Incyte Corporation (NASDAQ:INCY) announced that it has entered into a multi-year research support and collaboration agreement with Vanderbilt-Ingram Cancer Center (VICC) at Vanderbilt University Medical Center (VUMC), whereby Incyte will provide funding for certain aspects of Vanderbilt’s cancer research activities. This alliance is designed to develop an improved understanding of basic cancer biology and the mechanisms of action of certain Incyte-proprietary compounds, as well as identify and develop novel approaches to patient selection which may enable new therapeutic opportunities in oncology.
“The Incyte pipeline of targeted therapies represents an opportunity for researchers here at Vanderbilt to test important hypotheses in a scientifically-aligned mission. We envision a collaboration centered on advancing our mechanistic understanding of cancer therapies,” said Michael R. Savona, M.D., Director, Hematology Early Therapy Program, VICC/VUMC.
“Incyte and the Vanderbilt University Medical Center share a common goal of advancing innovative science to improve patients’ lives, and this alliance reflects this shared vision and the importance of collaborative research to achieve this end,” statedReid Huber, Ph.D., Incyte’s Chief Scientific Officer. “We are pleased to be able to establish a support structure that expands novel cancer research capabilities atVanderbilt, and aligns with Incyte’s strengths in oncology R&D.”
“We are excited by the opportunity to collaboratively investigate new molecular targets in cancer,” said Lawrence J. Marnett, Ph.D., Associate Vice-Chancellor for Research and Senior Associate Dean for Biomedical Sciences, VUMC. “Incyte scientists’ skills and interests nicely complement those of multiple investigators at Vanderbilt who study this disease.” (Original Source)
Shares of Incyte closed yesterday at $108.58. INCY has a 1-year high of $113.55 and a 1-year low of $43.86. The stock’s 50-day moving average is $106.88 and its 200-day moving average is $92.37.
On the ratings front, Incyte has been the subject of a number of recent research reports. In a report issued on June 16, Oppenheimer analyst Christopher Marai reiterated a Buy rating on INCY, with a price target of $121, which implies an upside of 11.4% from current levels. Separately, on June 11, Cowen’s Eric Schmidt reiterated a Buy rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Christopher Marai and Eric Schmidt have a total average return of 42.4% and 58.0% respectively. Marai has a success rate of 75.5% and is ranked #7 out of 3691 analysts, while Schmidt has a success rate of 87.0% and is ranked #6.
Overall, 4 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $113.00 which is 4.1% above where the stock closed yesterday.
Incyte Corpis a biopharmaceutical company. It discovers, develops and commercializes proprietary small molecule drugs to treat serious unmet medical needs, mainlyin oncology.