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On Tuesday, Evercore ISI updated its financial outlook for Neurocrine Biosciences (NASDAQ:NBIX), increasing the price target to $190 from the previous $185, while retaining an Outperform rating on the stock. According to InvestingPro data, analyst targets range from $115 to $192, with the company showing impressive revenue growth of nearly 25% over the last twelve months. The firm acknowledged the significant turnaround in the company’s performance, highlighting the record number of new patient starts for Ingrezza on its eight-year launch anniversary, despite anticipated challenges this quarter.
The management’s optimistic tone suggested that Ingrezza is likely to reaffirm its position as a consistent top performer. This shift in momentum brings the company’s Crenessity and the rest of the pipeline into the limelight. Crenessity, in particular, exceeded expectations with 413 prescriber signatures (PSFs) and $14.5 million in sales, surpassing even the most optimistic estimates.
Evercore ISI’s commentary emphasized continued strong physician interest in Neurocrine Biosciences’ offerings, which could lead to long-term financial improvements. The firm’s checks, including a recent public Cardinal Health (NYSE:CAH) key opinion leader call, indicate sustained enthusiasm among healthcare professionals.
Neurocrine Biosciences has been highlighted as one of Evercore ISI’s top picks due to the company’s reliable flagship product, a successful new launch, and a pipeline that offers substantial and undervalued opportunities for growth. With an excellent Financial Health Score and trading at attractive valuations relative to its growth potential, the company appears undervalued according to InvestingPro’s Fair Value analysis. The analyst’s statement concluded with a reiteration of the Outperform rating and an updated price target of $190, signaling confidence in the company’s trajectory.
In other recent news, Neurocrine Biosciences reported its Q1 2025 earnings, which did not meet analyst expectations. The company announced earnings per share of $0.70, falling short of the projected $0.77, and revenue of $572.6 million, which was below the anticipated $593.71 million. Despite these misses, Neurocrine reaffirmed its 2025 sales guidance for its product INGREZZA at $2.5 to $2.6 billion, indicating confidence in future sales growth. Additionally, the company reported $545 million in sales for INGREZZA and $15 million for its newly launched product, KRONESITY. Neurocrine also maintained a strong cash position of approximately $1.8 billion. In terms of market activity, Neurocrine’s stock experienced a significant rise of 11.3% in after-hours trading. Analyst firms have not issued any recent upgrades or downgrades for Neurocrine. The company is focused on expanding its neuroscience portfolio, with expectations for top-line data from multiple programs between 2027 and 2028.
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