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- Goldman Sachs has upgraded shares of Neurocrine Biosciences (NBIX +1.2%) to buy from hold based on its solid balance sheet and catalysts coming in the next 12-18 months.
- The firm is maintaining its $115 price target (~32% upside based on Thursday's close.)
- Analyst Chris Shibutani said that he sees more opportunity with commercial-stage biotechs and those with genuine strategic optionality. Regarding the latter, he explained that "the company is well-positioned to build their asset base through strategic business development activities, and itself could also reasonably be considered an acquisition target.
- Shibutani added that Neurocrine (NBIX +1.2%) shares are currently attractive priced and poised to outperform peers over the next 12-18 months.
- Read why Seeking Alpha contributor Stephen Simpson argues that Neurocrine (NBIX +1.2%) is a buy.