Neurocrine price target raised to $100 from $95 at Piper Sandler

Piper Sandler analyst David Amsellem raised the firm’s price target on Neurocrine to $100 from $95 and keeps a Neutral rating on the shares. The firm notes Neurocrine reported Q3 diluted GAAP EPS of 82c on revenue of $498.8M, compared to Street estimates of $1.04 and $479.1M, respectively. Notably, Ingrezza sales grew by 10% versus Q2, and management raised its 2023 guidance for the product to $1.82B-$1.84B, up from $1.77B-$1.82B. Though the continued brisk Ingrezza growth trajectory is not lost on Piper, the firm nonetheless believes that it is already adequately reflected in Neurocrine’s shares at an EV/2024 EBITDA of 17-times, particularly in the context of continued heavy spend in support of the product.