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Canaccord Genuity's Sumant Kulkarni raised their price target on Neurocrine Biosciences (NASDAQ: NBIX) by 5% from $200 to $210 on 2026/08/04. The analyst maintained their Strong Buy rating on the stock.

Neurocrine Biosciences reported its Q2 2026 earnings.

Raising their price target, Kulkarni declared themself "encouraged" by the company's solid commercial performance, "which is a key driver of the stock price into meaningful pipeline-driven catalysts in 2027 and beyond."

The analyst argued that:

• The stock is undervalued because three of Neurocrine Biosciences' commercial products firing nicely.
• Even though the stock up 31% YTD, further upside is visible based on the potential for the company to continue to play to its commercialization strengths.

Earnings Report

For Q2 2026, Neurocrine Biosciences reported:

• EPS of $2.85, which beat the Zacks Consensus Estimate of $2.26 and Q2 2025's $1.06.
• Revenue of $959M, which beat the Zacks Consensus Estimate by 6.37% and Q2 2025's $687.5M.

For FY 2026, management guided:

• Ingrezza revenue of $2.825B to $2.875B, up from the prior $27B to $2.8B.

CEO Kyle W. Gano, Ph.D., commented: "Our second quarter performance demonstrates the power of a strategy designed to compound over time.

"As our commercial portfolio of first-in-class medicines continues to grow, so does our capacity to reinvest in innovation, advance a differentiated late-stage pipeline and pursue strategic opportunities that strengthen the company for the long term.

"With multiple important clinical milestones in 2027, including Phase 3 readouts for osavampator in major depressive disorder and direclidine in schizophrenia, we are building an enduring company poised to deliver meaningful value for patients and shareholders for years to come."