Nucor earnings beat by $0.08, revenue fell short of estimates
Investing.com - Truist Securities initiated coverage on Neurocrine Biosciences (NASDAQ:NBIX), a $13.07 billion market cap biopharmaceutical company, with a Buy rating and a price target of $163.00 on Monday. The company’s stock currently trades at $132.02, with analyst targets ranging from $115 to $192.
The research firm expressed optimism about the launch of Crenessity, Neurocrine’s second commercial product, which it believes will exceed expectations and drive future growth for the company.
Truist also noted confidence in the stability of Neurocrine’s base business around Ingrezza, its established product targeting neurological and endocrine disorders, despite signs of slight moderation in growth.
The firm highlighted that Neurocrine remains relatively insulated from recent political headwinds affecting the pharmaceutical sector, as the company only commercializes its products in the U.S. and has no near-term regulatory reviews scheduled.
At Neurocrine’s current valuation, Truist believes there is still unrealized value in the Ingrezza asset, which has been the company’s long-standing value driver.
In other recent news, Neurocrine Biosciences reported positive one-year data for its CAH treatment, CRENESSITY, demonstrating lasting reductions in glucocorticoid doses and improved clinical outcomes in adults with classic congenital adrenal hyperplasia. The Phase 3 CAHtalyst Adult study showed a 25% reduction in glucocorticoid doses for continuous treatment patients and a 30% reduction for those switching from placebo. In another development, Goldman Sachs initiated coverage on Neurocrine Biosciences with a Buy rating, citing an attractive growth profile and projecting an 11% compound annual growth rate through 2030. UBS also raised its price target for the company to $174 from $152, highlighting positive indicators for the Crenessity drug launch. The firm expects $25 million in second-quarter revenue for Crenessity, surpassing consensus estimates. Additionally, Neurocrine’s drug Ingrezza showed significant reductions in cognitive and motor-related disease burdens in adults with Huntington’s disease chorea, according to new patient data. These findings were part of a post-hoc analysis from the Phase 3 KINECT-HD study. The study revealed improvements in symptoms like memory loss and decision-making abilities, offering potential benefits for patients with Huntington’s disease.
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