Oppenheimer Reaffirms Their Hold Rating on Incyte Corp (INCY)

In a report released yesterday, Jay Olson from Oppenheimer maintained a Hold rating on Incyte Corp (INCY), with a price target of $85. The company’s shares closed on Friday at $84.76, close to its 52-week high of $88.83.

Olson said:

“INCY presented discovery and preclinical data from an oral small molecule inhibitor of PD-L1 (INCB090244). INCY identified two small molecules: 1) INCB090244 was presented at AACR, and 2) structurally different but mechanistically similar lead compound INCB086550, which is currently in a Ph1 clinical trial (NCT03762447). We view an oral PD-L1 inhibitor as well differentiated, especially for outpatient use, potentially facilitating PD-(L)1 treatment in the adjuvant setting. Both small molecule PD-L1 inhibitors lead to an internalization of PD-L1 upon binding, which is a different MoA compared to atezolizumab. INCB090244 showed dose-dependent PD- L1 receptor occupancy and internalization of PD-L1. INCB090244 increased cytokine secretion from T-cells and inhibited growth of in-vivo tumors in immuno-competent mice and increased the number of tumor infiltrating T-cells. Details inside.”

According to TipRanks.com, Olson is a 1-star analyst with an average return of -1.9% and a 44.9% 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 $92.27, representing an 8.9% upside. In a report issued on April 3, RBC Capital also downgraded the stock to Hold.

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Incyte Corp’s market cap is currently $18.08B and has a P/E ratio of 166.20. The company has a Price to Book ratio of 9.39.

Based on the recent corporate insider activity of 85 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.

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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.