Neurocrine Biosciences price target raised at Oppenheimer after FDA approves movement disorder treatment

Neurocrine Biosciences Inc.
NBIX,
+2.55%
said Friday that the U.S. Food and Drug Administration has approved Ingrezza for treatment of an involuntary movement disorder linked with Huntington’s disease, prompting analysts at Oppenheimer to boost their price target on the shares. “Ingrezza could become a pipeline-in-a-product,” based on additional indications beyond the movement disorder, called chorea, the Oppenheimer analysts wrote in a note Sunday, raising their price target on the stock to $154, from $150 previously. Other potential indications for the drug include adjunctive treatment of schizophrenia and dyskinetic cerebral palsy, the analysts wrote. Neurocrine shares gained 0.9% premarket on Monday and have dropped 10.5% in the year to date, while the S&P 500
SPX,
-0.01%
has gained 13.8%.