In a report released yesterday, Jay Olson from Oppenheimer assigned a Hold rating to Incyte Corp (NASDAQ: INCY), with a price target of $70. The company’s shares closed yesterday at $70.23, close to its 52-week low of $60.23.
Olson wrote:
“We update our 2Q Jakafi numbers ahead of earnings. Based on 2Q script growth of 5%, we estimate 8% growth in revenue ($340M). We also update our model to include several pipeline assets that were highlighted recently with data expected over the next 12-18 months (Exhibits 2-3): topical ruxolitinib in atopic dermatitis ($760M risk-unadjusted peak, 60% PoS), itacitinib in steroid-refractory GVHD ($500M risk-unadjusted peak, 40% PoS), INCB54828 (FGFR1/2/3 inhibitor) in cholangiocarcinoma and bladder cancer ($330M risk-unadjusted peak, 30% (PI3kδ inhibitor) in B-cell malignancies ($500M risk-unadjusted peak, 20% adjustment). Several pipeline combos could defend Jakafi against competition. These adjustments increase our PT to $70 from $65. Detailed exhibits inside.”
According to TipRanks.com, Olson is a 2-star analyst with an average return of 1.0% and a 48.1% success rate. Olson covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Eiger Biopharmaceuticals, and Conatus Pharmaceuticals.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Incyte Corp with a $82.40 average price target, which is a 17.3% upside from current levels. In a report issued on July 13, Morgan Stanley also downgraded the stock to Hold with a $76 price target.
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Based on Incyte Corp’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $41.14 million. In comparison, last year the company had a GAAP net loss of $12.48 million.
Based on the recent corporate insider activity of 76 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of INCY in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.
