Neurocrine price target lowered to $121 from $128 at RBC Capital

RBC Capital analyst Brian Abrahams lowered the firm’s price target on Neurocrine to $121 from $128 and keeps a Sector Perform rating on the shares. The company’s announced failure of two mid-stage pipeline programs, ‘352 in epilepsy and ‘864 in anhedonia, is disappointing, as despite modest expectations for the former and likely no expectations for the latter, it further reduces the potential for them to diversify around Ingrezza and generate future clinical catalysts, the analyst tells investors in a research note.