JPMorgan analyst Anupam Rama believes shares of Neurocrine Biosciences could trade near his $60 price target after the FDA last night approved Ingrezza for the treatment of Tardive Dyskinesia.

The stock in pre-market trading is up $8.82, or 22%, to $50.30. The late in the day approval on the FDA’s action date “comes as a significant relief, as nervousness continually increased going into the announcement,” Rama told investors last night in a research note before the company’s conference call. Post the call, the analyst added that while Ingrezza’s pricing is in question, he believes it remains a “potential upside lever.”

The analyst sees plenty of wins in the approval, including a broad label indication, no black box warning and a launch one month earlier than expected. Rama keeps an Overweight rating on Neurocrine.