Neurocrine Biosciences’ drug pipeline has reached an inflection point, and the company will soon be “knocking on the door of the large-cap club,” according to Wells Fargo. Analyst Mohit Bansal upgraded the stock to overweight from equal weight and raised the price target to $170 from $140, implying a potential upside of about 21% from Tuesday’s closing price. Bansal predicted that the company’s congenital adrenal hyperplasia treatment Crinsarfont would achieve top sales of $1.5 billion, beating his previous estimate of $1.1 billion. “Crinesarfont alone is enough,” Bansal wrote in a note on Tuesday. , Neurocrine’s depression drug NBI-1065845, jointly developed with Japanese pharmaceutical company Takeda, showed positive results in a phase II trial. Bansal said the drug could open a “whole new chapter” of $1.2 billion peak sales opportunity. Bansal said the NBI-845 treatment could be “another blockbuster opportunity,” citing the once-daily dosing format of the treatment as a factor in his evaluation. Competitive therapy is available twice a day, he said. By 2024, the stock will grow by about 6%. The stock has gained nearly 35% in the past 12 months. —CNBC’s Michael Bloom contributed to this report.
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