In a report released today, Jay Olson from Oppenheimer reiterated a Hold rating on Incyte Corp (INCY), with a price target of $85. The company’s shares opened today at $83.42.
Olson observed:
“INCY 4Q results were roughly in line with expectations while a business update highlighted pipeline progress. Jakafi sales increased 9% q/q (26% y/y) to $380M, meeting our estimate and $377M consensus. Jakafi royalties grew 17% y/y to $55M, also near our estimate and consensus. GAAP EPS at $0.32 matched our estimate but beat $0.17 consensus (we note our $0.51 non-GAAP EPS estimate was impacted by an adjustment). 2019 financial guidance was in line with expectations. There was interest in Jakafi lifecycle planning, the launch in GVHD (PDUFA pushed back to May 24) as a potential source of additional near-term growth and the pipeline as a longer- term growth driver. Several important pipeline catalysts were highlighted. We update our model and maintain our Perform rating.”
According to TipRanks.com, Olson is ranked 0 out of 5 stars with an average return of -5.8% and a 38.7% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Conatus Pharmaceuticals, and Enanta Pharmaceuticals.
Currently, the analyst consensus on Incyte Corp is a Moderate Buy with an average price target of $89.60, which is a 7.4% upside from current levels. In a report issued on February 7, JMP Securities also maintained a Hold rating on the stock.
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Based on Incyte Corp’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $29.18 million. In comparison, last year the company had a GAAP net loss of $150 million.
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Incyte Corp. is a biopharmaceutical company, which engages in the discovery, development, and commercialization of proprietary therapeutics. Its portfolio includes compounds in various stages, ranging from preclinical to late stage development, and commercialized products such as JAKAFI (ruxolitinib), and ICLUSIG (ponatinib). The company was founded by Roy A.
