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Research Alert: CFRA Keeps Hold Opinion On Shares Of Neurocrine Biosciences, Inc.

· 02/05/2021 06:10

11:05 AM EST, 02/05/2021 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We keep our target price at $114 based on our net present value analysis. Q4 EPS of $0.91 vs. $1.05 was approximately in-line with consensus. We reduce our 2021 EPS estimate to $4.15 from $5.37 to reflect higher operating expenses and a worse-than-previously-anticipated pandemic impact on 2021 sales. We commence our 2022 EPS at $5.66. Ingrezza product sales increased 1% Y/Y to $240 million in the quarter as new prescriptions increased sequentially. Ongentys sales, in the drug's first full quarter of commercialization, were $1 million. A greater percentage of patient visits to psychiatrists (50% vs 40% in Q3) were conducted virtually, negatively impacting the growth of new Ingrezza prescriptions because of the difficulty of diagnosing tardive dyskinesia virtually. We believe that Ingrezza prescriptions can return to the 30% growth seen in 2019 and beyond once all clinics reopen to in-person visits and patients feel comfortable making those visits.