Neurocrine Receives a Buy from Oppenheimer

By Carrie Williams

In a report released today, Jay Olson from Oppenheimer maintained a Buy rating on Neurocrine (NASDAQ: NBIX), with a price target of $110. The company’s shares opened today at $76.37.

Olson noted:

“NBIX and partner ABBV announced a three-month extension to the FDA review of the elagolix NDA for treatment of endometriosis. This delay has a relatively minor impact on our NBIX model based on pushing our estimated PDUFA for elagolix from ~April 25 to ~July 25 and delaying the elagolix launch until 4Q18. We understand the request from FDA for additional analysis of liver safety data came late in the review process and was reviewed by an outside third-party expert who does not believe there is a liver safety signal for elagolix in any of the clinical data. We suspect the FDA may just be exercising additional caution in the wake of liver concerns about Esmya and reiterate our Outperform rating for NBIX.”

According to TipRanks.com, Olson is ranked 0 out of 5 stars with an average return of -6.4% and a 34.8% success rate. Olson covers the Healthcare sector, focusing on stocks such as Eiger Biopharmaceuticals, Conatus Pharmaceuticals, and Spero Therapeutics Inc.

Currently, the analyst consensus on Neurocrine is Strong Buy and the average price target is $104.88, representing a 37.3% upside.

In a report issued on March 27, Needham also maintained a Buy rating on the stock with a $110 price target.

The company has a one-year high of $92.98 and a one-year low of $39.98. Currently, Neurocrine has an average volume of 846.4K.

Based on the recent corporate insider activity of 71 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of NBIX in relation to earlier this year.

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Neurocrine Biosciences, Inc. operates as a product based bio-pharmaceutical company. It discovers, develops and intends to commercialize drugs for the treatment of neurological and endocrine related diseases and disorders. The company product includes INGREZZA. Neurocrine Biosciences was founded by Kevin C. Gorman and Wylie W.