Eli Lilly and Company and Incyte Corporation (NASDAQ:INCY) announced that five abstracts featuring data from three clinical studies and separate pharmacology studies for its investigational rheumatoid arthritis drug baricitinib will be presented at the 2015 annual meeting of the European League Against Rheumatism in Rome June 10-13. Lilly and Incyte previously released positive topline results for the RA-BEACON and RA-BUILDstudies, both of which met their primary endpoint of ACR20 at 12 weeks as compared to placebo.
“Incyte is committed to translating R&D excellence into new medicines, and we are very pleased with the initial results from the Phase 3 trials program of baricitinib,” said Rich Levy, M.D., chief drug development officer at Incyte Corporation.
“With the prevalence of rheumatoid arthritis worldwide, Lilly is excited to share further information about baricitinib with the scientific community,”said David Ricks, Lilly senior vice president, and president of Lilly Bio-Medicines. “Lilly remains committed to following the science to challenge convention and continuously improve outcomes.” (Original Source)
Shares of Incyte closed yesterday at $106.25 . INCY has a 1-year high of $113.55 and a 1-year low of $43.86. The stock’s 50-day moving average is $105.54 and its 200-day moving average is $88.29.
On the ratings front, Incyte has been the subject of a number of recent research reports. In a report issued on May 29, Merrill Lynch analyst Steve Byrne initiated coverage with a Buy rating on INCY and a price target of $126, which represents a potential upside of 18.6% from where the stock is currently trading. Separately, on May 22, J.P. Morgan’s Cory Kasimov reiterated a Buy rating on the stock and has a price target of $111.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Steve Byrne and Cory Kasimov have a total average return of 6.6% and 14.1% respectively. Byrne has a success rate of 37.0% and is ranked #1207 out of 3619 analysts, while Kasimov has a success rate of 61.4% and is ranked #219.
In total, 4 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $113.00 which is 6.4% above where the stock closed yesterday.
Incyte Corpis a biopharmaceutical company. It discovers, develops and commercializes proprietary small molecule drugs to treat serious unmet medical needs, mainlyin oncology.