Figma Shares Indicated To Open $105/$110
Tuesday, H.C. Wainwright adjusted its price target on shares of Neurocrine Biosciences (NASDAQ:NBIX), reducing it to $168 from the previous target of $185, while maintaining a Buy rating on the stock. According to InvestingPro data, the stock currently trades at $100.68, with analyst targets ranging from $96 to $192. The company maintains a GREAT financial health score, with liquid assets exceeding short-term obligations by 3.4x. This change comes as the firm continues to assess the market launch of Crenessity, Neurocrine’s new drug for congenital adrenal hyperplasia (CAH). The company has demonstrated strong commercial execution, with revenue growing 24.81% over the last twelve months to $2.36 billion.
The firm’s analyst conducted discussions with key opinion leaders (KOLs) to gauge the reception of Crenessity among prescribers and patients. The feedback indicates a consensus that Crenessity is particularly suitable for patients with uncontrolled CAH who are on high doses of glucocorticoids. Women, followed by men at risk of Testicular Adrenal Rest Tumors (TARTs), are seen as having the highest unmet need for this treatment.
The twice-daily dosing of Crenessity, aimed at reducing steroid use, has been positively received for both adult and pediatric patients. Two patients have already been started on Crenessity by each KOL, with the preauthorization process reported to be smooth. There is also a notable eagerness among patients to try the new medication, along with growing awareness within the patient community.
One KOL noted a 10-20% reduction in androstenedione levels after beginning Crenessity treatment and has plans to further reduce steroid dependence, starting with dexamethasone. This KOL intends to prescribe Crenessity to three additional female patients within the current quarter.
H.C. Wainwright also revisited revenue assumptions for Ingrezza, another of Neurocrine’s products, in light of evolving payer dynamics and increased competition. Additionally, operational expenses were reconsidered due to the expansion of the company’s pipeline. These factors contributed to the adjustment of the price target. With earnings scheduled for May 5th, investors can access comprehensive analysis and additional insights through InvestingPro’s detailed research reports, which include 7 more exclusive ProTips and extensive financial metrics.
In other recent news, Neurocrine Biosciences has been the subject of various analyst upgrades and target adjustments. Needham upgraded the company’s stock to a Buy rating with a price target of $138, citing confidence in sales projections for its drug Crenessity, used for treating congenital adrenal hyperplasia. They anticipate that sales will exceed consensus estimates by 8-10% for the year 2026 and beyond. RBC Capital Markets also upgraded Neurocrine Biosciences to an Outperform rating, setting a price target of $137, emphasizing the strength of the Ingrezza commercial franchise. UBS, meanwhile, maintained a Buy rating but reduced their price target to $137, reflecting a general reevaluation of biotech stocks and current market trends.
Neurocrine Biosciences has also announced the appointment of Dr. Sanjay Keswani as the new Chief Medical (TASE:BLWV) Officer, effective June 2025. Dr. Keswani will oversee clinical development and medical affairs, bringing over 20 years of experience in the pharmaceutical industry. Additionally, Stifel analysts have provided insights into the uptake of new treatments for congenital adrenal hyperplasia, noting cautious optimism for Crenessity’s adoption, particularly among adult patients. They have adjusted their expectations for Neurocrine Biosciences’ first-quarter sales estimates of Ingrezza, aligning with the company’s conservative stance at recent investor conferences. These developments highlight various strategic moves and analyst perspectives that are shaping Neurocrine Biosciences’ market outlook.
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