Stifel has maintained a Buy recommendation and set a $188.00 price target for Neurocrine Biosciences (NASDAQ:NBIX) as the company approaches its fourth-quarter 2025 financial report, which is scheduled for February 11. The research house's view sits within a broadly bullish analyst backdrop: consensus recommendations register at 1.44, classified as Strong Buy, and published price targets span from $147 to $204.
In updating its quarterly model, Stifel implemented a modest downward adjustment to projected Ingrezza sales. The change reflects a practical timing issue - one fewer selling week in the fourth quarter - and aligns with recent management comments made at the JPMorgan Healthcare Conference. Despite that tweak, firm-level data show the company has produced robust top-line growth: InvestingPro figures cited by analysts indicate 19.6% revenue growth over the last twelve months.
Stifel characterized 2026 as a lighter catalyst year for the company, but the firm remains constructive on Ingrezza following competitive developments. In particular, the research house cited Austedo's November 2025 market formation package as "better-than-feared," and used that context when assessing Ingrezza's competitive position. InvestingPro analysis referenced by Stifel suggests Neurocrine may be undervalued at current market levels even though the stock trades at a price-to-earnings ratio of 32.5, with net income projected to increase during the year.
The firm also singled out Neurocrine's Crenessity program as a potential source of upside. Stifel reported receiving bullish feedback from key opinion leaders in recent conversations about the drug's adoption prospects and continued to rate consensus forecasts for Crenessity as conservative, implying room for the product to outperform expectations.
Alongside Stifel's review, Neurocrine has reported a slate of clinical updates. The company initiated a Phase 2 study of investigational compound NBI-1065890, targeting adults with tardive dyskinesia; the trial is planned to enroll about 100 participants and will track efficacy, safety, and tolerability. Neurocrine also presented head-to-head data showing its VMAT2 inhibitor Ingrezza achieved nearly two-fold higher target occupancy compared with Austedo XR.
These clinical notes are tempered by setbacks elsewhere in the pipeline. A Phase 3 study of valbenazine for cerebral palsy failed to meet its primary and key secondary endpoints. On the institutional research front, Morgan Stanley lowered its stance on the stock from Overweight to Equalweight, citing potential headwinds and a dearth of clinical catalysts through 2027. UBS trimmed its price target to $188.00 while keeping a Buy rating, noting concerns about competitive pressure on Crenessity.
Combined, the analyst actions and clinical developments underscore a mixed landscape for Neurocrine: pockets of clinical progress and potential undervaluation coexist with trial failures and external concerns about near-term catalysts and competition.
Summary
Stifel reiterated a Buy rating and a $188.00 price target on Neurocrine ahead of Q4 2025 results on February 11, making a slight downward adjustment to Ingrezza sales forecasts to reflect one fewer selling week. The firm flagged Crenessity as a potential upside opportunity and cited 19.6% revenue growth over the last year, while other analysts have both downgraded the stock and trimmed price targets amid clinical and competitive uncertainties.