JPMorgan downgrades Neurocrine, says wait for pullback to buy

JPMorgan analyst Anupam Rama downgraded Neurocrine Biosciences to Neutral from Overweight while raising his price target for the shares to $100 from $97. The analyst says the shares have been a best performer year-to-date in his coverage universe despite the “disappointing” Tourette syndrome setback for Ingrezza in December 2018. He believes the share upside year-to-date largely accounts for Ingrezza beats in 2019 and continued growth longer-term. At current valuation levels, Rama would wait for a pullback before adding to Neurocrine positions.

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