conservative estimate. Mgmt. cited strong patient demand and increased volumes, raising FY24 guidance to $2.25-$2.3B. We increase our FY24 estimate to upper end of guidance (prev. $2.1B) and also increase peak sales estimate to $2.7B (prev. $2.5B), which drives our new TP of $158 (prev. $150). Near-term, Ph2 readout of NBI-‘568 in schizophrenia in 3Q is expected to be the largest catalyst. However, as noted during Q&A, the molecule has been hard to diligence with limited information available in the public domain. In our view, a best-in-class profile would be needed to drive 20%+ upside, while more limited success with in-line efficacy/safety to competitors could be worth +10-15%. We maintain our Neutral/H rating as longstanding CEO Kevin Gorman prepares to retire and pass the reins to Kyle Gano this October."

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