Oppenheimer Keeps a Hold Rating on Incyte Corp (INCY)


In a report released yesterday, Jay Olson from Oppenheimer maintained a Hold rating on Incyte Corp (NASDAQ: INCY), with a price target of $70. The company’s shares closed yesterday at $61.75, close to its 52-week low of $60.23.

Olson wrote:

“We update our model based on scripts and recent news in the myelofibrosis space such as imetelstat returning to GERN after JNJ’s strategic review. GERN plans to forge ahead independently with development of imetelstat in lower risk MDS. Additionally, we continue to receive investor interest in Jakafi life cycle planning with various combination and differentiation studies. We see Jakafi as stable but do not currently forecast value from life cycle planning or new indications in the absence of data. We update our model ahead of 3Q numbers based on TRx data with $360M in Jakafi US sales, $52M in Jakavi royalties, $21M in Iclusig, and $11M from Olumiant and highlight ESMO abstracts (inside).”

According to TipRanks.com, Olson has 0 stars on 0-5 star ranking scale with an average return of -4.7% and a 38.8% 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 $77.89 average price target, representing a 26.1% upside. In a report issued on September 28, Cantor Fitzgerald also initiated coverage with a Hold rating on the stock with a $73 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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