Neurocrine price target raised to $131 from $125 at Wedbush

Wedbush analyst Laura Chico raised the firm’s price target on Neurocrine to $131 from $125 and keeps an Outperform rating on the shares. Despite solid commercial execution exiting 2022 and guidance that appears achievable, shares were off 3% following the earnings report and are down -13% since January, the firm notes. Wedbush believes this stems from concern on the Neurocrine’s reliance on Ingrezza cash flow generation. For the firm’s part, it sees the pipeline providing multiple opportunities for value creation this year, including Phase 3 crinecerfont data in the second half of 2023.