JPMorgan upgrades Neurocrine to Overweight after 15% pullback

JPMorgan analyst Anupam Rama upgraded Neurocrine Biosciences to Overweight from Neutral and raised his price target for the shares to $106 from $100. The stock is down ~15% from the mid-January highs, Rama tells investors in a research note. The analyst, however, says his “multiple proprietary analyses” since January “underscore the solid fundamentals of Neurocrine,” For example, his March U.S. tardive dyskinesia physician survey shows a preference for Ingrezza over Austedo, anticipated overall branded market growth, and Ingrezza continuing to gain dominant market share over the next 12-24 months. Further, Rama believes the Q1 consensus estimate for Ingrezza could be beatable.

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