Neurocrine Biosciences ‘ drug pipeline is turning a corner and the company will be “knocking on the doors of the large-cap club” soon, according to Wells Fargo. Analyst Mohit Bansal upgraded shares to overweight from equal weight, and raised his price target to $170 from $140, suggesting around 21% upside potential from Tuesday’s close. Bansal forecasts the company’s congenital adrenal hyperplasia treatment, crinecerfont, will achieve $1.5 billion in peak sales, topping his prior $1.1 billion estimate. “Crinecerfont alone is enough to make for a buy case,” Bansal wrote in a Tuesday note. “We think [the] Crinecerfont [opportunity] is underappreciated as the Street is only giving credit for $500-$700M peak opportunity.” Elsewhere in the company’s pipeline, Neurocrine’s depression drug NBI-1065845, developed in conjunction with Japanese pharmaceutical company Takeda, showed positive results during a phase II trial. Bansal said this drug could open “a whole new chapter” of a $1.2 billion peak sales opportunity. The NBI-‘845 treatment could be “another blockbuster opportunity,” Bansal said, citing the treatment’s once-daily administration as a factor in his assessment. Competing therapies are taken twice a day, he said. Shares are up nearly 6% in 2024. The stock has rallied about 35% over the past 12 months. — CNBC’s Michael Bloom contributed to this report.
EMEA Tribune is not involved in this news article, it is taken from our partners and or from the News Agencies. Copyright and Credit go to the News Agencies, email [email protected] Follow our WhatsApp verified Channel