Neurocrine upgraded to Overweight from Neutral at Piper Sandler

Piper Sandler upgraded Neurocrine Biosciences to Overweight from Neutral with a price target of $159, up from $131. Though the “hand-wringing” over Phase II data for NBI-1117568, the company’s selective muscarinic M4 agonist, in adults with schizophrenia, “is not lost on us,” the body of data puts ‘568 “in the game” as potentially another selective muscarinic agonist option that further moves the broader antipsychotic space away from an atypical antipsychotic class “that is beset by safety baggage,” the analyst tells investors in a research note. The firm believes NBI-1117568 “can have real value” and says beyond that, Neurocrine’s ability to leverage its existing psychiatrist-focused commercial infrastructure could drive significant operating leverage.