Cowen Maintains Outperform On Incyte Following Jakafi FDA Approval For Polycythemia Vera
Cowen analyst Eric Schmidt maintained an Outperform rating on Incyte (NASDAQ:INCY), following the news that the company’s Jakafi gained FDA approval for the treatment of patients with polycythemia vera who have had an inadequate response to or are intolerant of hydroxyurea. No price target was provided.
Schmidt noted, “As expected, the FDA has approved Jakafi for use in hydroxyurea refractory PV patients. Incyte anticipates that this and the previously approved MF market each represent ~$500MM opportunities. Q3:14 sales indicate that at minimum the MF estimate is too low. We therefore expect Jakafi sales guidance to be raised during 2015.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Eric Schmidt has a total average return of 32.8% and a 81.6% success rate. Schmidt has a 60.1% average return when recommending INCY, and is ranked #55 out of 3395 analysts.