Incyte Corp Gets a Buy Rating from J.P. Morgan

In a report issued on June 21, Cory Kasimov from J.P. Morgan assigned a Buy rating to Incyte Corp (NASDAQ: INCY), with a price target of $88. The company’s shares closed on Friday at $74.03.

Kasimov said:

“We came away from an incrementally better overall appreciation of the breadth of the company’s pipeline and potential near term commercial opportunities. Management focused on six lead product candidates in relatively later stages of development, including 1) expanded opportunities for ruxolitinib/Jakafi; 2) itacitinib in in FGFR mutated tumors; 4) INCB50465 (PI3kd) in B-cell malignancies; 5) INCMGA0012 (PD-1) in various solid tumors; 6) and topical ruxolitinib in dermatologic diseases. While INCY no longer has the “home run” potential of IDO, we thought management effectively conveyed the message that a number of potential “singles and doubles” are in the near term lineup.”

According to TipRanks.com, Kasimov is a 3-star analyst with an average return of 2.8% and a 38.7% success rate. Kasimov covers the Healthcare sector, focusing on stocks such as ACADIA Pharmaceuticals Inc, Jounce Therapeutics Inc, and Bluebird Bio.

Currently, the analyst consensus on Incyte Corp is a Moderate Buy with an average price target of $82.91, representing an 12.0% upside. In a report issued on June 11, Evercore ISI also upgraded the stock to Buy with a $96 price target.

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The company has a one-year high of $140.11 and a one-year low of $60.23. Currently, Incyte Corp has an average volume of 2.6M.

Based on the recent corporate insider activity of 73 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.