RBC Capital analyst Brian Abrahams notes Neurocrine (NBIX) shares are down 7% in early trading “somewhat surprisingly” after posting a “strong quarter” for both Ingrezza and Crenessity. The firm, which sees a mix of possible reasons for this, argues that “most should not warrant downside” and sees an opportunity to buy on weakness. The possible reasons for the early weakness include further investment for additional salesforce expansion, the fact that “some may have been spooked by the headline” around a civil investigative demand from the DOJ in the company’s 10-Q, Crenessity quarterly dynamics, Ingrezza net pricing, and the “looming” Austedo IRA price announcement, explains the analyst, who maintains an Outperform rating and $160 price target on Neurocrine shares.
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