In a report released yesterday, Alethia Young from Cantor Fitzgerald reiterated a Hold rating on Incyte Corp (NASDAQ: INCY), with a price target of $74. The company’s shares closed on Friday at $66.06, close to its 52-week low of $60.23.
Young commented:
“. We are increasing our price target to $74 from $73 and reiterating our Neutral rating on INCY. At the ongoing ESMO, INCY provided updated Fight-202 results in cholangiocarcinoma, which looked superior to the previously disclosed initial data. Additionally, in a late-breaker presentation, Novartis (NVS, Not Covered) reported Phase II results from its MET inhibitor capmatinib in MET-mutated advanced non-small cell lung cancer (NSCLC) patients. Note that NVS received worldwide rights for capmatinib from INCY. NVS reported promising response rate data that compare favorably to earlier reported results from any MET inhibitors.”
According to TipRanks.com, Young is a 4-star analyst with an average return of 5.8% and a 47.6% success rate. Young covers the Healthcare sector, focusing on stocks such as Vertex Pharmaceuticals, Puma Biotechnology, and Intercept Pharma.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Incyte Corp with a $78.13 average price target, a 18.3% upside from current levels. In a report issued on October 11, Oppenheimer also assigned a Hold rating to the stock with a $70 price target.
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Based on Incyte Corp’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $52.39 million. In comparison, last year the company had a net profit of $36.05 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.
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