On Monday, H.C. Wainwright maintained a Buy rating on shares of Neurocrine (NASDAQ:NBIX) Biosciences (NASDAQ: NBIX) with a price target of $190.00.
The firm's endorsement follows the recent approval of crinecerfont (Crenessity) for use in both children and adults aged 4 and over as an adjunct therapy for Congenital Adrenal Hyperplasia (CAH). This drug is noted for being the first in years to treat CAH and the first to act as an antagonist of CRF1R receptors.
Crinecerfont's recommended dose for adult patients is set at 100 mg taken orally twice daily alongside a meal. The dosage for pediatric patients will vary based on weight. This approval is significant as it introduces a novel treatment option for CAH, a condition that has seen little innovation in therapeutic approaches in recent years.
The analyst from H.C. Wainwright has factored crinecerfont into their valuation of Neurocrine for some time. With the approval now official, the firm projects conservative initial sales of $16 million in 2025, with expectations for growth leading to $423 million by 2034.
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