Neurocrine price target raised to $106 from $100 at Piper Sandler

Piper Sandler analyst David Amsellem raised the firm’s price target on Neurocrine (NBIX) to $106 from $100 and keeps a Neutral rating on the shares following quarterly results. With Phase II data for selective muscarinic M4 agonist NBI-1117568 expected in the second half of 2024, the firm can’t say it is surprised by the recent strength in the shares particularly in light of the recent acquisitions of Cerevel (CERE) and Karuna (KRTX). That said, with the shares at an EV/2024 EBITDA of about 23-times, Piper would not reflexively conclude that there is major optionality associated with ‘568, in the context of an unproven molecule that would ostensibly be thirdto-market behind KarXT and emraclidine.