Bullish attention is the norm for these two
Two names out of the healthcare sector enjoying upbeat analyst attention today are Tandem Diabetes Care Inc (NASDAQ:TNDM) and Neurocrine Biosciences, Inc. (NASDAQ:NBIX). We're going to take a closer look at shares of TNDM and NBIX below, including how Wall Street is positioning itself on both.
For TNDM stock, Baird lifted its opinion to "outperform" and put a $46 price target on the shares. The firm's analyst believes Tandem can take market share from Medtronic (MDT) and Johnson & Johnson (JNJ). Most other analysts are already bullish on the shares, with six of nine recommending to buy them.
One potential tailwind for TNDM is short sellers covering their positions. Short interest declined by 16.1% in the last two reporting periods, but 9% of the float is still dedicated to these bearish bets.
Tandem Diabetes stock was shot out of a rocket to start the year, rising from around $2.50 to a September peak of $52.55. At last check, the security was up 15% at $32.73, on pace for it's best day since May.
Turning to NBIX, Canaccord Genuity just initiated coverage with a "buy" rating and $111 price target, calling attention to the company's tardive dyskinesia drug Ingrezza. After a one-year uptrend ending in a Sept. 13 record high of $126.98, the shares have pulled back, last seen trading at $89.43, up 1% on the day.
Fellow brokerage firms are very optimistic about Neurocrine Biosciences, with 11 of 12 handing out "buy" or "strong buy" recommendations. Meanwhile, the average 12-month price target remains up at $130.27.
