Piper Sandler lowers Arbor Realty Trust stock price target on credit issues
Investing.com - BMO Capital has raised its price target on Neurocrine Biosciences (NASDAQ:NBIX) to $147.00 from $124.00 while maintaining a Market Perform rating on the stock. The new target sits below the average analyst price target, with InvestingPro data showing analysts see further upside potential for the biopharmaceutical company.
The price target increase follows what BMO described as "another strong quarter of Crenessity sales," which the firm views as positive progress that may address some of the company’s more pressing challenges. This aligns with the company’s impressive 19.6% revenue growth over the last twelve months, reaching $2.68 billion.
BMO noted that while the "full path planning for Ingrezza erosion has not been laid yet," there are "positive green-shoots" emerging in Neurocrine’s business performance.
The firm also highlighted the upcoming Phase 2 data for Neurocrine’s ’770 compound in major depressive disorder (MDD), noting that previous success of Johnson & Johnson’s esketamine provides a "commercial blueprint with room for improvement on safety/tolerability."
BMO’s revised price target reflects stronger anticipated Crenessity sales and a higher probability of success for osavampator, one of Neurocrine’s pipeline candidates.
In other recent news, Neurocrine Biosciences has reported impressive third-quarter results, prompting several financial firms to raise their stock price targets. The company delivered earnings per share of $2.04, significantly surpassing the consensus estimate of $1.59, which was driven by strong product performance across its portfolio. Revenue for Ingrezza reached $687 million, exceeding the expected range of $665-$668 million, while Crenessity recorded $98 million in revenue, surpassing forecasts of $73-$80 million. Stifel raised its price target for Neurocrine to $183, citing strong sales momentum for both Ingrezza and Crenessity. Needham increased its target to $184, highlighting the company’s robust quarterly performance. Jefferies and Truist also raised their targets to $174 and $172, respectively, maintaining Buy ratings based on solid third-quarter outcomes. Goldman Sachs set the highest target at $189, acknowledging significant revenue beats for both key products. These developments reflect growing confidence among analysts in Neurocrine’s financial trajectory.
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