Incyte Corporation (NASDAQ:INCY) announced that it has created two new units to better position the organization for future growth in the U.S. and internationally. One of these is a U.S. country organization that will lead commercial and medical affairs in the United States. In the future, the company expects to establish other similar country- or regionally-based organizations. The other new unit is a Global Product Strategy and Business Development & Licensing (BD&L) unit that will lead global competitive strategies for Incyte’s expanding portfolio beyond Jakafi® (ruxolitinib), as well as review business development opportunities.
Jim Daly has indicated he will leave Incyte later this month, and commented, “My decision to return to California was a personal one. I leave Incyte knowing that the business is performing well and that the team is well-prepared to grow Jakafi, and to advance Incyte’s pipeline of innovative medicines, as the company seeks to make a major difference for cancer patients in the years ahead.”
Barry Flannelly, Pharm. D., has been appointed to the newly created position of Executive Vice President and General Manager U.S., effective immediately. The existing U.S. commercial team, including those responsible for Jakafi, remains intact and will now report into Dr. Flannelly. A newly created position of Head of Global Product Strategy and BD&L is expected to be filled in the near future.
“Jim created significant commercial momentum for Incyte. We sincerely thank him for all his efforts, including driving towards our goals for Jakafi, and we wish him well,” stated Hervé Hoppenot, Incyte’s President and Chief Executive Officer. “Incyte has a large development portfolio and significant global opportunities, and now is the opportune time for us to organize the company to include both a regional operating unit for the U.S. as well as a global strategic product team. We are also delighted to be able to immediately move Barry into his new role and draw on his more than 20-year track record in the biopharma industry.”
Barry has been working in oncology since 1987, and began his career in the pharmaceutical and biotech industry at Rhone-Poulenc Rorer, which later became Sanofi-Aventis. He has since had roles of increasing responsibility at Novartis, Abraxis Oncology, Onyx Pharmaceuticals and Nektar Therapeutics. During his career, he has held positions in medical affairs, strategic planning, commercial operations, including head of sales and head of marketing, and business development. He earned his Doctor of Pharmacy from the University of Maryland School of Pharmacy, his Master in Business Administration from the University of Baltimore and his Bachelor of Science in Pharmacy from Massachusetts College of Pharmacy. (Original Source)
Shares of Incyte closed yesterday at $108.90. 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 $105.66 and its 200-day moving average is $89.56.
On the ratings front, Incyte has been the subject of a number of recent research reports. In a report issued on June 16, Oppenheimer analyst Christopher Marai reiterated a Buy rating on INCY, with a price target of $121, which implies an upside of 11.1% from current levels. Separately, on June 11, Cowen’s Eric Schmidt reiterated a Buy rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Christopher Marai and Eric Schmidt have a total average return of 46.0% and 58.8% respectively. Marai has a success rate of 76.7% and is ranked #8 out of 3635 analysts, while Schmidt has a success rate of 80.8% and is ranked #15.
The street is mostly Bullish on INCY stock. Out of 4 analysts who cover the stock, 4 suggest a Buy rating . The 12-month average price target assigned to the stock is $113.00, which represents a slight upside potential from current levels.
Incyte Corpis a biopharmaceutical company. It discovers, develops and commercializes proprietary small molecule drugs to treat serious unmet medical needs, mainlyin oncology.