UBS lowers Neurocrine price target to $137, but remains bullish

From Financial Modeling Prep: 2025-04-04 15:42:00

UBS maintained a Buy rating on Neurocrine Biosciences (NASDAQ:NBIX) but lowered its price target to $137 from $154 due to valuation adjustments in the biotech market.

UBS remains bullish on Neurocrine, seeing it as a strong commercial play favored in a sector shifting towards revenue-generating names. Ingrezza drives growth, with Crenessity’s launch adding a new growth lever.

Neurocrine’s lack of major regulatory catalysts for over a year reduces headline risk, allowing focus on commercial performance and adoption trends.

UBS adjusted its valuation, applying a lower multiple to projected 2030 sales of $2.9 billion, citing sector-wide multiple compression and a modest increase in share count.

Despite the reduced price target, UBS sees a more favorable setup for hedge fund interest in first-half 2025 as memories of past sell-offs fade and long-only funds re-engage.

UBS believes Neurocrine’s production of Ingrezza in Europe could differentiate it from competitors like Austedo, especially amid rising geopolitical tensions.



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