Neurocrine Biosciences (NBIX) delivered a strong Q1, powered by rising demand for Ingrezza, its leading treatment for involuntary muscle movements, and an encouraging early launch of Crenessity, a new hormone-related therapy, Morgan Stanley said Wednesday in a report.

Ingrezza demand is tracking above the company's 2026 guidance, supported by record new patient starts, durable persistence and no inventory effects or other one-time items in the quarter, the report said.

Crenessity is a "definitive blockbuster in the making" with current sales reflecting only a fraction of its eventual potential as the launch remains early, Morgan Stanley said.

Neurocrine's acquisition of Soleno Therapeutics (SLNO) is expected to close around July 6, the report said.

Morgan Stanley raised its price target on Neurocrine stock to $191 from $185 and maintained its equal-weight rating.

Price: 145.19, Change: +10.13, Percent Change: +7.50