As previously reported, Evercore ISI analyst Joshua Schimmer upgraded Neurocrine to Outperform from In Line with an unchanged price target of $130. Shares are off about 25% from their December 2022 highs as investors have had a chance to digest the potential impact of the IRA on Ingrezza, but on the IRA front the firm suspects "the damage won’t be as bad as many fear," notes that pricing negotiations on the first 10 target drugs will come in 2023 and that Ingrezza won’t get called for negotiation until 2029 or later due to small biotech exemption. Even with the Austedo XR launch, the firm believes 2023 Ingrezza guidance of $1.67-$1.77B will "prove to be conservative," the analyst added.
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