On January 7, Neurocrine Biosciences (NBIX) stock rose ~9.57% to reach $81.86 from its prior close of $74.71 on January 4. Also, on January 4, the company’s stock price grew ~7.79% to reach $74.71 from its prior-day close of $69.31 on January 3.
The stock’s closing price on January 7 was a ~26% increase from its 52-week low of $64.72 on December 12, 2018. The company hit its 52-week high of $126.98 on September 13, 2018.
Reason for the stock price rise
On January 6, Neurocrine Biosciences (NBIX) presented its preliminary results for the fourth quarter and full-year 2018. Neurocrine Biosciences expects that its fourth-quarter 2018 net sales will be around $130.0 million compared to $64.5 million in the fourth quarter of 2017, representing 102% YoY growth.
The company anticipates its net sales for full-year 2018 to be around $409.0 million compared to $116.6 million in fiscal 2017. Neurocrine Biosciences also provided program milestones for 2019. The company anticipates submitting a new drug application to the FDA for approval of Opicapone for the treatment of Parkinson’s disease in the second quarter of 2019.
Neurocrine Biosciences expects data from the phase 2a trial of NBI-74788 for the treatment of adults with congenital adrenal hyperplasia (or CAH). The company also expects to initiate a phase 2a trial of NBI-74788 on pediatric patients with CAH.
Neurocrine Biosciences anticipates initiating the pivotal trial of NBI-74788 for adults with CAH during the second half of 2019. The company will discuss the pivotal trial in the second quarter of 2019 with the FDA.
Of 16 analysts tracking Neurocrine Biosciences in January 2019, six of them recommended a “strong buy,” while nine analysts recommended a “buy” rating. One analyst recommended a “hold” for the company in January 2019.
On January 7, Neurocrine Biosciences had a consensus 12-month target price of $108.75, which represents a ~32.85% return on investment over the next 12 months.