09:25 AM EDT, 05/01/2024 (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 raise our target by $3 to $145, 18.6x our 2025 EPS view, below NBIX's historical forward P/E average. We cut our 2024 EPS view to $6.07 from $6.42 and 2025's to $7.78 from $7.99. NBIX reported Q1 EPS of $1.40 vs. a LPS of $0.51, short of the consensus view of $1.29. Q1 revenue of $515M, up 23% Y/Y, was almost in line with our $514M estimate and the $512M consensus view. NBIX kept its 2024 sales guidance of $2.1B-$2.2B for Ingrezza, which we think is achievable at the midpoint, pointing to 17% Y/Y growth as we expect Ingrezza sales to grow at a slower pace this year (+23% Y/Y in Q1 2024 vs. +25% Y/Y in Q4 2023). While we see yesterday's FDA approval of the Ingrezza Sprinkle capsules as positive, as this broadens the drug's access, especially for patients experiencing difficulties swallowing, we see limited upside potential for NBIX in the near term. In the long run, we think Crinecerfont could be an important growth driver for NBIX. The company filed for a New Drug Application to the FDA yesterday.