Stock Update (NASDAQ:INCY): Incyte Corporation’s Jakafi to be Featured in over 60 Abstracts at ASH Annual Meeting


Incyte Corporation (NASDAQ:INCY) announces that more than 60 abstracts featuring data from its ongoing clinical development program for Jakafi® (ruxolitinib) will be presented at the upcomingAmerican Society of Hematology (ASH) 57th Annual Meeting December 5-8, 2015 inOrlando, FL.

“We are very pleased to have a substantial amount of ruxolitinib data selected for presentation at the upcoming ASH Annual Meeting,” stated Rich Levy, MD, Chief Drug Development Officer, Incyte. “Not only will long-term data for COMFORT-II, one of ruxolitinib’s pivotal registration studies be shared, but also new data exploring its potential in combination with other compounds for myeloproliferative neoplasms and other hematologic cancers. Continuing to identify and research combinatorial synergies with our medicines and others in development is a critical part of our continued commitment to discovering new treatment options for patients with cancer.” (Original Source)

Shares of Incyte closed last Friday at $116.75, up $1.34 or 1.16%. INCY has a 1-year high of $133.62 and a 1-year low of $69.05. The stock’s 50-day moving average is $111.62 and its 200-day moving average is $110.83.

On the ratings front, Incyte has been the subject of a number of recent research reports. In a report issued on November 18, Goldman Sachs analyst Salveen Richter initiated coverage with a Buy rating on INCY and a price target of $135, which represents a potential upside of 15.6% from where the stock is currently trading. Separately, on November 12, Leerink Swann’s Michael Schmidt reiterated a Buy rating on the stock and has a price target of $135.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Salveen Richter and Michael Schmidt have a total average return of 31.4% and 15.0% respectively. Richter has a success rate of 68.6% and is ranked #72 out of 3649 analysts, while Schmidt has a success rate of 54.1% and is ranked #462.

The street is mostly Bullish on INCY stock. Out of 10 analysts who cover the stock, 10 suggest a Buy rating . The 12-month average price target assigned to the stock is $135.00, which represents a potential upside of 15.6% from where the stock is currently trading.

Incyte Corp is a biopharmaceutical company. It discovers, develops and commercializes proprietary small molecule drugs to treat serious unmet medical needs, mainly in oncology.

 

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