Wells Fargo upgrades Neurocrine with pipeline ‘turning a corner’

Wells Fargo upgraded Neurocrine to Overweight from Equal Weight with a price target of $170, up from $140. The analyst thinks the company’s pipeline is “turning a corner.” The Crinecerfont launch and Neurocrine’s pipeline gives investors “enough to think about beyond Ingrezza and this looks like a good long-term stock to own,” the analyst tells investors in a research note. Wells says “pipeline and second acts” tend to be key for biotechnology stocks looking to make a jump from a $10B-$15B market capitalization towards becoming a large-cap. Neurocrine now has a second act in Crinecerfont which could be a $1.5B peak drug and is still underappreciated, Wells contends.