RBC Capital analyst Brian Abrahams lowered the firm’s price target on Neurocrine to $136 from $143 and keeps a Sector Perform rating on the shares. Following the company’s update on NBI-‘568, the firm remains cautious on whether there is a clear path for ‘568 to be competitive and believes that moving the program directly into phase 3 based on the data reported may be premature, the analyst tells investors in a research note. RBC adds that its new price target fairly reflects Neurocrine’s commercial growth and durability of Ingrezza, likely gradual revenue generation from crinecerfont, and optionality from other pipeline programs such as AMPA.
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