Oppenheimer Maintains Their Hold Rating on Incyte Corp (INCY)

Oppenheimer analyst Jay Olson maintained a Hold rating on Incyte Corp (NASDAQ: INCY) today and set a price target of $70. The company’s shares opened today at $67.48, close to its 52-week low of $60.23.

Olson commented:

“INCY presented full results from a previously top-lined study in atopic dermatitis (AD). We are encouraged by this Ph2b trial of ruxolitinib cream in mild-moderate AD. The study met primary and key secondary endpoints. Primary: ruxolitinib cream 1.5% administered twice daily significantly improved Index (EASI) scores vs. vehicle. Secondary: topical ruxolitinib resulted in a rapid and sustained reduction in itch vs. vehicle. Topical ruxolitinib also outperformed vehicle in a responder analysis (all doses vs. vehicle at week 8 in 1.5% doses in IGA response). We see topical ruxolitinib as well positioned in the topical setting for mild-moderate AD, beating other creams, including (Exhibit 9) with potential to delay use of systemic therapies.”

According to TipRanks.com, Olson is a 1-star analyst with an average return of -1.2% and a 43.0% 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 $81.78 average 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 GAAP net loss of $12.48 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.