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Raymond James Thinks Incyte Corp’s Stock is Going to Recover


Raymond James analyst Reni Benjamin maintained a Buy rating on Incyte Corp (NASDAQ: INCY) yesterday and set a price target of $85. The company’s shares closed yesterday at $67.48, close to its 52-week low of $60.23.

Benjamin wrote:

“We are maintaining our Outperform rating for Incyte. This morning at the Venereology (EADV), Incyte showcased positive efficacy and safety data from their Phase IIb study assessing ruxolitinib (RUX) cream in adult patients with atopic dermatitis (AD). Key takeaways include: 1) the study met its primary endpoint demonstrating significant improvements in Index (EASI) scores after RUX treatment as compared to vehicle; 2) all secondary endpoints were met with efficacy observed as early as 2 days; 3) RUX cream had comparable, if not better, efficacy than triamcinolone (TAC), a mid-potency topical steroid; and 4) preparation of a global, pivotal Phase III program is underway.”

According to TipRanks.com, Benjamin is a 4-star analyst with an average return of 5.9% and a 41.6% success rate. Benjamin covers the Healthcare sector, focusing on stocks such as Alpine Immune Sciences Inc, Bellicum Pharmaceuticals, and Asterias Biotherapeutics.

Incyte Corp has an analyst consensus of Moderate Buy, with a price target consensus of $81.78, implying a 21.2% upside from current levels. In a report issued on August 30, Argus Research also maintained a Buy rating on the stock with a $83 price target.

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The company has a one-year high of $120.98 and a one-year low of $60.23. Currently, Incyte Corp has an average volume of 1.68M.

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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.